Severemarketpage 23
Exports 77-90% of revenue exposed to US tariffs
revenue from outside India represented 77.20%, 89.92% and 88.26% of the total revenue from operations in Fiscals 2026, 2025 and 2024
Bidding closedMainboardEngineeringINDOMIM
Indo-MIM IPO
Indo-MIM IPO is a mainboard IPO raising ₹3,811 Cr at ₹461 – ₹485 a share. The smallest application you can make is 30 shares, costing ₹14,550 at the top of the band. Bidding has closed; the shares list on 30 Jul 2026. So far it has been subscribed 72× in total.
₹461 – ₹485
Price band
₹14,550
Minimum to apply (30 shares)
₹3,811 Cr
Issue size
27 Jul 2026
Bidding closes
72×Subscribed · all exchanges
72.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 495-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 41 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 22
Top 10 customers contribute 38-42% of revenue
We derive a significant portion of our revenue from our top 10 customers, who contributed 38.41%, 38.94% and 42.00% of our revenue from operations in Fiscals 2026, 2025 and 2024
Severeregulatorypage 48
MHA approval required under Arms Act for promoter shareholding
Under Rule 55(9) of the Arms Rules, prior approval of the licensing authority (i.e., MHA) is mandatory for any change in control, change in shareholding or beneficial interest in the shareholding resulting into dilution of the promoters' shareholding below 10% or increase in shareholding of a shareholder who held less than 10% to 10% or more.
Severelitigationpage 44
Tax proceedings of Rs 4,212 mn with transfer pricing scrutiny
Against our Company ... 40 Tax ... 5 ... Aggregate amount involved Rs 4,212.52 million ... a notice under Section 143(2) of the Income Tax Act, 1961, dated June 1, 2023 ... initiating complete scrutiny proceedings for the assessment year 2022-2023 ... a reference was also made to the transfer pricing officer to determine the arm's length price of our Company's international transactions.
Severefinancialpage 27
IPO proceeds repay loans to BRLM HDFC Bank and affiliates
repayment or pre-payment of a loan availed by our Company from HDFC Bank Limited, which is one of our Book Running Lead Managers and Axis Bank Limited and Kotak Mahindra Bank Limited which are affiliates of certain of the Book Running Lead Managers
Severefinancialpage 33
Acquisition integration with impairment losses recognized
Triax Industries, LLC (USA) and Conway Marsh & Garrett Technologies Limited (UK) assessed the carrying value of their goodwill, property, plant and equipment, and right-of-use assets for impairment and recognized impairment, where required
Severefinancialpage 36
Large unhedged foreign currency exposure in FY25
Unhedged foreign currency exposure (Rs million) 214.16 2,633.37 Nil ... Hedged exposure (Rs million) 2,820.33 154.82 12,293.29
Severeregulatorypage 36
Statutory dues delays including 4+ years unpaid US payroll taxes
The total amount of USD 0.14 million (Rs 12.78 million) due by December 31, 2022, has not been paid as of the date of issuance of the special purpose consolidated financial statements for fiscals 2023 and 2024. The total amount delayed was Rs 12.78 million out of which there was a delay of 4 years 4 months for Rs 6.39 Million
Severepromoterpage 54
Promoters retain 92.94% pre-Offer controlling decisions
Our Promoters and members of the Promoter Group hold 449,950,587 Equity Shares of face value of Rs 1 each, aggregating to 92.94% of the pre-Offer issued, subscribed and paid-up Equity Share capital of our Company on a fully diluted basis.
Highoperationalpage 26
Raw materials 60% imported with China+1 pressure
We import a significant portion of our raw materials constituting 60.95%, 61.80% and 59.63% of our total purchases of raw materials in Fiscals 2026, 2025 and 2024
Highconcentrationpage 24
No firm customer commitments; purchase-order based business
We generally do not have long-term arrangements/agreements, or arrangements with firm commitments of quantities with such customers
Highoperationalpage 34
Subsidiaries same business with no non-compete arrangement
All of our Subsidiaries ... are involved in the same line of business as that of our Company ... there is no formal non-compete arrangement between us and our Subsidiaries, these Subsidiaries may in certain circumstances, pursue business opportunities or undertake corporate strategies which may not be aligned with our interests
Highpromoterpage 28
Chairman & MD was previously a disqualified director
Krishna Chivukula was disqualified from directorship from November 1, 2016 to October 31, 2021 by the Registrar of Companies, Andhra Pradesh under Section 164(2)(a) of the Companies Act, 2013
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹421 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 40 | 6 | ₹421 Cr |
| Subsidiaries | 0 | 0 | 0 | — |
| Promoters | 0 | 0 | 2 | — |
| Directors | 1 | 0 | 2 | — |
case₹68 Crpage 392
Income tax AY 2022-23 — final assessment order raised incorrect demand of ₹67.57 crore by applying normal 30% rate instead of concessional 22% under §115BAA; rectification petition filed, appeal pending before ITAT (page 392).
case₹65 Crpage 390
Karnataka GST (KGST Act) — order confirming tax demand of ₹64.76 crore on reverse charge mechanism for import of services from Indo-MIM Inc. (FY2020–24) plus interest of ₹36.12 crore and penalty of ₹6.48 crore; appeal pending before GST Appellate Tribunal (page 390).
case₹60 Crpage 392
Guntur GST audit (Apr 2018–Mar 2023) — order confirming disputed tax demand of ₹27.43 crore with total financial exposure (tax + 100% penalty + interest) of ₹60.35 crore; appeal filed before Commissioner (Appeals) (page 392).
case₹21 Crpage 391
IGST refund matter — Joint Commissioner demanded ₹20.60 crore for wrongly claimed IGST refunds on exports with exemption on imports (Rule 96(10) violation); appeal pending before Commissioner of Central Taxes (page 391).
casepage 389
Criminal defamation case (BNS §356) filed by Omprakash Garg against Cupid Limited, Independent Director Rajni Anil Mishra and others; no cognizance yet taken, matter pending (page 389).
Amounts stated in the document are in ₹ million; converted to ₹ crore at 1 crore = 10 million. Tax totals from the table on page 390 (₹4,212.52 million = ₹421.252 crore). Tax case count of 40 for Company includes 6 direct tax and 34 indirect tax matters; the ₹ notation (₹830.62 million direct + ₹3,381.90 million indirect = ₹4,212.52 million) reconciles. Company 'other' count of 6 comprises: 2 MCA cost-audit SCNs (Aug 2024, Oct 2024), 1 ESIC notice (₹0.28 million, recovered), 2 KSPCB notices (Doddaballapur & Hoskote units) and 1 Drug Inspector notice (Class C IVD devices). Group companies: none (page 385). SEBI summary table is not present in the visible text; counts/amounts above are reconstructed from the section structure and the explicit Tax Claims table.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.
Prospectus on SEBI ↗
The full prospectus — business, financials, risk factors and litigation.
Anchor investor allocation ↗
Which institutions were allotted shares before bidding opened, and how many.
Bidding centres ↗
Where physical applications could be submitted.
Basis of issue price (peer ratios) ↗
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
Red Herring Prospectus ↗
The full prospectus — business, financials, risk factors and litigation.