Indo-MIM IPO: World's largest MIM maker with a few red flags

Indo-MIM, the world's largest metal injection molding manufacturer with a 6.8% global share, is coming to market with a ₹3,812 crore IPO priced at ₹461–485 per share. The company shows accelerating revenue, healthy margins, and improving returns, backed by diversified end-markets and a near-doubling of its India revenue share. But governance concerns- the CMD's past directorship disqualification, a 3.5x jump in contingent liabilities, and audit trail gaps- sit alongside a premium valuation and debt-repayment-heavy use of proceeds. To read the article- click here.