India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Indo-MIM, a global leader in the manufacture of precision engineering components using metal-injection-moulding, is raising INR 500 crore via a fresh issue and ~6.83 crore shares via an OFS.</li>
<li>IPO proceeds will repay INR 400 crore debt, improving cash flow. Promoter sell-down totals ~INR 3,312 crore. MIM capacity utilisation is low at 31%, highlighting operational leverage.</li>
<li>IPO values Indo-MIM at 43.9x FY26 EPS and 8.3x book. Execution on overseas assets, capacity ramp-up, and margin restoration will determine whether the premium valuation is justified.</li>
</ul>


Indo-MIM, a global leader in the manufacture of precision engineering components using metal-injection-moulding, is raising INR 500 crore via a fresh issue and ~6.83 crore shares via an OFS.
IPO proceeds will repay INR 400 crore debt, improving cash flow. Promoter sell-down totals ~INR 3,312 crore. MIM capacity utilisation is low at 31%, highlighting operational leverage.
IPO values Indo-MIM at 43.9x FY26 EPS and 8.3x book. Execution on overseas assets, capacity ramp-up, and margin restoration will determine whether the premium valuation is justified.


Indo-MIM IPO: From MIM Leadership to a Diversified Precision Manufacturing Platform

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Indo-MIM Ltd (1666551D IN) is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> (IML) is looking to raise about US$750m in its upcoming India IPO.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In this note, In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$750m in its upcoming India IPO.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In this note, In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Indo-MIM Pre-IPO - The Negatives - Capex-Driven Returns to Monitor

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> (IML) is looking to raise about US$750m in its upcoming India IPO.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In this note, we talk about the positive aspects about the company’s historical performance.</li>
</ul>



Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$750m in its upcoming India IPO.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In this note, we talk about the positive aspects about the company’s historical performance.


Aequitas: Indo-MIM Pre-IPO - The Positives - Global-Scale Manufacturing Platform

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> (IML) is looking to raise about US$112m in its upcoming India IPO. The deal will be run by Axis, ICICI, HDFC, Kotak and SBI Caps.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>According to Frost &amp; Sullivan,IML was the largest manufacturer globally of precision engineering components using MIM technology, with a 7% market share in terms of revenue from MIM in FY25.</li>
</ul>



Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$112m in its upcoming India IPO. The deal will be run by Axis, ICICI, HDFC, Kotak and SBI Caps.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
According to Frost &amp; Sullivan,IML was the largest manufacturer globally of precision engineering components using MIM technology, with a 7% market share in terms of revenue from MIM in FY25.


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Indo-MIM Ltd (1666551D IN)

Indo-MIM IPO: From MIM Leadership to a Diversified Precision Manufacturing Platform

Indo-MIM plans to raise INR 500 crore through IPO, with proceeds to repay debt and improve cash flow. Low MIM capacity utilisation and premium...

Sudarshan Bhandari

Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Indo-MIM Ltd (IML) is looking to raise about US$395m in its India IPO, downsized from its earlier estimated size of US$750m. In this note, we talk...

Akshat Shah

Aequitas: Indo-MIM Pre-IPO - The Negatives - Capex-Driven Returns to Monitor

Indo-MIM Ltd (IML) is looking to raise about US$750m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Aequitas: Indo-MIM Pre-IPO - The Positives - Global-Scale Manufacturing Platform

Indo-MIM Ltd (IML) is looking to raise about US$750m in its upcoming India IPO. In this note, we talk about the positive aspects of the company’s...

Akshat Shah

Indo-MIM Ltd Pre-IPO Tearsheet

Indo-MIM Ltd (IML) is looking to raise about US$112m in its upcoming India IPO. The deal will be run by Axis, ICICI, HDFC, Kotak and SBI Caps.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indo-MIM IPO: From MIM Leadership to a Diversified Precision Manufacturing Platform

​Indo-MIM plans to raise INR 500 crore through IPO, with proceeds to repay debt and improve cash flow. Low MIM capacity utilisation and premium...

Sudarshan Bhandari

Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Indo-MIM Ltd (IML) is looking to raise about US$395m in its India IPO, downsized from its earlier estimated size of US$750m. In this note, we talk...

Akshat Shah

Aequitas: Indo-MIM Pre-IPO - The Negatives - Capex-Driven Returns to Monitor

Indo-MIM Ltd (IML) is looking to raise about US$750m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Aequitas: Indo-MIM Pre-IPO - The Positives - Global-Scale Manufacturing Platform

Indo-MIM Ltd (IML) is looking to raise about US$750m in its upcoming India IPO. In this note, we talk about the positive aspects of the company’s...

Akshat Shah

Indo-MIM Ltd Pre-IPO Tearsheet

Indo-MIM Ltd (IML) is looking to raise about US$112m in its upcoming India IPO. The deal will be run by Axis, ICICI, HDFC, Kotak and SBI Caps.

Akshat Shah

Indo-MIM plans to raise INR 500 crore through IPO, with proceeds to repay debt and improve cash flow. Low MIM capacity utilisation and premium...