India’s INDO-MIM Files for $113 Million IPO to Expand Metal Operations, Including 3D Printing

INDO-MIM, one of the world’s largest metal injection molding (MIM) manufacturers, has filed to go public in India. The India-based company plans to raise up to $113 million (₹1,000 crore) through an initial public offering (IPO).

Headquartered in Bangalore, INDO-MIM produces precision-engineered metal components used in automotive, aerospace, and medical industries. While best known for its large-scale MIM operations, the business uses its metal powder expertise in binder jet 3D printing, producing components that are printed, debound, and sintered. It also operates laser powder bed fusion (LPBF) and lithography-based metal manufacturing (LMM) systems at its facilities.

A MIM Global Leader

Founded in 1996, INDO-MIM specializes in producing small, complex metal parts, mainly out of its headquarters and main production campus in Bangalore, which the company says houses the world’s largest installed capacity for MIM.

Over the years, INDO-MIM has expanded into adjacent fields, including ceramic injection molding (CIM) and sinter-based 3D printing, both of which use fine powders similar to those used in metal 3D printing.

The company operates several binder jet 3D printing systems, using the same core principles as MIM; that is, shaping metal powders with a binder, curing the parts, then debinding and sintering them to achieve full density. According to INDO-MIM’s official disclosures, it runs four binder jet printers in Bangalore and three in San Antonio, Texas, producing high-density metal parts for industrial customers.

INDO-MIM’s AM activities are led by its partnership with HP, through which the company is deploying HP Metal Jet binder jet printers at its Bengaluru facility. These systems are used to produce precision metal components for many applications, and the company plans to install five more HP Metal Jet S100 units to increase its capacity. The collaboration has already enabled INDO-MIM to manufacture more than 800 M2 tool steel inserts for its own molding operations, an early example of how the company is integrating additive and conventional workflows.

Beyond binder jetting, INDO-MIM also supports LPBF and LMM technologies. Together, these platforms allow the company to handle a wide range of materials, including Inconel 625 and 718, stainless steels, 18Ni300, HK30, and cobalt-chrome alloys.

On the materials side, INDO-MIM produces gas-atomized metal powders used in MIM, 3D printing, and thermal spray applications. The company also designs and fabricates its own precision tooling, molds, and fixtures, making sure it has tight control over every stage of its manufacturing process.

Although INDO-MIM operates and customizes advanced 3D printing hardware, it does not manufacture full 3D printers or software platforms. Instead, it focuses on using and refining third-party systems, combining them with its internal metal powder expertise to supply high-precision, sintered metal parts at scale.

IPO Means Go

According to the company’s prospectus filed on September 26, 2025, INDO-MIM’s IPO will include both new shares and shares sold by existing investors. The company plans to raise up to $113 million (₹10,000 million) through the sale of new shares, while current shareholders (including Green Meadows Investments Ltd., Anuradha Koduri, John Anthony Dexheimer, and the Indian Institute of Technology (IIT) Madras) will also sell a portion of their holdings as part of the offering.

The company’s shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) once they receive the necessary approvals.

INDO-MIM plans to use the money raised from the new shares to expand its manufacturing capacity in India and abroad, invest in new equipment and research (especially in advanced powder-based manufacturing), reduce debt, and cover general business and IPO-related expenses.

INDO-MIM’s financial results show steady growth over the past two years. For the year ending March 2025, the company reported total income of ₹28,338 million (roughly $319 million), up from ₹24,384 million (around $275 million) in the previous year. This nearly 18% increase points to strong demand for the company’s precision metal components across industries.

If approved, the company’s shares will begin trading on India’s major stock exchanges later this year. However, once the company goes public, its stock’s performance will depend on market conditions and investor interest. INDO-MIM also warns of a few risks, including reliance on exports to the U.S. and Europe, changes in metal and raw material costs, currency fluctuations, and competition from other manufacturers, including those using metal 3D printing.

Still, with nearly three decades of experience and a global production network, INDO-MIM’s planned IPO represents one of the largest public listings by a metal manufacturing company in India in recent years.

Images courtesy of INDO-MIM