Bengaluru-based precision engineering components maker Indo-MIM is preparing to raise up to USD 700 mn through an IPO as early as February, Bloomberg reports.

Valuation reset: Indo-MIM is targeting a valuation of about INR 226.8 bn (USD 2.5 bn), down from earlier expectations of roughly INR 293.1 bn (USD 3.2 bn), reflecting a more cautious valuation approach in India’s IPO market. The proposed offering is expected to include a fresh issue of shares worth about INR 10 bn (USD 108.9 mn), alongside an offer for sale of roughly 129.7 mn shares or about 26% of the company’s equity, by existing shareholders including the Indian Institute of Technology Madras, according to a draft filing.

Why it matters: Overseas institutional investors, including Gulf SWFs, have been active participants in Indian equity markets in recent years, particularly in industrial and manufacturing-linked companies. With primary issuance slowing at the start of 2026, Indo-MIM’s proposed listing will serve as an early gauge of overseas investor appetite — including from the Gulf allocators— for India’s manufacturing and export-oriented businesses.

Market backdrop: India’s IPO activity has slowed at the start of 2026 following a record year in 2025, with only a handful of listings so far this year. Some 110 companies have already received approval from India’s market regulator to go public.

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