Laser Power & Infra, Indo MIM files draft papers with Sebi for IPOs

Two Indian manufacturers, Laser Power & Infra Ltd (LPIL) and Indo MIM Ltd, filed draft red herring prospectuses (DRHPs) with the markets regulator Securities and Exchange Board of India (Sebi), setting the stage for initial public offerings (IPOs) that together could raise over Rs 2,200 crore. The filings mark the latest wave of industrial and engineering companies seeking public capital amid a buoyant IPO market.

Indo MIM to raise Rs 1,000 crore in fresh equity

Bengaluru-based Indo MIM, described in an F&S report as the world’s largest manufacturer of precision engineering components using metal injection molding (MIM) technology, is looking to raise Rs 1,000 crore through a fresh issue of equity. The IPO will also include an offer for sale (OFS) of up to 12.97 crore equity shares by existing shareholders, including Green Meadows Investments Ltd, Anuradha Koduri, John Anthony Dexheimer, and the Indian Institute of Technology Madras.

The company plans to use Rs 720 crore from the fresh issue for pre-payment or repayment of borrowings, with the remainder earmarked for general corporate purposes. Indo MIM may also consider a pre-IPO placement of up to Rs 200 crore, which would proportionally reduce the size of the fresh issue.

Founded in 1996, Indo MIM operates 15 manufacturing facilities globally, including six in India, six in the United States, two in the United Kingdom, and one in Mexico. The company serves the automotive, defence, medical, consumer, and aerospace sectors, leveraging technologies such as investment casting, precision machining, ceramic injection molding, and metal 3D printing.

In FY25, the company reported revenue of Rs 3,329 crore and profit after tax of Rs 423 crore. According to the DRHP, Indo MIM has no listed peers in India and only one global listed peer, Jiangsu Gian Technology Co. Ltd, listed on the Shenzhen Stock Exchange.

HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital, and SBI Capital Markets are the book-running lead managers (BRLMs) for the IPO, with shares proposed to be listed on both BSE and NSE.

Laser Power & Infra files Rs 1,200 crore IPO

Kolkata-based LPIL, an integrated manufacturer of power cables, conductors, and specialised components for the power transmission and distribution industry, is seeking to raise Rs 1,200 crore through a combination of fresh equity worth Rs 800 crore and an OFS of Rs 400 crore by promoters Deepak Goel, Devesh Goel, Akshat Goel, and Rakhi Goel.

The fresh proceeds are intended to repay Rs 600 crore of outstanding borrowings and fund general corporate purposes. LPIL may also explore a pre-IPO placement of up to Rs 160 crore, which would reduce the fresh issue proportionately.

Incorporated in 1988, LPIL operates three manufacturing units in West Bengal with a combined installed capacity of 73,100 metric tonnes. Its clients include Indian Railways, several Odisha state distribution companies, and private EPC players such as Montecarlo Limited and KRYFS Power Components Limited.

LPIL reported revenue of Rs 2,570 crore in FY25, growing at a ~40% CAGR from FY23, with profit after tax of Rs 106 crore. Its listed peers include Apar Industries, Polycab India, KEI Industries, Dynamic Cables, and Universal Cables.

IIFL Capital Services and ICICI Securities are acting as BRLMs for the IPO, which is expected to be listed on both BSE and NSE.

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