December 10, 2025
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Exim Routes IPO
Exim Routes Ltd. is launching a book-built SME IPO of Rs. 43.73 crore, comprising an entirely fresh issue of 49,69,600 equity shares.
The IPO opens on December 12, 2025, and closes on December 16, 2025.
The allotment is expected on December 17, 2025, and the listing is tentatively scheduled for December 19, 2025 on NSE SME.
The price band is Rs. 83 to Rs. 88 per share, and the lot size is 1,600 shares.
The minimum investment for retail investors is Rs. 2,81,600 (3,200 shares), and for HNI investors, Rs. 4,22,400 (4,800 shares).
Lead Manager: Narnolia Financial Services Ltd.
Registrar: Maashitla Securities Pvt. Ltd.
Market Maker: Nikunj Stock Brokers Ltd.
🕗 Last Update: 10 December 2025, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | December 12, 2025 |
| IPO Close Date | December 16, 2025 |
| Allotment Date | December 17, 2025 |
| Refunds Initiation | December 18, 2025 |
| Credit to Demat | December 18, 2025 |
| Listing Date | December 19, 2025 |
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 5 per share |
| Price Band | Rs. 83 to Rs. 88 |
| Lot Size | 1,600 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 49,69,600 shares (Rs. 43.73 Cr) |
| Market Maker Portion | 2,49,600 shares (Rs. 2.20 Cr) – Nikunj Stock Brokers Ltd. |
| Net Offer to Public | 47,20,000 shares (Rs. 41.54 Cr) |
| Issue Type | Book-Built Issue |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 1,37,82,400 shares |
| Shareholding Post-Issue | 1,87,52,000 shares |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 2,49,600 | 5.02% |
| QIB | 23,52,000 | 47.33% |
| NII (HNI) | 7,10,400 | 14.29% |
| Retail Investors | 16,57,600 | 33.35% |
| Total | 49,69,600 | 100% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 3,200 | Rs. 2,81,600 |
| S-HNI (Min) | 3 | 4,800 | Rs. 4,22,400 |
| S-HNI (Max) | 7 | 11,200 | Rs. 9,85,600 |
| B-HNI (Min) | 8 | 12,800 | Rs. 11,26,400 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Pre-Issue | 71.35% |
| Post-Issue | 52.44% |
Promoters: Mr. Manish Goyal and Mr. Govind Rai Garg
About Exim Routes Ltd.
Incorporated in 2019, Exim Routes Ltd. operates a global platform for trade in recyclable materials, primarily waste paper and metal scrap. The company provides end-to-end services including sourcing, quality assurance, logistics, and delivery to Indian paper mills.
It operates through a global group structure with presence in India, Singapore, USA, UK, Germany and South Africa.
The company uses its proprietary AI-powered B2B platform ERIS, enabling efficient buyer-seller matching, supply-chain execution, documentation and cross-border coordination.
Its business model ensures consistent recyclable material supply to Indian paper mills that depend heavily on global sourcing.
As of November 30, 2025, the company has 18 employees.
Competitive Strengths
• Global sourcing network for recyclable materials
• AI-enabled B2B platform ERIS improves trade efficiency
• End-to-end logistics and procurement support
• Strong promoter background in global trade
• Comprehensive solutions addressing Indian mills’ supply requirements
Financial Snapshot (Rs. crore)
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 50.97 | 47.62 | 20.53 | 6.63 |
| Total Income | 44.17 | 120.99 | 72.39 | 36.46 |
| PAT | 1.17 | 7.56 | 4.20 | 0.37 |
| EBITDA | 1.39 | 9.95 | 4.58 | 0.64 |
| Net Worth | 16.38 | 15.60 | 1.18 | 0.56 |
| Total Borrowing | 5.10 | 2.75 | 1.46 | 2.86 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 42.28% |
| ROCE | 26.81% |
| Debt/Equity | 0.18 |
| RoNW | 42.28% |
| PAT Margin | 18.52% |
| EBITDA Margin | 8.24% |
| Price to Book | 7.77 |
Pre-Issue EPS: Rs. 5.49
Post-Issue EPS: Rs. 2.50
Post-Issue P/E: 35.18×
Objects of the Issue
| S.No. | Purpose | Amount (Rs. Cr.) |
|---|---|---|
| 1 | Development & maintenance of ERIS platform | 11.87 |
| 2 | Working Capital | 9.00 |
| 3 | Investment in office space | 7.13 |
| 4 | General Corporate Purposes | — |
Company Contact
Exim Routes Ltd.
Unit No 421, 4th Floor, Suncity Success Tower,
Golf Course Extension Road, Sector 65,
Gurugram, Haryana 122101, India.
Ms. Richa Anand
Company Secretary & Compliance Officer
cs.er@eximroutes.in
Lead Manager
Narnolia Financial Services Ltd.
Registrar
Maashitla Securities Pvt. Ltd.
📞 +91-11-45121795-96
🌐 https://maashitla.com/allotment-status/public-issues
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
Exim Routes has delivered strong revenue and profit growth, driven by rising demand for imported recyclable materials and the company’s AI-based platform ERIS. High ROE and ROCE indicate strong operational efficiency, and low debt adds comfort.
However, valuation appears stretched with a post-issue P/E of 35× and PB of 7.77, especially for a young company with just 18 employees. Sustainability of margins in volatile global scrap markets remains a key factor.
Chanakya View: Suitable only for investors with higher risk appetite. Listing gains possible depending on subscription from QIBs and overall market sentiment.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
