Exim Routes IPO: Explore GMP, Price Band, Subscription Info & More

Exim Routes, a pioneering platform in global recyclables trading, is set to launch its IPO valued at ₹43.73 crores on December 12. This book-built offering comprises a fresh allocation of 49.7 lakh shares, with listings anticipated on the NSE SME platform by December 19. The subscription will close on December 16, while allotment and demat credits will take place on December 17 and 18, respectively.

The company has established a price range between ₹83 and ₹88 per share. Retail investors are required to submit an application for a minimum of two lots, which amounts to 3,200 shares and requires an investment of ₹2,81,600 at the higher end. Currently, the grey market premium for Exim Routes is approximately 10%, reflecting a strong interest in this SME offering ahead of its listing.

Share Allocation and Investor Interest
The IPO allocates 47.33% of shares to qualified institutional buyers, 14.29% for high-net-worth individuals (HNIs), and 33.35% for retail investors. The anchor book, which opened on December 11, successfully raised ₹12.42 crores through the placement of 14.11 lakh shares. Anchor investors will face a lock-in period ranging from 30 to 90 days.

Established in 2019, Exim Routes serves as a global sourcing, procurement, and logistics partner for recyclables, focusing primarily on waste paper and metal scrap. The company has developed an AI-powered B2B platform called ERIS, designed to connect buyers and sellers across various locations, thereby enhancing procurement, quality assurance, and logistics for Indian paper mills.

Business Model and Operations
ERIS’s value proposition revolves around unifying the fragmented global supply of waste paper and providing comprehensive end-to-end solutions for mill operators seeking reliable supply. The business model incorporates trade execution, inspection, freight coordination, and documentation, making it a single-window solution for import requirements.

Financially, Exim Routes has reported significant growth in FY25, with revenues surging by 67% to ₹120.99 crores, and profits after tax escalating by 80% to ₹7.56 crores. The net worth has seen a sharp rise from ₹1.18 crores in FY24 to ₹15.60 crores in FY25, a testament to increased scale and profitability. The funds raised from this IPO will be directed towards enhancing the ERIS platform (₹11.87 crores), bolstering working capital (₹9 crores), and investing in office infrastructure for new hires (₹7.13 crores). Consequently, promoter shareholding is expected to decline from 71.35% pre-issue to 52.44% post-issue.

As the trade in recyclable materials transitions towards digital and integrated procurement models, Exim Routes aims to establish itself as a key facilitator in cross-border transactions. Investors are likely to monitor QIB and retail subscription levels with keen interest during the offer period, especially considering the company’s expansive global presence and robust performance in FY25.

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