Exim Routes IPO Details

SME

Exim Routes IPO opens for subscription on 12 Dec 2025 and closes on 16 Dec 2025. The IPO will be listed on NSE with the tentative listing date set for 19 Dec 2025.

Exim Routes IPO price band has been fixed at ₹83 – ₹88 per share.The face value is ₹5 per share with a lot size of 1600.

Exim Routes IPO total issue size comprises 49,69,600 shares (aggregating up to ₹43.73 Cr.). This includes a fresh issue of 2,49,600 shares (aggregating up to ₹2.20 Cr.). Offer for Sale consists of 47,20,000 shares (aggregating up to ₹41.54 Cr.). Pre-issue shareholding stands at 1,37,82,400, which will increase to 1,87,52,000 post-issue.

Exim Routes IPO carries a ₹32 (36.36%) GMP, reflecting investor sentiment.

Exim Routes IPO Lot Size : Individual Minimum is 2 lots (3,200 shares) amounting to ₹281,600. Individual Maximum is 2 lots (3,200 shares) amounting to ₹281,600. SHNI Minimum is 3 lots (4,800 shares) amounting to ₹422,400. SHNI Maximum is 7 lots (11,200 shares) amounting to ₹985,600. BHNI Minimum is 8 lots (12,800 shares) amounting to ₹1,126,400.

The Lead Managers for Exim Routes IPO are crucial for the offering's success. They are responsible for a wide range of tasks, including preparing the company for the public market, managing the regulatory filings, and marketing the IPO to potential investors. The lead manager for this offering is Narnolia Financial Services Ltd. To assess their past performance and success in previous IPOs, you can view the Lead Manager Performance Summary report.

For SME (Small and Medium-sized Enterprise) IPOs, a Market Maker is appointed to ensure liquidity and stability for the stock once it is listed. They do this by continuously quoting bid and ask prices, ensuring there is a market for the shares. The appointed market maker for this IPO is Nikunj Stock Brokers. You can analyze their track record by checking the Market Maker Performance Summary report.

For detailed information, Refer to the Exim Routes Limited RHP.

Exim Routes IPO Details

Listing Price : ₹110 at a Premium of 25%

Open Date

12 Dec 2025

Close Date

16 Dec 2025

Listing Date

19 Dec 2025

Issue Price

₹83 - ₹88

Face Value

₹5 per share

Lot Size

1600

GMP

₹32 (36.36%)

Issue Type

IPO

Listing On

NSE

Type

Book Built Issue

Share holding pre issue

13782400

Share holding post issue

18752000

Total Issue Size

49,69,600 shares (aggregating up to ₹43.73 Cr.)

Fresh Issue

2,49,600 shares (aggregating up to ₹2.20 Cr.)

Offer for Sale

47,20,000 shares (aggregating up to ₹41.54 Cr.)

Exim Routes IPO Subscription

Exim Routes IPO Application Wise Breakup

Exim Routes IPO Dates

12 Dec 2025
Opening dateOpen
16 Dec 2025
Closing dateClose
17 Dec 2025
Allotment Date Allotment
18 Dec 2025
Initiation of RefundsRefund
18 Dec 2025
Credit of SharesCredit
19 Dec 2025
Listing dateListing

Exim Routes IPO Lot Size

Application	Lots	Shares	Amount
Individual Minimum	2	3200	₹281,600
Individual Maximum	2	3200	₹281,600
SHNI Minimum	3	4800	₹422,400
SHNI Maximum	7	11200	₹985,600
BHNI Minimum	8	12800	₹1,126,400

Exim Routes IPO Reservation

Promoter Holding

Pre Issue:71.35%

Post Issue:52.44%

Promoter Names:

Mr. Manish Goyal, Mr. Govind Rai Garg

Documents

› Exim Routes IPO DRHP

› Exim Routes IPO RHP

› Anchor Investors in Exim Routes IPO

› Exim Routes IPO BOA

Exim Routes IPO Valuations

ROE:42.28%

ROCE:26.81%

DEBT/EQUITY:0.18

RONW:42.28%

PAT MARGIN:18.52%

PRICE TO BOOK VALUE:7.77

P/E Pre IPO:16.04

P/E Post IPO:35.18

Exim Routes Financial Information

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
Profit After Tax	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
Reserves and Surplus	15.71	14.41	3.58	0.53
Total Borrowing	5.10	2.75	1.46	2.86
Amount in ₹ Crore

About Exim Routes IPO

Incorporated in April 2019, Exim Routes Limited is a global technology-driven platform engaged in facilitating the exchange of recyclable materials, primarily focusing on waste paper and metal scrap. The Company provides end-to-end sourcing, quality assurance, logistics, and trade execution services to Indian paper mills and global counterparties.

The Company operates through a group structure, with Exim Routes Limited as the Indian parent entity and overseas subsidiaries based in Singapore, the United States, the United Kingdom, Germany, and South Africa, enabling it to manage cross-border recyclable material trade efficiently.

Exim Routes leverages its proprietary AI-powered B2B platform, ERIS (Exim Routes Intelligent System), to seamlessly connect buyers and sellers of recyclable paper. The platform streamlines procurement, supply chain coordination, pricing discovery, quality control, and delivery execution, thereby improving transparency and operational efficiency across the recycling ecosystem.

The Company’s business model is centered on global sourcing of waste paper and supplying it to Indian paper mills, with complete oversight of logistics, documentation, quality verification, and international trade coordination. With its integrated, tech-driven approach and global sourcing network, Exim Routes simplifies the recyclable materials supply chain for its customers.

As of November 30, 2025, the Company employed 18 personnel, supporting its operations across sourcing, technology, logistics, quality assurance, and trade execution functions.

Strength Of Exim Routes IPO

Designing and execution capabilities.
Experienced management team and a motivated and efficient work force.
Cordial relations with our consumers.
Quality assurance and control.

Risk Of Exim Routes IPO

Changes in technology or failure to upgrade or adapt changes may render our existing Exim Routes Intelligence System ("ERIS") technology obsolete and require significant investments, which may impact our business and financial condition.
Regulatory restrictions on wastepaper trading, including import/export norms and environmental compliance, may impact business operations. Changes in policy or classification standards could disrupt supply chains and affect material availability.
Our major revenue is sourced from trading of Paper Recyclables. Our inability or failure to manage and attract more clients in this segment could adversely affect our business.
The demand for recyclable paper is cyclical and influenced by market trends and economic conditions. This variability can lead to fluctuations in revenue and profit margins over time.
Our business is subject to risks relating to high trade receivables, which may adversely affect our cash flows, results of operations and financial condition.
Our business is working capital intensive, and fluctuations or inadequate financing of our working capital requirements may adversely affect our business, financial condition, and results of operations.
The property used by the company as its registered office is not owned by the company. Any termination of the relevant lease/ rent agreements could adversely affect our operations.
Failure to complete the acquisition/fit outs completion on time will delay the capex etc which can adversely affect its business operations, financial results and cash flow positions.
Significant security breaches, system failures, and fraud within our computer systems and network infrastructure may adversely affect our business operations, financial condition, cash flows, and results of operations.
Our proposed capital expenditure relating to investment in development of our product "ERIS" is subject to the risk of unanticipated delays in implementation and cost overruns.