Exim Routes IPO: GMP, Price, Analysis, And Details

Exim Routes IPO- Company Analysis 

Exim Routes IPO under the SME IPO category is a book build issue of Rs. 43.73 Cr by Exim Routes Limited and is a worldwide platform that makes it easier for recyclable paper products to be exchanged. It provides Indian paper mills with end-to-end services, including sourcing waste paper, quality control and transportation.

Exim Routes Limited, the company's Indian parent, and its overseas subsidiaries make up its group structure. It is a multinational recyclable exchange business that specializes in promoting international trade in recyclables, especially scrap metal and paper. Exim Routes connects buyers and suppliers of recycled paper with its proprietary AI-powered B2B platform, known as "ERIS," which streamlines supply chain, procurement and delivery.

Its business strategy entails obtaining wastepaper from throughout the world, supplying Indian mills, managing logistics and coordinating international trade.

Exim Routes IPO Details

The Exim Routes IPO date of opening is 12 December 2025, its initial public offering will end on 16 December, IPO allotment on Dec 17 and refund initiation on Dec 18, 2025.

The Rs. 43.73 crore new SME IPO comprises a wholly fresh issue of 0.50 crore shares.

The Exim Routes IPO listing date (expected) might be on Friday, Dec 19, 2025, and listing at the NSE and SME. 

The Exim Routes IPO price band is Rs. 83 to Rs. 88.

 

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Dec 12, 2025
IPO Closing Date	Dec 16, 2025
IPO Allotment Date	Dec 17, 2025
Refund Initiation	Dec 18, 2025
IPO Listing Date	Dec 19, 2025

 

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Company Financials 

(Amount in Cr)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	47.62	20.53	6.63
Total Income	120.99	72.39	36.46
PAT	7.56	4.20	0.37
EBITDA	9.95	4.58	0.64
Net Worth	15.60	1.18	0.56
Reserves & Surplus	14.41	3.58	0.53
Total Borrowing	2.75	1.46	2.86

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(488.40)	(117.19)	8.45
Net Cash Flow Investing Activities	(410.82)	(52.65)	(94.75)
Net Cash Flow Financing Activities	1,079.87	175.00	137.06

 

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• To meet the expenses for the Development and Maintenance of the ERIS platform. ~ Rs. 11.87 Cr.
• Working Capital to fund business growth. ~ Rs. 9 Cr.
• To meet the expenses for Investment in Office space to accommodate new hires. ~ Rs. 7.13 Cr.
• General corporate purposes. 

Listed Peers of Exim Routes Ltd. 

No listed peer of a similar size is engaged in the same lines of business as mentioned in the RHP.

 

Valuation

KPI	Value
ROE	42.28%
ROCE	26.81%
Debt/Equity	0.18
RoNW	42.28%
PAT Margin	18.52%
EBITDA Margin	8.24%

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 2.75 from the last year, the resulting P/E ratio is 32x.

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IPO's Strengths 

• An international supply of recycled paper materials is made possible via a global sourcing network.
• Effective buyer-seller matching and transaction coordination are made possible by an AI-enabled B2B platform (ERIS).
• An end-to-end service model that simplifies delivery, logistics, and procurement for Indian paper mills.
• Seasoned managers and promoters with knowledge of business operations, supply chains and commerce.
  
  

 

 

IPO’s Weaknesses 

• Modifications to paper recycling rules.
• Foreign exchange risk.
• Supply chain interruptions.
• Geopolitical risk.
  
  

Exim Routes IPO GMP (Grey Market Premium)

Exim Routes IPO GMP today is 6 as of 10 Dec 2025 while writing this information. 

Exim Routes IPO Summary

IPO Opening & Closing Date	12 Dec, 2025 to 16 Dec, 2025
Face Value	Rs. 5 per Share
Issue Price	83 to Rs. 88 per Share.
Lot Size	1600 Shares
Issue Size	49,69,600 Shares (Rs. 43.73 Cr)
Offer for Sale	-
Fresh Issue	49,69,600 Shares (Rs. 43.73 Cr)
Listing at	NSE, SME
Issue Type	Book build issue IPO
Registrar	Maashitla Securities Pvt. Ltd.

IPO Lot Details 

Retail investors can invest in a minimum of 2 Lots (3200 Shares) for Rs. 2,81,600, and in multiples thereof, while S-HNI investors can invest in a minimum of 3 Lots (4800 Shares) for Rs. 4,22,400.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

Exim Routes IPO Allotment Status

To check the Exim Routes IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Exim Routes Ltd.

• Mr. Manish Goyal

• Mr. Govind Rai Garg.

Pre-Issue Promoter Shareholding	71.35%
Post-Issue Promoter Shareholding	52.44%

IPO Lead Managers

• Narnolia Financial Services Ltd.
  
  

Dividend Policy

The company has not paid a dividend during the last three financial years.

 

 

Conclusion

Exposure to a developing worldwide recyclable supply chain company with an AI-based platform and enhanced financial performance is provided by the Exim Routes IPO. However, investors should take into account the risks associated with foreign sourcing, regulatory changes and foreign exchange. It might be wiser to apply after assessing valuations, GMP trends and business visibility.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

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To Read the Prospectus of the Company, Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.