Exim Routes IPO
Open SmeCurrent GMP
₹32 (+36.36%)
Price Band
₹ 83 – 88
Lot Size
1600
Issue Size
₹43.73 Cr
Minimum Investment
₹281600 (3200 Shares)
Listing Date
19 December 2025
Subscription
15.3x
About the Company
Exim Routes Limited, incorporated in April 2019, is a global platform specializing in the exchange of recyclable materials, primarily wastepaper. The Company provides end-to-end solutions to Indian paper mills, covering global sourcing, quality assurance, logistics management, and trade execution.
Exim Routes operates through a group structure with Exim Routes Limited (India) as the parent company and multiple foreign subsidiaries. The Company has a multinational footprint, with a strong presence in India and Singapore, along with subsidiaries in the USA, UK, Germany, and South Africa.
At the core of its operations is ERIS, a proprietary AI-powered B2B platform that connects buyers and sellers of recyclable paper worldwide. ERIS streamlines procurement, automates supply-chain processes, and enhances delivery coordination, enabling efficient cross-border trade in recyclables.
Exim Routes follows a tech-enabled trading model, sourcing wastepaper from global markets and supplying it to mills across India, while managing logistics and compliance throughout the transaction lifecycle. In addition to paper, the Company is also focused on facilitating the trade of metal scrap and other recyclable materials.
With its combination of a global network and a technology-driven approach, Exim Routes aims to simplify and modernize the recyclables trade ecosystem.
As of November 30, 2025, the Company employs 18 people.
Promoters
- Mr. Manish Goyal
- Mr. Govind Rai Garg
Promoters Holding
Holding Pre Issue
71.35%
Holding Post Issue
52.44%
Objects of the Issue
The Company Exim Routes IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- To meet out the expenses for Development and Maintenance of the ERIS platform
- To meet out the expenses for Working Capital to fund business growth
- To meet out the expenses for Investment in Office space to accommodate new hires
- General Corporate Purposes
Address / Contact Info
Exim Routes Ltd.
Unit No 421, 4th Floor,
Suncity Success Tower,Golf Course Extension Road,
Sector 65,Gurgaon, Haryana, 122101
Phone: +91 95602 71761
Email: cs.er@eximroutes.in
Website: https://eximroutes.ai/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Friday, 12 December 2025
IPO Close Date
Tuesday, 16 December 2025
Basis of Allotment
Wednesday, 17 December 2025
Initiation of Refunds
Thursday, 18 December 2025
Credit of Shares to Demat
Thursday, 18 December 2025
Listing Date
Friday, 19 December 2025 — NSE & BSE
Important Dates
Open Date
12 December 2025
Close Date
16 December 2025
Basis Of Allotment
17 December 2025
Listing Date
19 December 2025
Financial Performance (₹ in Crores)
| Particular | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 50.97 | 47.62 | 20.53 | 6.63 |
| Revenue | 44.17 | 120.99 | 72.39 | 36.46 |
| Profit After Tax | 1.17 | 7.56 | 4.2 | 0.37 |
| Net Worth | 16.38 | 15.6 | 1.18 | 0.56 |
| Reserve & Surplus | 15.71 | 14.41 | 3.58 | 0.53 |
| Total Borrowings | 5.1 | 2.75 | 1.46 | 2.86 |
EPS Pre
5.49%
EPS Post
2.50%
P/E Pre
16.04
P/E (Post Issue)
35.18x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| ROE % | 42.28 | 71.48 | 68.97 |
| ROCE % | 26.81 | 33.71 | 11.71 |
| Debt / Equity | 0.18 | 1.24 | 5.12 |
| RoNW % | 42.28 | 71.48 | 68.97 |
| PbW | 0 | 0 | 0 |
| Pat Margin % | 18.52 | 11.91 | 2.38 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 940800 | 0 | 0 |
| Non-Institutional | 710400 | 0 | 0 |
| BNII | 470400 | 0 | 0 |
| SNII | 240000 | 0 | 0 |
| Retail Investors | 1657600 | 0 | 0 |
| Total | 3308800 | 100 | 0 |
Subscription Status ( Tue, 16 Dec 25 01:50 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 940800 | 17977600 | 19.11x |
| Non-Institutional | 710400 | 16180800 | 22.78x |
| BNII | 470400 | 13296000 | 28.27x |
| SNII | 240000 | 2884800 | 12.02x |
| Retail Investors | 1657600 | 16473600 | 9.94x |
| Total | 3308800 | 50632000 | 15.3x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
No Peer Comparision Available
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | 281,600.00 |
| Retail (Max) | 2 | 3,200 | 281,600.00 |
| S-HNI (Min) | 3 | 4,800 | 422,400.00 |
| S-HNI (Max) | 7 | 11,200 | 985,600.00 |
| B-HNI (Min) | 8 | 12,800 | 1,126,400.00 |
Registrar
Maashitla Securities Pvt. Limited
011-45121795-96
investor.ipo@maashitla.com
https://www.maashitla.com
Book Running Lead Managers
- Narnolia Financial Services
RHP Document
DRHP Document
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Exim Routes IPO is a Book-building IPO worth ₹43.73 crores. The price band is ₹83 to 88 per share. The IPO opens on Fri, Dec 12, 2025 and closes on Tue, Dec 16, 2025. It will be listed on BSE and NSE. Maashitla Securities Pvt. Limited is the registrar.
The Exim Routes IPO opens on Fri, Dec 12, 2025 and closes on Tue, Dec 16, 2025
Exim Routes IPO Price Band is ₹83 to 88.
Exim Routes IPO lot size is 1600, and the minimum amount required for application is ₹281600.
The minimum investment for Exim Routes IPO is approximately ₹281600 based on the upper price band.
To apply for the Exim Routes IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Tue, Dec 16, 2025. After submission, funds are blocked until the basis of allotment of Exim Routes IPO is finalised.
Exim Routes IPO issue size is ₹43.73 crores.
Exim Routes IPO allotment date is Sat, Jun 27, 2026.
The registrar for Exim Routes IPO is Maashitla Securities Pvt. Limited. Investors can go to Maashitla Securities Pvt. Limited website for IPO allotment status, refund processing, and other queries related to Exim Routes IPO through their official website or helpline.
The Exim Routes IPO GMP (Grey Market Premium) is ₹32 as of Fri, Dec 19, 2025. Based on the upper price band of ₹88 per share, the estimated Exim Routes IPO listing price is ₹120, indicating a potential listing gain of approximately 31% over the issue price.