Exim Routes IPO opens on 12 December 2025 and closes on 16 December 2025. The company plans to raise around ₹43.73 crore through a Book Built Issue. The IPO includes a complete fresh issue of ₹43.73 crore.
The price band for the IPO is fixed at ₹83 to ₹88 per share. The allotment will be declared on 17 December 2025, and the shares will list on the NSE SME platform on 19 December 2025.
Exim Routes has shown strong year-on-year growth, with revenue rising from ₹72.39 crore in FY2024 to ₹120.99 crore in FY2025, and profit increasing from ₹4.20 crore to ₹7.56 crore. Based on the financial trends, investors looking for long-term growth may consider this IPO.
Contents
Exim Routes IPO Details
| Details | Information |
|---|---|
| IPO Open Date | 12 December 2025 |
| IPO Close Date | 16 December 2025 |
| Face Value | ₹5 per share |
| IPO Price Band | ₹83 to ₹88 |
| Issue Size | Approx ₹43.73 crore |
| Fresh Issue | Approx ₹43.73 crore |
| Issue Type | Book Build Issue |
| IPO Listing | NSE SME |
| DRHP | View PDF |
| RHP | View PDF |
Exim Routes IPO
Open: 12-16 Dec 2025
Issue Size: ₹43.73 Cr.
Objective: Raise funds for ERIS-platform build, working capital, office expansion & growth.
Exchange: NSE SME
Exim Routes IPO GMP Today
Exim Routes IPO GMP has not yet started in the grey market, as trading activity usually picks up only after the IPO nears its opening date. Since the issue opens on 12 December 2025 and the company aims to raise ₹43.73 crore at a price band of ₹83 to ₹88, grey market traders are still waiting for early demand signals before quoting any premium.
At the moment, there are no active GMP, Kostak, or Subject to Sauda rates, which simply means the grey market has not formed a trend yet. This is common for SME IPOs, where GMP typically becomes visible closer to the opening day.
As of the latest update, the GMP is shown as blank, indicating that no buying or selling interest has been recorded so far in the unofficial market. Investors should track the trend daily, as a sudden pickup in premium usually reflects stronger retail and HNI sentiment.
But it is important to remember that GMP is only an informal indicator and should not be the sole basis for applying. The actual fundamentals, subscription levels, and the company’s financials matter far more for long-term investing.
Exim Routes IPO GMP Trend (Day-wise):
| Date | GMP | Estimated Listing Price | Expected Gain |
|---|---|---|---|
| 9 Dec | – | – | – |
The table shows that GMP activity has not begun yet, and the market is waiting for further cues.
Exim Routes IPO Review
Exim Routes is a steadily growing company with a technology-driven platform supporting the Indian paper recycling industry. The revenues and profitability have improved consistently over the past three years.
With a scalable AI-backed system and expanding operations, the business shows long-term potential. However, investors should be aware that SME IPOs are generally more volatile post-listing.
Exim Routes IPO Market Lot
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 3,200 | ₹2,81,600 |
| Retail Maximum | 2 | 3,200 | ₹2,81,600 |
| S-HNI Minimum | 3 | 4,800 | ₹4,22,400 |
| S-HNI Maximum | 7 | 11,200 | ₹9,85,600 |
| B-HNI Minimum | 8 | 12,800 | ₹11,26,400 |
IPO Reservation
| Investor Category | Shares Offered | % Allocation |
|---|---|---|
| Anchor Investors | 14,11,200 | 28.40% |
| QIB (Ex-Anchor) | 9,40,800 | 18.93% |
| NII | 7,10,400 | 14.29% |
| Retail | 16,57,600 | 33.35% |
- Also Read: Neptune Logitek IPO (15-17 Dec)
Exim Routes IPO Anchor Investors
| Details | Information |
|---|---|
| Anchor Bidding Date | 11 December 2025 |
| Anchor Investors List | View PDF |
| Shares Offered | 14,11,200 |
| Lock-in (50%) | 18 January 2026 |
| Lock-in (50%) | 17 March 2026 |
Exim Routes IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | 12 December 2025 |
| IPO Close Date | 16 December 2025 |
| Basis of Allotment | 17 December 2025 |
| Refunds | 18 December 2025 |
| Credit to Demat | 18 December 2025 |
| Listing Date | 19 December 2025 |
| Bidding Cut-off Time | 16 December 2025 – 5 PM |
Promoters and Holding Pattern
| Particulars | Shares | % Share |
|---|---|---|
| Promoter Holding Pre-Issue | 1,37,82,400 | 71.35% |
| Promoter Holding Post-Issue | 1,87,52,000 | 52.44% |
| Promoters | Mr. Manish Goyal & Mr. Govind Rai Garg | — |
Objects of the Issue
The company aims to utilise the IPO proceeds for developing and maintaining the ERIS digital platform, supporting working capital needs to scale operations, investing in new office infrastructure to accommodate expanded hiring, and addressing general corporate requirements.
About Exim Routes Company
Exim Routes Limited, established in April 2019, operates as a major sourcing and supply chain partner for Indian paper mills. The company provides high-quality recyclable paper across white, brown, and mechanical grades.
It uses its in-house ERIS system, an AI-powered B2B solution, to handle offer matching, market intelligence, customer support, and logistics. ERIS currently services over 100 international yards and 50+ Indian mills across more than 15 countries. As of 30 June 2025, the company has 18 employees.
Exim Routes IPO Financial Report (₹ in Crores)
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 36.46 | 35.97 | 0.37 | 6.63 |
| 2024 | 72.39 | 67.56 | 4.20 | 20.53 |
| 2025 | 120.99 | 111.21 | 7.56 | 47.62 |
| June 2025 | 44.17 | 42.60 | 1.17 | 50.97 |
Exim Routes IPO Valuation – FY2025
| KPI | Value |
|---|---|
| ROE | 53.14% |
| ROCE | 35.53% |
| EBITDA Margin | 8.24% |
| PAT Margin | 6.27% |
| Debt-to-Equity | 0.20 |
| EPS (Basic) | ₹2.75 |
| P/E Ratio | NA |
| RoNW | 42.28% |
| NAV | ₹11.32 |
Peer Group Comparison
There are no listed peers available for direct comparison.
IPO Lead Manager
Narnolia Financial Services Ltd.
Company Address
| Details | Information |
|---|---|
| Company Name | Exim Routes Limited |
| Address | Unit No 421, 4th Floor, Suncity Success Tower, Golf Course Extension Road, Sector 65, Gurugram, Haryana – 122101 |
| cs.er@eximroutes.in | |
| Phone | +91 95602 71761 |
| Website | https://eximroutes.ai |
IPO Registrar
| Details | Information |
|---|---|
| Registrar | Maashitla Securities Pvt. Ltd. |
| Phone | +91-11-45121795-96 |
| contact@maashitla.com | |
| Website | https://maashitla.com/allotment-status/public-issues |
Exim Routes IPO FAQs
What is Exim Routes IPO?
It is an SME IPO through which the company aims to raise ₹43.73 crore at a price band of ₹83 to ₹88 per share. The shares will list on NSE SME.
When does the IPO open?
The IPO opens on 12 December 2025 and closes on 16 December 2025.
What is the investors’ quota?
QIB: 50%, NII: 15%, Retail: 35%.
How can I apply?
Investors can apply via ASBA through their bank or UPI applications through stockbrokers. Offline forms are also available.
What is the lot size?
The minimum lot size is 3,200 shares.
When is the allotment date?
17 December 2025.
When will the IPO list?
19 December 2025 on NSE SME.
Expert Comment
Exim Routes shows strong financial growth backed by rising demand for recyclable paper and a unique AI-driven platform in ERIS. The company’s margins are moderate, but efficiency ratios such as ROE and ROCE are impressive.
With a technology-led model and expanding global sourcing network, the business offers promising long-term potential. However, as with any SME IPO, investors should factor in liquidity risks and consider a long-term horizon while subscribing.
