Updated on 19.12.2025 @ 9:51 AM
Exim Routes Limited is set to launch its Initial Public Offering (IPO) on the NSE EMERGE platform. It is a global trading company specializing in recyclable paper and waste management solutions. You can also track this issue along with other upcoming offers, closed and live in our latest IPO Calendar.
The subscription for this public issue will open on December 12, 2025, and close on December 16, 2025.
The company aims to raise up to ₹43.73 crores through a 100% fresh issue of shares.
The price band has been fixed at ₹83 to ₹88 per share, with a minimum lot size of 1,600 shares. Before applying, investors can also use our SIP Calculator to understand how small, consistent investments grow over time.
Exim Routes has demonstrated strong financial growth, but investors must be aware of its high working capital intensity and geopolitical risks. If you are new to investing and want to build strong fundamentals before applying for IPOs, explore our Mutual Fund Learning Hub for free beginner-to-advanced guides.
In this article, you will find Exim Routes IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Exim Routes IPO Details
- Price Band: ₹83 to ₹88 per share
- IPO Open / Close Dates: December 12, 2025 – December 16, 2025
- Lot Size: 1,600 Shares
- Issue Size: 49,69,600 shares (aggregating up to ₹43.73 Crores)
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Maashitla Securities Pvt.Ltd.
- Listing Exchange: NSE SME
What is The Exim Routes IPO GMP Today?
Check the gmp of this and other IPOs at our Gmp hub page. ( The Grey Market Premium (GMP) is an unofficial indicator that reflects market sentiment).
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 88 | 110 | 25.0 |
What Are The Exim Routes IPO Dates & Allotment Schedule?
- IPO Open & Close Date: December 12, 2025 – December 16, 2025
- Basis of Allotment Date: December 17, 2025
- Refund Initiation Date: December 18, 2025
- Credit of Shares: December 18, 2025
- Listing Date: December 19, 2025
What Are The Objectives of Exim Routes IPO?
The company intends to utilise the net proceeds from the public offering for technological development and operational expansion:
- Technology Development (₹14.50 Crores): A significant portion is allocated for the development and maintenance of its proprietary ERIS platform, enhancing its digital capabilities.
- Working Capital Requirements (₹9.00 Crores): To manage the growing operational cycle and trade volumes.
- Office Space Investment (₹7.13 Crores): To purchase office space for accommodating new hires and expansion.
- General Corporate Purposes: The balance amount will be used for other strategic requirements.
how Is the Financial Performance of Exim Routes?
The following table summarizes the company's financial performance based on restated consolidated data.
(Amounts in ₹ Crores)
Particulars | Period Ended 30 Jun 2025 (₹ Crores) | 31 Mar 2025 (FY) (₹ Crores) | 31 Mar 2024 (FY) (₹ Crores) | 31 Mar 2023 (FY) (₹ Crores) |
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 |
Total Borrowing | 7.34 | 4.61 | 4.46 | 2.86 |
Assets | 50.97 | 47.62 | 20.53 | 6.63 |
Source: RHP
Key Financial Observations:
Profit After Tax (PAT):
Exim Routes has shown impressive profit growth, with PAT surging from ₹0.37 Crores in FY23 to ₹7.56 Crores in FY25. This growth is driven by the successful scaling of its high-margin paper trading segment and operational efficiencies.
Total Income:
Revenue has more than tripled in two years, reaching ₹120.99 Crores in FY25. The momentum continues in the first quarter of FY26 with ₹44.17 Crores, indicating strong demand for its recyclable paper solutions.
EBITDA:
Operational profit has more than doubled in FY25 to ₹9.95 Crores, with EBITDA margins expanding significantly. This reflects the company's strategic shift towards higher-margin trading activities.
Total Borrowings:
The company carries a debt of ₹7.34 Crores as of June 2025. While manageable, the high working capital nature of the trading business necessitates continuous borrowing.
Assets:
Total assets have grown substantially to ₹50.97 Crores, driven by increased trade receivables and investments in its digital platform, highlighting the capital-intensive nature of its expansion.
P/E Ratio & Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹5.23, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 16.8x at the upper end of the price band (₹88).
P/E Ratio = ₹88 (Price) / ₹5.23 (Earnings Per Share)
P/E Ratio ≈ 16.8x
Analysis for Investors:
The company states that there are no listed peers in India with a directly comparable business model focused on international waste paper trading.
However, compared to broader logistics players, the valuation appears slightly premium but potentially justified by its higher growth rate and technology focus.
Investors should evaluate the valuation in the context of its niche positioning and rapid growth.
Industry Outlook
- Exim Routes operates in the global waste management and recycling industry, specifically focusing on the trade of recyclable paper.
- The demand for sustainable packaging and recycled materials is growing globally due to environmental regulations and corporate sustainability goals.
- The company's technology-driven approach with its ERIS platform positions it well to organize and optimize this fragmented supply chain.
What Are The Strengths and Risks of Exim Routes IPO?
Strengths:
- Strong Financial Growth: Consistent and rapid growth in revenue and profitability over the last three years.
- Technology-Driven Model: The proprietary ERIS platform provides a competitive edge in supply chain management.
- Global Presence: A diversified sourcing network across key international markets reduces geographic concentration risk.
- Niche Market Focus: Specialization in the high-demand recyclable paper segment allows for better margins.
Risks:
- High Working Capital Intensity: The business requires significant funds for trade receivables, which can strain cash flows.
- Negative Cash Flows: The company has reported negative operating cash flows in recent years, a key risk factor.
- Geopolitical Risks: As a global trader, the company is exposed to international trade policies, currency fluctuations, and shipping disruptions like the Red Sea crisis.
- SME Segment Risks: The stock will be listed on the NSE SME platform, which typically has lower liquidity.
Key Considerations for Investors
Exim Routes Limited operates in the recycling segment and is engaged in trading-related activities, as disclosed in the Red Herring Prospectus (RHP). The company has reported revenue growth and investments in technology, which are outlined in the offer documents.
At the same time, the RHP discloses negative cash flows in certain periods and highlights high working capital requirements as key risk factors associated with the business and its SME listing.
Readers are advised to review the Red Herring Prospectus carefully to understand the company’s business model, financial performance, and risk factors before making any investment decision.
Key Takeaways
- IPO Price Band: ₹83 to ₹88 per share
- Lot Size: 1,600 Shares (Minimum Investment: ₹1,32,800). Note: Minimum investment is ₹2,81,600 for retail as per lot size table (2 lots).
- Allotment & Listing Dates: Tentative listing on December 19, 2025.
- Recommendations of experts: Read the RHP carefully. A high-growth company with strong financials but significant working capital risks.
FAQs on Exim Routes IPO
What is Exim Routes IPO price band?
The price band for the IPO is set at ₹83 to ₹88 per equity share.
What is Exim Routes IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Wednesday, December 17, 2025.
How to check Exim Routes IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.
What is Exim Routes IPO listing date?
The company's shares are tentatively scheduled to be listed on the NSE SME platform on Friday, December 19, 2025.
Should I apply for Exim Routes IPO?
Investors should carefully evaluate their risk tolerance. The company shows strong profit growth but has negative operating cash flows. It is recommended for investors comfortable with the risks of a capital-intensive trading business.
Disclaimer:
IPO investments are subject to market risks. GMP is for informational purposes only and not financial advice. Please consult a financial advisor before investing.
