Exim Routes IPO
Exim Routes Limited · Recycling / Paper Trading
- Issue price
- ₹88per share
- Issue size
- ₹43.73 Cr49,69,600 shares
- Face value
- ₹5per equity share
- Lot size
- 1,600 sharesMin. ₹1.41 L at the upper price
- Anchor biddingThu, 2025
- OpensFri, 2025
- ClosesTue, 2025
- AllotmentWed, 2025
- ListingFri, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue
- Fresh issue
- 49,69,600 shares (₹43.73 Cr)
- Offer for sale
- None
- Total issue
- 49,69,600 shares (₹43.73 Cr)
- Market maker portion
- 2,49,600 shares
- Face value
- ₹5
- Listing at
- NSE Emerge
- Promoter holding
- 71.35% → 52.44%
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail41.1%
- Anchor35.0%
- NII17.6%
- Market maker6.2%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 16,57,600 | 43.86% | 35% |
| Non-institutional investors (NII) | 7,10,400 | 18.80% | 15% |
| Qualified institutional buyers (QIB) | 23,52,000 | 62.24% | 50% |
| Anchor investors | 14,11,200 | 37.34% | — |
| Market maker | 2,49,600 | — | — |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25 (standalone), pre-issue- EPS (basic)
- ₹2.75
- P/E (FY 2024-25 (standalone) at Rs 88 issue price)
- 32.05×
- RoNW
- 42.28%
- NAV per share (At issue price (standalone))
- ₹32.06
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 30 Jun 20253 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 43.83 | 120.67 | 71.86 | 36.45 |
| EBITDA | 1.39 | 9.95 | 4.58 | 0.64 |
| Profit after tax | 1.17 | 7.56 | 4.20 | 0.37 |
| Net worth | 22.60 | 21.30 | 3.68 | 0.63 |
| Reserves and surplus | 15.71 | 14.41 | 3.58 | 0.53 |
| Total borrowing | 7.34 | 4.61 | 4.46 | 2.86 |
FY 2024-25 vs FY 2023-24: revenue +67.9%, profit after tax +79.9%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company runs a digital B2B platform, the Exim Routes Intelligence System (ERIS), that matches global supply and demand for recyclable paper. It sources waste paper largely through foreign subsidiaries and supplies Indian paper mills, while also offering logistics and consultancy services and licensing its platform to select mills.
- Incorporated
- 2019
- Industry
- Recycling / Paper Trading
- CIN
- U51909HR2019PLC115525
- Website
- eximroutes.ai
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue |
|---|---|---|---|
| Manish Goyal | Promoter | 63.35% | 46.56% |
| Govind Rai Garg | Promoter | 0.00% | 0.00% |
| Yogesh Goyal | Promoter group | 3.48% | 2.56% |
| Sushila Jora | Promoter group | 2.78% | 2.04% |
| Prem Lata Goyal | Promoter group | 1.74% | 1.28% |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Development and maintenance of the ERIS platform | 14.50 |
| Working capital for business growth | 9.00 |
| Office space for new hires | 7.13 |
| General corporate purposes | 6.54 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Operates an AI-powered B2B platform (ERIS) for recyclable paper trade matching and logistics.
- Serves Indian paper mills with end-to-end sourcing, quality assurance and logistics.
- Has a group structure with overseas subsidiaries across several countries.
- Revenue from operations rose sharply in FY 2024-25 on a consolidated basis.
Risks
- Regulatory restrictions on wastepaper trading in India limit direct domestic activity and rely on foreign subsidiaries.
- A large share of revenue depends on paper recyclables trading.
- Reliance on an external vendor for platform development and need to upgrade ERIS technology.
- Significant related-party borrowings and contingent liabilities including corporate guarantees.
- No prior public market exists for the shares, so the price may not reflect post-listing trading.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹88) appear here after the shares list on NSE Emerge.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Exim Routes IPO open and close?
According to the Prospectus, the issue opens on Friday, 12 December 2025 and closes on Tuesday, 16 December 2025.
What is the Exim Routes IPO price band?
The final issue price is ₹88 per share.
What is the lot size of the Exim Routes IPO?
One lot is 1,600 shares, which is ₹1.41 L at ₹88 per share.
Where will Exim Routes shares list?
On NSE Emerge. The tentative listing date is Friday, 19 December 2025.
Who is the registrar of the issue?
Maashitla Securities Private Limited (SEBI registration INR000004370). Allotment status is checked on the registrar's website.
How do I check the Exim Routes IPO allotment status?
The basis of allotment is expected to be finalised on Wednesday, 17 December 2025. After that, search by PAN, application number or DP/client ID on the registrar's website (Maashitla Securities Private Limited). Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹14.5 Cr for development and maintenance of the ERIS platform, ₹9 Cr for working capital for business growth, ₹7.13 Cr for office space for new hires, ₹6.54 Cr for general corporate purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.