Incorporated in April 2019, Exim Routes Ltd. is a global recyclable-exchange and supply-chain platform focused on sourcing and supplying recyclable paper (and other recyclables) to Indian mills. The company uses an AI-powered B2B platform (ERIS) to match buyers & sellers, manage quality assurance and co-ordinate cross-border logistics. Exim Routes operates through subsidiaries across multiple jurisdictions and offers end-to-end services including sourcing, logistics, quality checks and trade execution.
Exim Routes IPO
| Face Value | ₹5 per share |
|---|---|
| Issue Type | Book-building (Fresh Issue) |
| Total Shares Offered | 49,69,600 shares (Fresh issue) |
| Market Maker | Nikunj Stock Brokers Ltd. (Reserved 2,49,600 shares) |
| Net Offered to Public | 47,20,000 shares (≈₹41.54 Cr at upper band) |
| Registrar | Maashitla Securities Pvt. Ltd. |
| Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 2,49,600 | 5.02% |
| QIB | 23,52,000 | 47.33% |
| NII (HNI) | 7,10,400 | 14.29% |
| Retail (RII) | 16,57,600 | 33.35% |
Anchor allocation and lock-in details — refer to RHP for anchor bid date and lock-in schedule.
| IPO Open Date | Fri, Dec 12, 2025 |
|---|---|
| IPO Close Date | Tue, Dec 16, 2025 |
| Tentative Allotment | Wed, Dec 17, 2025 |
| Initiation of Refunds | Thu, Dec 18, 2025 |
| Credit to Demat | Thu, Dec 18, 2025 |
| Tentative Listing Date | Fri, Dec 19, 2025 |
| UPI Mandate Cut-off | 5 PM on Tue, Dec 16, 2025 |
| Application Type | Lots | Shares | Amount (₹) — at ₹88 |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,81,600 |
| Retail (Max) | 2 | 3,200 | ₹2,81,600 |
| S-HNI (Min) | 3 | 4,800 | ₹4,22,400 |
| S-HNI (Max) | 7 | 11,200 | ₹9,85,600 |
| B-HNI (Min) | 8 | 12,800 | ₹11,26,400 |
Retail bidding limit = ₹2 Lakh per application (check RHP for exact cut-offs and eligibility rules).
Incorporated in April 2019, Exim Routes Ltd. is a global recyclable-exchange and supply-chain platform focused on sourcing and supplying recyclable paper (and other recyclables) to Indian mills. The company uses an AI-powered B2B platform (ERIS) to match buyers & sellers, manage quality assurance and co-ordinate cross-border logistics. Exim Routes operates through subsidiaries across multiple jurisdictions and offers end-to-end services including sourcing, logistics, quality checks and trade execution.
| Period | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 50.97 | 47.62 | 20.53 |
| Total Income | 44.17 | 120.99 | 72.39 |
| Profit After Tax | 1.17 | 7.56 | 4.20 |
| EBITDA | 1.39 | 9.95 | 4.58 |
| Net Worth | 16.38 | 15.60 | 1.18 |
| Total Borrowing | 5.10 | 2.75 | 1.46 |
| Pre IPO EPS | ₹5.49 |
|---|---|
| Post IPO EPS | ₹2.50 |
| Pre IPO P/E | 16.04x |
| Post IPO P/E | 35.18x |
| ROE | 42.28% |
| Debt/Equity | 0.18 |
Figures restated as per RHP. Read the full RHP for more details on accounting policies, related-party transactions and adjustments.
| S.No | Purpose | Amount (₹ Crore) |
|---|---|---|
| 1 | Development & maintenance of ERIS platform | 11.87 |
| 2 | Working capital to fund business growth | 9.00 |
| 3 | Investment in office space to accommodate hires | 7.13 |
| 4 | General corporate purposes | – |
Registrar: Maashitla Securities Pvt. Ltd.
Phone: +91-11-45121795-96 | Email: contact@maashitla.com | https://maashitla.com/allotment-status/public-issues
Lead Manager: Narnolia Financial Services Ltd.
Observations: Exim Routes benefits from a tech-enabled global sourcing model (ERIS) and end-to-end service offering for recyclables. Growth and margins have improved recently but post-IPO EPS dilutes due to fresh issue size. Key risks include commodity price volatility, cross-border trade/regulatory risks and working-capital intensity. Read the RHP and evaluate supply-chain / counterparty risks before subscribing.
Informational only — not investment advice. Consult a financial advisor before investing.