Bookbuilding IPO | ₹44 Cr | Listed at NSE SME | Fri, Dec 12, 2025 - Tue, Dec 16, 2025
Exim Routes IPO is a book build issue of ₹43.73 crores. The issue is entirely a fresh issue of 0.50 crore shares of ₹43.73 crore.
Exim Routes IPO bidding started from Dec 12, 2025 and ended on Dec 16, 2025. The allotment for Exim Routes IPO was finalized on Dec 17, 2025. The shares got listed on NSE SME on Dec 19, 2025.
Exim Routes IPO price band is set at ₹88 per share. The lot size for an application is 1,600. The minimum amount of investment required by an individual investor (retail) is ₹2,81,600 (3,200 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (4,800 shares), amounting to ₹4,22,400.
Narnolia Financial Services Ltd. is the book running lead manager and Maashitla Securities Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Nikunj Stock Brokers Ltd..
Refer to Exim Routes IPO RHP for detailed Information.
IPO Open
Fri, Dec 12, 2025
IPO Close
Tue, Dec 16, 2025
Issue Price
₹88 per share
Market Cap (Pre-IPO)
₹165.02 Cr
| IPO Date | 12 to 16 Dec, 2025 |
| Listed on | Fri, Dec 19, 2025 |
| Face Value | ₹5 per share |
| Price Band | ₹83 to ₹88 |
| Issue Price | ₹88 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 49,69,600 shares (agg. up to ₹44 Cr) |
| Reserved for Market Maker | 2,49,600 shares Nikunj Stock Brokers Ltd. (agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 47,20,000 shares (agg. up to ₹42 Cr) |
| Net Offered to Public | 47,20,000 shares (agg. up to ₹42 Cr) |
| Share Holding Pre Issue | 1,37,82,400 shares |
| Share Holding Post Issue | 1,87,52,000 shares |
| NSE Symbol | EXIMROUTES |
| ISIN | INE19I001020 |
Exim Routes IPO comprises a total issue size of 49,69,600 shares. The net offer to the public is 47,20,000 shares, after excluding 2,49,600 shares allotted on a firm basis. Of the Net offer 23,52,000 (49.83%) are allocated to QIB, 7,10,400 (15.05%) allocated to NII 16,57,600 (35.12%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 23,52,000 | 49.83% | 47.33% |
| − Anchor Investor Shares Offered | 14,11,200 | 28.40% | |
| − QIB (Ex. Anchor) Shares Offered | 9,40,800 | 18.93% | |
| NII (HNI) Shares Offered | 7,10,400 | 15.05% | 14.29% |
| − bNII > ₹10L | 4,70,400 | 9.47% | |
| − sNII < ₹10L | 2,40,000 | 4.83% | |
| Retail Shares Offered | 16,57,600 | 35.12% | 33.35% |
| Firm Reservations | |||
| Market Maker Shares Offered | 2,49,600 | 5.02% | |
| Total Shares Offered | 49,69,600 | 100.00% | 100.00% |
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,81,600 |
| Individual investors (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 |
Exim Routes IPO raises ₹12.42 crore from anchor investors. Exim Routes IPO Anchor bid date is December 11, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Thu, Dec 11, 2025 |
| Shares Offered | 14,11,200 |
| Anchor Portion (₹ Cr.) | 12.42 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Jan 16, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Mar 17, 2026 |
Incorporated in April 2019, Exim Routes Limited is a global platform that facilitates the exchange of recyclable paper materials, offering end-to-end services to Indian Paper Mills, from sourcing waste paper to quality assurance and logistics.
The Company operates through a group structure, with an Indian parent, Exim Routes Limited, and foreign subsidiaries.
Exim Routes is a global recyclable exchange company focused on facilitating cross-border trade in recyclable materials, particularly paper and metal scrap.
Exim Routes uses its proprietary AI-powered B2B platform (referred to as “ERIS”) to connect buyers and sellers of recyclable paper, streamlining procurement, supply-chain and delivery.
Its business model involves sourcing wastepaper globally and supplying to Indian mills, handling logistics and trade coordination across geographies.
Their operations span multiple continents, with a strong presence in India and Singapore, as well as subsidiaries in the USA, UK, Germany, and South Africa.
They offer comprehensive services, including sourcing, quality assurance, logistics, and trade execution.
Exim Routes combines a global network with a tech-driven approach to simplify the recyclables trade ecosystem.
As of November 30, 2025, our Company has 18 employees.
Competitive strengths
A globally oriented sourcing network for recyclable paper materials, enabling access to international supply.
An AI-enabled B2B platform (ERIS) facilitates efficient buyer-seller matching and transaction coordination.
An end-to-end service model including procurement, logistics, and delivery — reducing complexity for Indian paper mills.
Experienced promoters and management with expertise in trade, supply chain, and business operations.
A business model tailored to meet demand from Indian paper mills seeking a consistent supply of recyclables.
Exim Routes Ltd.'s revenue increased by 67% and profit after tax (PAT) rose by 80% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 50.97 | 47.62 | 20.53 | 6.63 |
| 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 |
| NET Worth | 16.38 | 15.60 | 1.18 | 0.56 |
| Reserves and Surplus | 15.71 | 14.41 | 3.58 | 0.53 |
| Total Borrowing | 5.10 | 2.75 | 1.46 | 2.86 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | To meet out the expenses for Development and Maintenance of the ERIS platform | 11.87 |
| 2 | To meet out the expenses for Working Capital to fund business growth | 9.00 |
| 3 | To meet out the expenses for Investment in Office space to accommodate new hires | 7.13 |
| 4 | General Corporate Purposes | 6.54 |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 53.14% |
| ROCE | 35.53% |
| Debt/Equity | 0.20 |
| RoNW | 42.28% |
| PAT Margin | 6.27% |
| EBITDA Margin | 8.24% |
| Price to Book Value | 7.77 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 5.49 | 2.50 |
| P/E (x) | 16.04 | 35.18 |
| Promoter Holding | 71.35% | 52.44% |
| Market Cap | ₹165.02 Cr. |
The Exim Routes IPO is subscribed 15.23 times on December 16, 2025 6:20:00 PM (Day 3). The public issue subscribed 9.94 times in the individual investors category, 19.11 times in the QIB category, and 22.43 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB (Ex Anchor) | 19.11 | 9,40,800 | 1,79,77,600 | 13 |
| NII* | 22.43 | 7,10,400 | 1,59,31,200 | 0 |
| bNII (bids above ₹10L) | 27.73 | 4,70,400 | 1,30,46,400 | |
| sNII (bids below ₹10L) | 12.02 | 2,40,000 | 28,84,800 | |
| Individual Investor | 9.94 | 16,57,600 | 1,64,70,400 | 5,147 |
| Total | 15.23 | 33,08,800 | 5,03,79,200 | 6,701 |
Total Application : 6,701
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Lead manager(s) fees including undertaking commission | 3.00 |
| 2 | Brokerage, Selling Commission and upload fees | 0.02 |
| 3 | Registrars to the issue | 0.02 |
| 4 | Legal Advisors | 0.10 |
| 5 | Advertising and Marketing Expenses | 0.08 |
| 6 | Regulators including stock exchanges | 0.10 |
| 7 | Printing and distributions of issue stationary | 0.02 |
| 8 | Others, if any (to be specified) | 3.22 |
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹88.00 |
| Open | ₹110.00 |
| Low | ₹104.50 |
| High | ₹115.50 |
| Last Trade | ₹115.50 |
Lead Manager Reports
Exim Routes IPO is a SME IPO of 49,69,600 equity shares of the face value of ₹5 aggregating up to ₹44 Crores. The issue is priced at ₹88 per share. The minimum order quantity is 1600.
The IPO opens on Fri, Dec 12, 2025, and closes on Tue, Dec 16, 2025.
Maashitla Securities Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in Exim Routes IPO using UPI as a payment gateway. Zerodha customers can apply in Exim Routes IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Exim Routes IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Exim Routes IPO opens on Fri, Dec 12, 2025 and closes on Tue, Dec 16, 2025.
Exim Routes IPO lot size is 1600, and the minimum amount required for application is ₹2,81,600, with 2 lots being the minimum application size.
You can apply in Exim Routes IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Exim Routes IPO will be done on Wednesday, December 17, 2025, and the allotted shares will be credited to your demat account by Thu, Dec 18, 2025. Check the Exim Routes IPO allotment status.
The Exim Routes IPO listing date is on Fri, Dec 19, 2025.
