Exim Routes IPO
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Exim Routes IPO details
Schedule of Exim Routes
| Issue open date | 12 Dec 2025 |
| Issue close date | 16 Dec 2025 |
| UPI mandate deadline | 16 Dec 2025 (5 PM) |
| Allotment finalization | 17 Dec 2025 |
| Refund initiation | 18 Dec 2025 |
| Share credit | 18 Dec 2025 |
| Listing date | 19 Dec 2025 |
| Mandate end date | 31 Dec 2025 |
| Lock-in end date for anchor investors (50%) | 16 Jan 2026 |
| Lock-in end date for anchor investors (remaining) | 17 Mar 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Exim Routes
Exim Routes Limited, founded in 2019 and converted into a public company in 2024, operates as a global platform enabling the exchange of recyclable paper materials. Led by promoters Mr. Manish Goyal and Mr. Govind Rai Garg, the company supports Indian paper mills through end-to-end services including sourcing, inventory matching, logistics coordination, and quality assurance. Its AI-powered ERIS platform enhances price discovery, market intelligence, and supply chain efficiency. With international subsidiaries facilitating compliant procurement due to regulatory restrictions in India, Exim Routes follows a technology-led intermediary model supported by diversified revenue streams across recyclable paper trading, managed services, and logistics. The company’s strengths lie in its digital ecosystem, global sourcing structure, integrated operations, and industry-focused expertise.
Financials of Exim Routes
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 43.73 |
| Fresh Issue – Proceeds go to the company | 43.73 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Development & Maintenance of ERIS Platform | 11.87 (27.15%) |
| Working Capital for Business Growth | 9 (20.58%) |
| Investment in Office Space | 7.13 (16.30%) |
| General corporate purposes | 15.73 (35.97%) |
Strengths
- AI-powered ERIS platform improves supply-chain visibility and decision-making.
- Global subsidiary network enables compliant sourcing and diversified procurement.
- End-to-end service model strengthens customer stickiness with Indian paper mills.
- Strong revenue base driven primarily by recyclable paper trading operations.
- Experienced promoters with deep domain and operational expertise.
Risks
- High dependence on recyclable paper trading exposes revenue to market cycles.
- Regulatory restrictions in India force reliance on foreign subsidiaries for sourcing.
- Significant trade receivables may strain liquidity and working capital.
- Technology obsolescence risk if ERIS is not upgraded timely.
- Working-capital–intensive operations require continuous funding support.
Allotment Status for Exim Routes
To check your IPO allotment status:
- Visit the Maashitla Securities IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.
Subscription Figures for Exim Routes
As per media reports (Link), the Grey Market Premium (GMP) of Exim Routes is reported at ₹9 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 05:00 PM on December 16, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 9.41 | 179.78 | 19.11x |
| NII | 7.10 | 159.31 | 22.43x |
| Retail | 16.58 | 164.70 | 9.94x |
| Total | 33.31 | 503.79 | 15.23x |