Exim Routes was incorporated on April 23, 2019. The company operates a global platform that enables the exchange of recyclable paper materials and provides end-to-end services to Indian paper mills, including sourcing, quality checks, and logistics. To support these operations, it has developed ERIS an AI-powered B2B platform that manages supply-demand matching, strengthens communication with partners, delivers market intelligence, and integrates logistics for seamless order-to-delivery execution
| Bidding Dates |
|---|
| 12 Dec 2025 - 16 Dec 2025 |
| Subscription |
|---|
| 14.23x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,65,600 | 2 | 2 | 1600 | 5.0 M | ₹83 - ₹88 | 52.44 % | ₹412.5 M - ₹437.3 M | RHP DOC |
Exim Routes IPO SUBSCRIPTION STATUS
16 Dec '25Exim Routes IPO overall subscription rate was 14.23 times the total available shares
Exim Routes IPO retail subscription rate was 13.23 times in the retail segment
Exim Routes IPO non-institutional investor subscription rate was 30.31 times in the non-institutional investor category
Exim Routes IPO Qualified Institutional Bidder subscription rate was 10.1 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
16 Dec 2025 (Day 3) | 13.23x | 30.31x | 10.1x |
15 Dec 2025 (Day 2) | 1.49x | 3.98x | - |
12 Dec 2025 (Day 1) | 0.64x | 1.61x | - |
Exim Routes FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY26 | 43.8 | 1.2 | -1.2 | -2.0 | 3.2% |
| FY25 | 120.7 | 7.6 | -4.9 | -9.1 | 8.2% |
| FY24 | 71.9 | 4.2 | -1.2 | -1.5 | 6.4% |
| FY23 | 36.4 | 0.4 | 0.1 | -0.9 | 1.8% |
Exim Routes IPO SUBSCRIPTION STATUS DETAILS
Exim Routes had 5.0 M shares on offer
Exim Routes IPO offer price was in the range ₹83 - ₹88
Exim Routes IPO minimum Investment was ₹265600
Exim Routes IPO issue size was ₹ 412.5 M - ₹ 437.3 M
Exim Routes had a minimum lot size of 1600 Shares per application
Exim Routes NUMBER OF SHARES ON OFFER
Exim Routes IPO IMPORTANT DATES
| Issue Open Date | 12 Dec 2025 |
| Issue close Date | 16 Dec 2025 |
| Allotment Date | 17 Dec 2025 |
| Refund Date | 18 Dec 2025 |
| Demat Account Credit Date | 18 Dec 2025 |
| Listing Date | 19 Dec 2025 |
| Listing on Exchange(s) | NSE |
| Exim Routes Allotment Status | Exchange/ Registrar |
Exim Routes IPO subscription opened on 12 Dec 2025, and closed on 16 Dec 2025
IPO allotment for Exim Routes was finalized on Wednesday, 17 Dec 2025
IPO listing for Exim Routes was on NSE on Friday, 19 Dec 2025
Exim Routes IPO LISTING GAINS
| Issue Price (adjusted) | 88.0 |
| Listing Open Price | 110.0 |
| Listing Close Price | 115.5 |
| Listing Gain% | 25.0% |
| Current Gain% | 24.0% |
Exim Routes Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Exim Routes Ltd. | 109.1 | 204.6 | 20.1 | 0.4 | 1 | 14.8 | 9.4 | 207.6 | 71.6 | 10.2 | 50.7 | 5.4 | 50.7 |
| Adani Enterprises Ltd. | 3020 | 408730.2 | 54.9 | 3.3 | 3.7 | 11.5 | 3.6 | 102943.2 | 2.6 | 9339.5 | 31.6 | 55 | 16.7 |
| Redington Ltd. | 354.8 | 27741.3 | 16.3 | 4 | 0.2 | 14.7 | 4.4 | 119347.4 | 19.9 | 1490.2 | -7.1 | 21.8 | 4.1 |
| Lloyds Enterprises Ltd. | 83.5 | 12611.6 | 44.5 | 0.1 | 7.2 | 6.8 | 3.9 | 2183.7 | 39 | 283.4 | 396.5 | 1.9 | 396.5 |
| Swan Corp Ltd. | 308 | 9656 | 35.2 | -0.6 | 2.2 | 3.6 | 2 | 5143.5 | -25.3 | 274.1 | -63.7 | 8.7 | -63.7 |
| MMTC Ltd. | 64 | 9597 | 24.8 | 0.1 | 2814.4 | 18.3 | 13.8 | 180.6 | -31.3 | 387.4 | 347.2 | 2.6 | 347.2 |
Exim Routes INFORMATION ON IPO ISSUE
About Exim Routes
Exim Routes was incorporated on April 23, 2019. The company operates a global platform that enables the exchange of recyclable paper materials and provides end-to-end services to Indian paper mills, including sourcing, quality checks, and logistics. To support these operations, it has developed ERIS an AI-powered B2B platform that manages supply-demand matching, strengthens communication with partners, delivers market intelligence, and integrates logistics for seamless order-to-delivery execution
Object of the Issue
- To meet out the expenses for development and maintenance of the ERIS platform
- To meet out the expenses for working capital to fund business growth
- To meet out the expenses for Investment in Office space to accommodate new hires
- To meet out the expenses for general corporate purposes
Exim Routes - PROMOTERS
| Name |
|---|
| Manish Goyal |
| Govind Rai Garg |
Exim Routes - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Manish Goyal | Director & Chief Executive Officer |
| Govind Rai Garg | Director |
| Pallav Singal | Executive Director |
| Vivinprasath Devaraj | Executive Director |
| Charu Jora | Non-Executive Director |
| Komal Goel | Independent Director |
| Mohit Garg | Independent Director |
| Mahender Singh Tanwar | Independent Director |
Exim Routes Book Running Lead Manager
Narnolia Financial Services Limited
ipo@narnolia.com
Exim Routes Registrar to the issue
Maashitla Securities Private Limited
contact@maashitla.com
Exim Routes Strengths
Proprietary digital platform
The company has developed its own AI-powered B2B platform, Exim Routes Intelligence System (ERIS), which streamlines supply chain operations through global inventory matching and price discovery. ERIS also improves customer communication, provides actionable market insights, and enables seamless logistics execution with freight partners
Global sourcing network
Exim Routes India operates globally through subsidiaries in Singapore, South Africa, the UK, Germany and the USA, supported by a network of strategic yards, suppliers and partners. This enables the company to source recyclables from 15+ countries, including the USA, UK, Europe and the Middle East, for supply into India
Quality assurance
A dedicated in-house quality team supports mills by inspecting incoming shipments as needed, ensuring consistent quality assurance throughout the process
Exim Routes Risks
Regulatory restrictions
Regulatory restrictions on wastepaper trading, including import/export norms and environmental compliance, may affect the company’s operations and supply chain. As per MoEFCC guidelines, it engages in recyclable paper exchange mainly through foreign subsidiaries, since direct import and resale of wastepaper in India are restricted
Security breach risks
Significant security breaches, system failures, or fraud within the company’s technology infrastructure specially its ERIS platform could disrupt operations and harm financial performance. Since ERIS is critical for service delivery and customer retention, any downtime or malfunction may materially impact business, cash flows, and results
Risk of changing market needs
Developing software is time-consuming, and market needs or regulations may change before launch, reducing its relevance. The company must continually monitor and adapt to these changes to keep the software compliant and useful
IPO FAQs
The promoters of the company are Manish Goyal and Govind Rai Garg.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 83.0 - 88.0.
The IPO application opens on Dec 12, 2025 and closes on Dec 16, 2025.
The minimum lot size for the IPO is 3200. The maximum lot size for the IPO is 3200.
For all category investors, the minimum application amount for this IPO is Rs. 265,600.0, the maximum value for this IPO is Rs 281,600.0.
This IPO will be allotted on Dec 17, 2025.
The refund will be credited to your account on Dec 18, 2025.
The allotted shares will be credited to your demat on Dec 18, 2025.
Exim Routes Ltd.’s shares listed on the stock exchanges on Dec 19, 2025.