Exim Routes IPO is a book-built public issue worth ₹43.73 crore, consisting entirely of a fresh issue of 0.50 crore equity shares.
The subscription window opens on December 12, 2025, and closes on December 16, 2025, with allotment expected on December 17, 2025. The shares are scheduled to list on NSE SME, with a tentative listing date of December 19, 2025.
The IPO price band has been set between ₹83 and ₹88 per share. Retail investors can apply with a minimum lot size of 1,600 shares, requiring an investment of ₹2,81,600 at the upper price band.
For HNI applicants, the minimum investment is three lots (4,800 shares), amounting to ₹4,22,400.
Narnolia Financial Services Ltd is acting as the book-running lead manager, Maashitla Securities Pvt. Ltd is the registrar, and Nikunj Stock Brokers Ltd is the market maker for the issue. Refer to Exim Routes IPO RHP for complete details.
Exim Routes IPO Objectives
The company plans to utilise the Net Proceeds from the issue for the following purposes:
- ₹1,450.00 lakh allocated for development and maintenance of the ERIS platform.
- ₹900.00 lakh earmarked for working capital requirements to support business growth.
- ₹713.00 lakh planned for investment in office space to accommodate new hires.
- For general corporate purposes.
About Exim Routes Limited
Exim Routes Limited operates as a global platform that facilitates the exchange of recyclable paper materials, offering end-to-end services to Indian paper mills, from sourcing and procurement of waste paper to quality assurance and logistics. To support these operations, the company has built the Exim Routes Intelligence System (ERIS), an AI-powered B2B digital platform designed to manage four core functions.
First, under Supply Chain Operations and Offer Management, ERIS consolidates global inventory data from Exim Routes Limited’s suppliers, gathers demand offers from mills, enables matching and price discovery, and connects supply with demand by supporting bidding and trade closure. Second, through Customer and Partner Enablement, the platform enhances outbound communication among internal teams, suppliers, and customers, ensuring better tracking and wider outreach.
Third, in the area of Market Intelligence and Data, ERIS integrates internal and external data points — such as pricing and grade quality parameters — to generate insights that improve decision-making for both the company and its customers. Lastly, through Logistics Integration, ERIS supports the seamless execution of logistics by connecting Exim’s global network of logistics partners and freight forwarders, ensuring smooth order-to-delivery flow.
The ERIS platform acts as a secure marketplace that connects recycling yards, Material Recovery Facilities (MRFs), traders, and end-use industries, especially paper mills. Beyond internal use, Exim Routes Limited also licenses the platform to selected suppliers and mills.
The company operates under a group-structured framework with Exim Routes Limited as the Indian parent entity and several foreign subsidiaries managing sourcing and international logistics.
These include Exim Routes Inc. (USA), Exim Routes Pte. Ltd (Singapore), Exim Routes (UK) Ltd (United Kingdom), Good Earth SCM GmbH (Germany), and Exim Routes (SA) Pty Ltd (South Africa). The parent company oversees strategy, governance, technology development, and coordination of operations across the group.
In addition to revenue generated through the ERIS platform, Exim Routes Limited engages in high-seas sales transactions, acting as an intermediary buyer of waste paper supplied to Indian mills. It also conducts limited domestic trading of recyclable paper and provides operational support services to selected suppliers and foreign subsidiaries. Furthermore, the company offers ERIS platform sales and subscriptions to select mills.
Industry Outlook
- India recycles around 71% of its annual paper and paperboard consumption, indicating strong recovery rates and efficient recycling systems.
- Recycling volumes are expected to rise from 16.35 million tonnes in FY24 to 22.23 million tonnes by FY28, supporting long-term supply sustainability.
- Overall paper consumption is forecast to grow from 23.04 million tonnes in FY24 to 31 million tonnes by FY28, reflecting a robust CAGR of 7.3% driven by packaging, education, and e-commerce demand.
How To Apply for the Exim Routes IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Exim Routes IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Exim Routes IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Exim Routes Limited
Registered office: Unit No 421, 4th Floor, Suncity Success Tower, Golf Course Extension Road, Sector 65, Gurugram, Haryana 122101, India.
Phone: +91 95602 71761
Email: cs.er@eximroutes.in
Exim Routes IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 2,49,600 (5.02%) |
| QIB Shares Offered | 23,52,000 (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 (14.29%) |
| − bNII > ₹10L | 4,70,400 (9.47%) |
| − sNII < ₹10L | 2,40,000 (4.83%) |
| Retail Shares Offered | 16,57,600 (33.35%) |
| Total Shares Offered | 49,69,600 (100.00%) |
Exim Routes IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 3200 | ₹2,81,600 |
| Individual investors (Retail) (Max) | 2 | 3200 | ₹2,81,600 |
| HNI (Min) | 14 | 4800 | ₹4,22,400 |
Exim Routes IPO Promoter Holding
The promoters of the company include Mr. Manish Goyal and Mr. Govind Rai Garg.
| Share Holding Pre-Issue | 71.35% |
| Share Holding Post Issue | 52.44% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Exim Routes IPO
| KPI | Value (FY 2025) |
| RoCE (%) | 35.53 |
| RoE (%) | 53.14 |
| Current Ratio | 1.91 |
| EBITDA Margin (%) | 8.24 |
Exim Routes IPO Registrar and Lead Managers
Exim Routes IPO Lead Managers
- Narnolia Financial Services Ltd
Registrar for Exim Routes IPO
Maashitla Securities Pvt Ltd
- Phone: +91-11-45121795-96
- Email: contact@maashitla.com
Financial Performance of Exim Routes Limited
| Particulars | Period Ended June 30, 2025 | FY Ended March 31, 2025 | FY Ended March 31, 2024 | FY Ended March 31, 2023 |
| Revenue from operations (₹ Lakhs) | 4,383.47 | 12,066.99 | 7,185.90 | 3,644.58 |
| EBITDA (₹ Lakhs) | 139.18 | 994.70 | 458.00 | 63.62 |
| Operating Cash Flow (₹ Lakhs) | (119.66) | (488.40) | (117.19) | 8.45 |
| PAT (₹ Lakhs) | 117.26 | 756.28 | 420.33 | 37.49 |
| ROE / RoNW (%) | 5.09% | 53.14% | 149.01% | 78.84% |
| EPS | 0.87 | 5.23 | 2.54 | 0.31 |
Strengths and Opportunities of Exim Routes Limited
- Exim Routes Limited operates through a strong global sourcing network supported by foreign subsidiaries in Singapore, South Africa, the UK, Germany, and the USA, enabling sourcing from 15+ countries.
- The company benefits from deep domain expertise, led by founder Manish Goyal, an IIT Roorkee paper engineer with 16 years of industry experience, along with a technically strong leadership team.
- Its leadership and advisory teams bring extensive experience across commercial, operational, strategic, and commodity sectors, having worked with leading global companies like EY, Amazon, P&G, McKinsey, BCG, and AT Kearney.
- Exim Routes Limited has built a proprietary AI-powered B2B platform, ERIS, which enhances inventory matching, price discovery, customer communication, data-driven insights, and logistics execution.
- The company maintains strong quality assurance through an in-house team that collaborates closely with mills to inspect and verify shipments as required.
Risks and Threats of Exim Routes Limited
- The company faces evolving financing and cashflow management challenges due to high trade payables and receivable days, requiring constant optimisation to ensure liquidity.
- Exim Routes Limited has a concentrated market focus, with over 90% of revenues coming from India and more than 95% from the paper recyclables segment, exposing it to market-specific volatility.
- Amendments in paper recycling regulations, including environmental norms and import restrictions, may disrupt operations and impact supply availability.
- The business is exposed to foreign exchange risk due to global sourcing and operations across multiple geographies, potentially affecting profitability.
- Global supply chain disruptions, including shipping delays, freight rate fluctuations, or vendor issues, may hinder timely execution of orders.
