Exim Routes Ltd IPO
Miscellaneous
Price Band
₹83 – ₹88
Lot Size
1600
Minimum Bid Quantity
3200
Minimum Investment
₹281600
Issue Size
₹43.73Cr
Opens
2025-12-12
Closes
2025-12-16
Listing
19-12-2025
Subscription Status
Qualified Institutional Buyers
19.11 x
Non-Institutional Investor
16.75 x
Retail Individual Investor
9.65 x
Total
14.06 x
IPO Details
Issue Type
EQUITY
Face Value
₹5
Tick Size
1
ISIN
INE19I001020
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Exim Routes operates as a platform for the exchange of recyclable paper materials, providing sourcing/procurement of waste paper, quality assurance, and logistics services to Indian paper mills. It supports these operations through the Exim Routes Intelligence System (ERIS), an artificial intelligence (AI)-powered B2B digital platform used for supply chain operations and offer management (inventory and demand matching, price discovery, bidding and trade closure), customer and partner communication and tracking, market intelligence using internal and external data points (including pricing and grade quality parameters), and logistics execution through logistics partners and freight forwarders. The company also engages in high-seas sales as an intermediary buyer supplying waste paper to Indian paper mills, conducts limited domestic trading, provides services to select suppliers and foreign subsidiaries, and licenses ERIS to chosen mills and suppliers through sales and subscriptions.
Pros
- • Exim Routes has built an AI-powered B2B platform called the ERIS. It states that ERIS supports global inventory matching and price discovery, customer and partner communication, market intelligence insights using integrated data points, and logistics execution through freight partners.
- • Exim Routes claims to operate through foreign subsidiaries in Singapore, South Africa, the UK, Germany, and the US, as well as a network of suppliers, yards, and partners. It states that this setup enables sourcing of recyclable materials from over 15 countries, including the US, UK, Europe, and the Middle East, for supply into India.
- • Exim Routes states that it received the Indian Achievers’ Award in 2022 under the “Emerging Company” category.
Cons
- • Exim Routes generates most of its revenue from the trading/sale of paper recyclables. It accounted for Rs 42.99 crore (98.08 percent) of the company’s revenue for the period ended June 30, 2025; Rs 116.77 crore (96.77 percent) in FY25; Rs 67.87 crore (94.45 percent) in FY24; and Rs 23.71 crore (65.05 percent) in FY23. Any adverse change in demand, pricing, supply availability, or the company’s ability to acquire and retain clients in this segment can negatively impact its business and financial condition.
- • Demand for recyclable paper is cyclical and influenced by global supply-demand balance and broader economic conditions, which can lead to volatility in sales volumes and pricing. When demand softens, oversupply and competition among suppliers can lead to price reductions and compressed margins. Any sustained decline in the demand for recyclable paper or their prices can adversely affect Exim Routes’ revenue, operating results, and overall financial stability.
- • As of June 30, 2025, the company had trade receivables of Rs 32.68 crore. Any delay or default in collections can increase working capital needs, pressure liquidity, and lead to provisions or write-offs, which can adversely affect its results of operations and financial condition.
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