Exim Routes Ltd IPO
Status: Closed
Overview
IPO date
12 Dec 2025 to 16 Dec 2025
Face value
₹ 5 per share
Price
₹ 83 to ₹88 per share
Issue Size
4,969,600 shares
(aggregating up to ₹ 43.73 Cr)
(aggregating up to ₹ 43.73 Cr)
Allotment Date
17 Dec 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
Miscellaneous
Objectives of Exim Routes Ltd IPO
Exim Routes Ltd IPO Strategy
About Exim Routes Ltd
Unlock Stock of the Month
T&C*
Strengths vs Risks of Exim Routes Ltd
Know the pros & cons
Strengths
Designing and execution capabilities.- Experienced management team and a motivated and efficient work force.
- Cordial relations with our consumers.
- Quality assurance and control.
Risks
- Changes in technology or failures to upgrade or adapt changes may render its existing Exim Routes
Intelligence System ("ERIS") technology obsolete and require significant investments, which may impact
the company's business and financial condition.
- Regulatory restrictions on wastepaper trading, including import/export norms and environmental
compliance, may impact business operations. Changes in policy or classification standards could disrupt
supply chains and affect material availability.
- The company's major revenue is sourced from trading of Paper Recyclables. The company's inability or failures to manage and
attract more clients in this segment could adversely affect its business.
- The demand for recyclable paper is cyclical and influenced by market trends and economic conditions. This
variability can lead to fluctuations in revenue and profit margins over time.
- The company's business is subject to risks relating to high trade receivables, which may adversely affect its cash flows,
results of operations and financial condition.
- The company's business is working capital intensive, and fluctuations or inadequate financing of its working capital
requirements may adversely affect the company's business, financial condition, and results of operations.
- The property used by the company as its registered office is not owned by the company. Any termination of
the relevant lease/ rent agreements could adversely affect its operations.
- Failures to complete the acquisition/fit outs completion on time will delay the capex etc which can adversely
affect its business operations, financial results and cash flow positions.
- Significant security breaches, system failures, and fraud within our computer systems and network
infrastructure may adversely affect its business operations, financial condition, cash flows, and results of
operations.
- The company's proposed capital expenditure relating to investment in development of its product "ERIS" is subject to
the risk of unanticipated delays in implementation and cost overruns.
- The Company's revenue dependence on customers from specific geographic locations exposes the company to risks
from economic downturns and regional market volatility.
- The Company relies on a limited number of foreign suppliers for the procurement of wastepaper. The loss
of any of these suppliers may disrupt the company's business operations and adversely affect its financial stability.
- The company is involved in ongoing litigation, including matters concerning the Company, Promoters, Directors,
subsidiaries and Group Company, where an adverse outcome may negatively impact its business operations,
reputation, and financial performance.
- The Company has entered into agreements with various business service providers within India. These
agreements may not be renewed on favorable terms or could incur increased costs, which could adversely
affect its operations and financial performance.
- The company had negative cash flows in the past and may continue to have negative cash flows in the future. Sustained
negative cash flow could impact on the company's growth and business.
- Development of a software is a time-consuming process, by the time of its launch, the need for software may
have diminished or changed.
- The company's inability to effectively reduce and control the increased Purchase of stock-in-trade, if not properly
managed or controlled, may significantly adversely affect its profitability, financial stability, and
operational efficiency.
- The company has not registered the copyright for our software "ERIS" which may expose the company to ownership disputes
and legal risks.
- The company's present promoters of the Company are first generation entrepreneurs.
- The company's contingent liabilities as disclosed in the restated financial statements could materially affect its
financial condition.
- The Company engages with customers through purchase orders instead of long-term contracts or service
agreements, which may limit revenue certainty and affect the stability of ongoing business relationships.
- Any failures to meet the desired quality specifications of recyclable paper products may adversely affect its
business, financial condition, results of operations and reputation.
- Fluctuations in the price of recyclable paper, the company's key raw material, may adversely affect its business, results
of operations and financial condition.
- The Company has obtained unsecured loans amounting to Rs. 733.63 Lakhs on the basis of restated
consolidated financial statements that may be recalled by the lenders at any time.
- The Company is subject to restrictive covenants under loan and credit facilities, and any breach of any such
restrictive covenants may adversely affect its business operations and cash flows.
- The Company has entered into certain related party transactions at arm length price in the past and may
continue to do so in the future.
- Improper handling of goods during logistics operations could damage its reputation and adversely impact
on the company's business, financial performance, and market position.
- The Company does not have any directly listed peer companies for the purpose of performance comparison.
Therefore, investors must rely on their own analysis of the Company's financial metrics and other relevant
factors when evaluating an investment in the offering.
- Expansion into new market segments and diversification of product and service offerings could 'expose the company's
company to operational challenges and adversely impact on its growth and profitability.
- In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there
would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its
revenues and results of operations.
- Any variation in the utilization of Net Proceeds as disclosed in this Red Herring Prospectus requires prior
shareholder approval, which may not be obtained timely or at all, potentially affecting business operations
of the Company.
- The company depends on a limited number of customers for a significant portion of its revenues. The loss of a major
customer or significant reduction in demand from any of our major customers may adversely affect the company's
business, financial condition, results of operations and prospects.
- The company's success is dependent on its Promoters, Key Management Personnel (KMP) and skilled manpower. The company's
inability to attract and retain key personnel or the loss of services of its Promoters and Directors may have
an adverse effect on the company's business prospects.
- Risk of Incidents of fraud or theft by employees may lead to financial loss, legal issues, and damage to the
Company's reputation and operations.
- There is a risk of Misconduct or negligence by employees may disrupt operations, harm the Company's
reputation, and lead to financial or legal consequences.
- Failures to effectively implement our business and growth strategy could adversely affect the Company's
long-term viability and profitability.
- The company's Inability to protect its intellectual property or any claim that the company infringes on the intellectual property
rights of others could erode the company's competitive advantage and could have a material adverse effect on the company.
- Changes in privacy and data protection laws could result in claims and may adversely affect its business,
financial condition, and growth prospects.
- The company's insurance policies may be insufficient to cover all future costs and safeguard against unforeseen losses,
unpredictable operating risk and may result in an adverse effect on the company's business operations and financial
performance.
- The company's dependence on third-party transportation providers for the supply and delivery of recyclable paper may
adversely affect its business, financial condition, and results of operations in case of service failures or to
meet their obligations.
- The company's business is dependent on reliable maritime and waterway transport infrastructure. Disruptions or delays
caused by weather, port congestion, regulatory issues, or other factors could delay deliveries, increase costs,
and negatively impact its reputation and financial performance.
- Some of the company's Board of Directors do not have any experience of listed companies.
- The Company have made certain delayed filings with respect to provisions of the GST Act, Income Tax Act,
and other applicable laws in the last 5 Years.
- The Company has made certain delays in compliance with certain statutory provisions of the Companies
Act, 2013. Such delayed filings may attract penalties and prosecution against the Company and its directors
which could impact the financial position of the Company to that extent.
- In addition to normal remuneration, other benefits and reimbursement of expenses, our Directors,
(including our Promoters) and Key Managerial Personnel are interested in our Company to the extent of
their shareholding and dividend entitlements.
- Certain Agreements, deeds or licenses and certificates may be in the previous name of the company, we have
to update the name of our company in all the statutory approvals and certificates due to the conversion of
our Company.
- Fluctuation of Interest rate may adversely affect the Company's business.
- The company's business operations are significantly dependent on the continued involvement of its Promoters, senior
management, and other key personnel. The loss of any of these individuals, or the company's inability to attract and
retain qualified and experienced professionals, could adversely impact its business performance, results
of operations, financial condition, and cash flows.
- The company's marketing and advertising activities may not be successful in increasing the popularity of the company's
Company among customers. If its marketing or advertising initiatives are not effective, this may affect the
popularity of the Company.
- The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Issue Price.
- The company has issued Equity Shares during the last one year at a price that may be below the Issue Price.
- The company's ability to pay dividends in the future will depend on the company's earnings, financial condition, cash flows, and
other factors, and there is no assurance of dividend payments.
- Compliance with public listing requirements and increased regulatory scrutiny may strain the company's resources
and adversely affect its business operations.
- Potential Challenges to Profitability and Growth of Our ERIS Platform Subscription Model Due to Market
Competition and Pricing Sensitivity.
- The company's Independent Directors do not possess educational qualifications relevant to the company's business operations,
which may affect their ability to provide effective oversight.
- This Red Herring Prospectus contains information from third parties, including an industry report
prepared by an independent third-party research agency, Dun & Bradstreet Information Services India
Private Limited ("D&B"), which the company has commissioned and paid for purposes of confirming its
understanding of the industry exclusively in connection with the Offer.
- The company operates through foreign subsidiaries, exposing the company to complex transfer pricing regulations
and India's GAAR provisions. Non-compliance or adverse interpretations may lead to tax adjustments,
penalties, or litigation, creating significant financial uncertainty.
- The company's business handles large volumes of digital data and must comply with evolving data localization and
cross-border transfer rules. Non-compliance may lead to penalties, legal issues, or reputational damage.
- The company's paper recycling operations faces risks from evolving environmental regulations and compliances across
jurisdiction including stringent international rules. Any non-compliance could lead to penalties,
reputational damage, contractual sanctions, and even suspension of business activities, collectively
impacting its operations, financial health, and growth prospects.
- The company depends heavily on the continuous and scalable performance of its AI platform, ERIS. Any
disruptions, technical issues, or delays in upgrades could harm service delivery, customer experience, and
growth.
- The company's business handles large volumes of digital data and must comply with evolving data localization and
cross-border transfer rules. Non-compliance may lead to penalties, legal issues, or reputational damage.
Exim Routes Ltd Peer Comparison
Understand the company’s industry standing
Exim Routes Limited
Face Value
5
Standalone / Consolidated
Standalone
Total Income Rs. Cr.
---
EPS-Basis
0.57
EPS-Diluted
0.57
NAV Per Share
11.89
P/E-Basic EPS
---
P/E-Diluted EPS
---
RONW(%)
4.89
Latest NAV Period
---
Latest NAV
---
How to check the allotment status of Exim Routes Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
IPO reads
Stay updated with the latest IPO developments
February 27, 2025 | 5 min read
₹50.11 Cr Balaji Phosphates IPO Opens Feb 28. Issue Details and SWOT Analysis
February 25, 2025 | 5 min read
Tata Capital Board Approves ₹15,000 Cr Plus Mega IPO; Tata Investment Shares Soar 8%
February 18, 2025 | 5 min read
Busy Week Ahead: 2 SME IPOs and 9 Market Listings – Get the Complete Details Here
October 25, 2024 | 5 min read
Waaree Energies IPO: GMP Soars 106% Amid 76.34x Subscription – Check Your Allotment Status!
October 22, 2024 | 5 min read
Upcoming IPOs: 9 Public Issues Set to Raise ₹10,984.8 Cr – Key Insights Inside!
October 17, 2024 | 5 min read
Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons Why
September 6, 2024 | 5 min read
Bajaj Housing Finance IPO: All You Need to KnowOctober 17, 2024 | 5 min read
Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons Why
August 26, 2024 | 5 min read
Premier Energies IPO: Key Details Ahead of the ₹2,830.40 Cr Issue LaunchMore on IPOs
Navigate your way to other IPO resources
Latest videos on IPOs
IPO highlights & details!
FAQs on IPO
Get answers to all your questions here!
The IPO opens on 12 Dec 2025 & closes on 16 Dec 2025.
Exim Routes Limited was originally incorporated as a private Limited Company with the name of 'Exim Routes Private Limited' under the Companies Act, 2013 dated April 23, 2019, issued by Registrar of Companies, NCT of Delhi and Haryana. Further, the status of the Company was converted into a Public Limited and the name was changed to 'Exim Routes Limited' vide fresh certificate of incorporation dated October 24, 2024 issued by the Central Processing Centre.
Company operates as a global platform enabling the exchange of recyclable paper materials, offering end-to-end services to Indian Paper Mills-from sourcing to logistics. Central to this, Company has developed the Exim Routes Intelligence System (ERIS), an AI powered B2B digital platform, designed to perform four primary functions:
Firstly, in Supply Chain Operations and Offer Management, the ERIS platform consolidates global inventory data from all Exim Route Limited suppliers, demand offers from mills, matching and price discovery, and connects supply and demand by acting as an intermediary, enabling bidding and closing of trades. Secondly, in Customer and Partner Enablement, ERIS supports outbound communication between Exim internal teams, suppliers and customers and facilitates better tracking and faster outreach. Thirdly, in Market Intelligence and Data Layer, ERIS brings together multiple internal and external data points (e.g., pricing and grade quality parameters) to enable better decision making for internal teams and customers. Lastly, in Logistics Integration, ERIS supports logistics execution integrating the global network of logistics partners and freight forwarders to ensure proper delivery.
ERIS streamlines supply chain operations through global inventory matching and price discovery, enables efficient customer and communication, delivers actionable insights via integrated market intelligence, and ensures seamless logistics execution with the freight partners. By consolidating data, ERIS empowers decisions, transactions, and optimized supply and demand.
Company is planning the initial public offer of 49,69,600 equity shares of face value Rs 5 each through fresh issue.
Exim Routes Ltd IPO will close on 16 Dec 2025.
- Designing and execution capabilities.
- Experienced management team and a motivated and efficient work force.
- Cordial relations with our consumers.
- Quality assurance and control.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Manish Goyal | 8731292 | 63.35 | 8731292 | 46.56 |
| 2 | Govind Rai Garg | --- | --- | --- | --- |
- Changes in technology or failures to upgrade or adapt changes may render its existing Exim Routes Intelligence System ("ERIS") technology obsolete and require significant investments, which may impact the company's business and financial condition.
- Regulatory restrictions on wastepaper trading, including import/export norms and environmental compliance, may impact business operations. Changes in policy or classification standards could disrupt supply chains and affect material availability.
- The company's major revenue is sourced from trading of Paper Recyclables. The company's inability or failures to manage and attract more clients in this segment could adversely affect its business.
- The demand for recyclable paper is cyclical and influenced by market trends and economic conditions. This variability can lead to fluctuations in revenue and profit margins over time.
- The company's business is subject to risks relating to high trade receivables, which may adversely affect its cash flows, results of operations and financial condition.
- The company's business is working capital intensive, and fluctuations or inadequate financing of its working capital requirements may adversely affect the company's business, financial condition, and results of operations.
- The property used by the company as its registered office is not owned by the company. Any termination of the relevant lease/ rent agreements could adversely affect its operations.
- Failures to complete the acquisition/fit outs completion on time will delay the capex etc which can adversely affect its business operations, financial results and cash flow positions.
- Significant security breaches, system failures, and fraud within our computer systems and network infrastructure may adversely affect its business operations, financial condition, cash flows, and results of operations.
- The company's proposed capital expenditure relating to investment in development of its product "ERIS" is subject to the risk of unanticipated delays in implementation and cost overruns.
- The Company's revenue dependence on customers from specific geographic locations exposes the company to risks from economic downturns and regional market volatility.
- The Company relies on a limited number of foreign suppliers for the procurement of wastepaper. The loss of any of these suppliers may disrupt the company's business operations and adversely affect its financial stability.
- The company is involved in ongoing litigation, including matters concerning the Company, Promoters, Directors, subsidiaries and Group Company, where an adverse outcome may negatively impact its business operations, reputation, and financial performance.
- The Company has entered into agreements with various business service providers within India. These agreements may not be renewed on favorable terms or could incur increased costs, which could adversely affect its operations and financial performance.
- The company had negative cash flows in the past and may continue to have negative cash flows in the future. Sustained negative cash flow could impact on the company's growth and business.
- Development of a software is a time-consuming process, by the time of its launch, the need for software may have diminished or changed.
- The company's inability to effectively reduce and control the increased Purchase of stock-in-trade, if not properly managed or controlled, may significantly adversely affect its profitability, financial stability, and operational efficiency.
- The company has not registered the copyright for our software "ERIS" which may expose the company to ownership disputes and legal risks.
- The company's present promoters of the Company are first generation entrepreneurs.
- The company's contingent liabilities as disclosed in the restated financial statements could materially affect its financial condition.
- The Company engages with customers through purchase orders instead of long-term contracts or service agreements, which may limit revenue certainty and affect the stability of ongoing business relationships.
- Any failures to meet the desired quality specifications of recyclable paper products may adversely affect its business, financial condition, results of operations and reputation.
- Fluctuations in the price of recyclable paper, the company's key raw material, may adversely affect its business, results of operations and financial condition.
- The Company has obtained unsecured loans amounting to Rs. 733.63 Lakhs on the basis of restated consolidated financial statements that may be recalled by the lenders at any time.
- The Company is subject to restrictive covenants under loan and credit facilities, and any breach of any such restrictive covenants may adversely affect its business operations and cash flows.
- The Company has entered into certain related party transactions at arm length price in the past and may continue to do so in the future.
- Improper handling of goods during logistics operations could damage its reputation and adversely impact on the company's business, financial performance, and market position.
- The Company does not have any directly listed peer companies for the purpose of performance comparison. Therefore, investors must rely on their own analysis of the Company's financial metrics and other relevant factors when evaluating an investment in the offering.
- Expansion into new market segments and diversification of product and service offerings could 'expose the company's company to operational challenges and adversely impact on its growth and profitability.
- In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
- Any variation in the utilization of Net Proceeds as disclosed in this Red Herring Prospectus requires prior shareholder approval, which may not be obtained timely or at all, potentially affecting business operations of the Company.
- The company depends on a limited number of customers for a significant portion of its revenues. The loss of a major customer or significant reduction in demand from any of our major customers may adversely affect the company's business, financial condition, results of operations and prospects.
- The company's success is dependent on its Promoters, Key Management Personnel (KMP) and skilled manpower. The company's inability to attract and retain key personnel or the loss of services of its Promoters and Directors may have an adverse effect on the company's business prospects.
- Risk of Incidents of fraud or theft by employees may lead to financial loss, legal issues, and damage to the Company's reputation and operations.
- There is a risk of Misconduct or negligence by employees may disrupt operations, harm the Company's reputation, and lead to financial or legal consequences.
- Failures to effectively implement our business and growth strategy could adversely affect the Company's long-term viability and profitability.
- The company's Inability to protect its intellectual property or any claim that the company infringes on the intellectual property rights of others could erode the company's competitive advantage and could have a material adverse effect on the company.
- Changes in privacy and data protection laws could result in claims and may adversely affect its business, financial condition, and growth prospects.
- The company's insurance policies may be insufficient to cover all future costs and safeguard against unforeseen losses, unpredictable operating risk and may result in an adverse effect on the company's business operations and financial performance.
- The company's dependence on third-party transportation providers for the supply and delivery of recyclable paper may adversely affect its business, financial condition, and results of operations in case of service failures or to meet their obligations.
- The company's business is dependent on reliable maritime and waterway transport infrastructure. Disruptions or delays caused by weather, port congestion, regulatory issues, or other factors could delay deliveries, increase costs, and negatively impact its reputation and financial performance.
- Some of the company's Board of Directors do not have any experience of listed companies.
- The Company have made certain delayed filings with respect to provisions of the GST Act, Income Tax Act, and other applicable laws in the last 5 Years.
- The Company has made certain delays in compliance with certain statutory provisions of the Companies Act, 2013. Such delayed filings may attract penalties and prosecution against the Company and its directors which could impact the financial position of the Company to that extent.
- In addition to normal remuneration, other benefits and reimbursement of expenses, our Directors, (including our Promoters) and Key Managerial Personnel are interested in our Company to the extent of their shareholding and dividend entitlements.
- Certain Agreements, deeds or licenses and certificates may be in the previous name of the company, we have to update the name of our company in all the statutory approvals and certificates due to the conversion of our Company.
- Fluctuation of Interest rate may adversely affect the Company's business.
- The company's business operations are significantly dependent on the continued involvement of its Promoters, senior management, and other key personnel. The loss of any of these individuals, or the company's inability to attract and retain qualified and experienced professionals, could adversely impact its business performance, results of operations, financial condition, and cash flows.
- The company's marketing and advertising activities may not be successful in increasing the popularity of the company's Company among customers. If its marketing or advertising initiatives are not effective, this may affect the popularity of the Company.
- The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Issue Price.
- The company has issued Equity Shares during the last one year at a price that may be below the Issue Price.
- The company's ability to pay dividends in the future will depend on the company's earnings, financial condition, cash flows, and other factors, and there is no assurance of dividend payments.
- Compliance with public listing requirements and increased regulatory scrutiny may strain the company's resources and adversely affect its business operations.
- Potential Challenges to Profitability and Growth of Our ERIS Platform Subscription Model Due to Market Competition and Pricing Sensitivity.
- The company's Independent Directors do not possess educational qualifications relevant to the company's business operations, which may affect their ability to provide effective oversight.
- This Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Dun & Bradstreet Information Services India Private Limited ("D&B"), which the company has commissioned and paid for purposes of confirming its understanding of the industry exclusively in connection with the Offer.
- The company operates through foreign subsidiaries, exposing the company to complex transfer pricing regulations and India's GAAR provisions. Non-compliance or adverse interpretations may lead to tax adjustments, penalties, or litigation, creating significant financial uncertainty.
- The company's business handles large volumes of digital data and must comply with evolving data localization and cross-border transfer rules. Non-compliance may lead to penalties, legal issues, or reputational damage.
- The company's paper recycling operations faces risks from evolving environmental regulations and compliances across jurisdiction including stringent international rules. Any non-compliance could lead to penalties, reputational damage, contractual sanctions, and even suspension of business activities, collectively impacting its operations, financial health, and growth prospects.
- The company depends heavily on the continuous and scalable performance of its AI platform, ERIS. Any disruptions, technical issues, or delays in upgrades could harm service delivery, customer experience, and growth.
- The company's business handles large volumes of digital data and must comply with evolving data localization and cross-border transfer rules. Non-compliance may lead to penalties, legal issues, or reputational damage.
The Issue type of Exim Routes Ltd is Book Building - SME.
The minimum application for shares of Exim Routes Ltd is 3200.
The total shares issue of Exim Routes Ltd is 4969600.
Initial public offering up to 49,69,600 equity shares of Rs. 5/- each ("Equity Shares") of Exim Routes Limited ("ERL" or the "Company") for cash at a price of Rs. 88/- per equity share (the "Issue Price"), aggregating to Rs. 43.73 crores ("the Issue"). out of the issue, 2,49,600 equity shares aggregating to Rs. 2.20 crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. issue of 47,20,000 equity shares of face value of Rs. 5/- each at an issue price of Rs. 88/- per equity share aggregating to Rs. 41.54 crores is hereinafter referred to as the "Net Issue". The issue and the net issue will Constitute 26.50% and 25.17% respectively of the post issue paid up equity share capital of the company.
The face value of the equity share is Rs.5/- and issue price is Rs.88/- the issue price is 17.60 times of the face value of the equity share
Anchor investor issue price : Rs.88 per equity share the issue price is 17.60 times of the face value.