Exim Routes Ltd IPO

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.

<ul><li>Designing and execution capabilities.</li><li>Experienced management team and a motivated and efficient work force.</li><li>Cordial relations with our consumers.</li><li>Quality assurance and control.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Manish Goyal</td> <td>8731292</td> <td>63.35</td> <td>8731292</td> <td>46.56</td> </tr> <tr> <td>2</td> <td>Govind Rai Garg</td> <td>---</td> <td>---</td> <td>---</td> <td>---</td> </tr> </tbody> </table>

<ul><li>Changes in technology or failure to upgrade or adapt changes may render our existing Exim Routes Intelligence System ("ERIS") technology obsolete and require significant investments, which may impact our business and financial condition.</li><li>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.</li><li>Our major revenue is sourced from trading of Paper Recyclables. Our inability or failure to manage and attract more clients in this segment could adversely affect our business.</li><li>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.</li><li>Our business is subject to risks relating to high trade receivables, which may adversely affect our cash flows, results of operations and financial condition.</li><li>Our business is working capital intensive, and fluctuations or inadequate financing of our working capital requirements may adversely affect our business, financial condition, and results of operations.</li><li>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 our operations.</li><li>Failure 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.</li><li>Significant security breaches, system failures, and fraud within our computer systems and network infrastructure may adversely affect our business operations, financial condition, cash flows, and results of operations.</li><li>Our proposed capital expenditure relating to investment in development of our product "ERIS" is subject to the risk of unanticipated delays in implementation and cost overruns.</li><li>Our Company's revenue dependence on customers from specific geographic locations exposes us to risks from economic downturns and regional market volatility.</li><li>Our Company relies on a limited number of foreign suppliers for the procurement of wastepaper. The loss of any of these suppliers may disrupt our business operations and adversely affect our financial stability.</li><li>We are involved in ongoing litigation, including matters concerning our Company, Promoters, Directors, subsidiaries and Group Company, where an adverse outcome may negatively impact our business operations, reputation, and financial performance.</li><li>Our 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 our operations and financial performance.</li><li>We 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 our growth and business.</li><li>Development of a software is a time-consuming process, by the time of its launch, the need for software may have diminished or changed.</li><li>Our inability to effectively reduce and control the increased Purchase of stock-in-trade, if not properly managed or controlled, may significantly adversely affect our profitability, financial stability, and operational efficiency.</li><li>We have not registered the copyright for our software "ERIS" which may expose us to ownership disputes and legal risks.</li><li>Our present promoters of the Company are first generation entrepreneurs.</li><li>Our contingent liabilities as disclosed in the restated financial statements could materially affect our financial condition.</li><li>Our 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.</li><li>Any failure to meet the desired quality specifications of recyclable paper products may adversely affect our business, financial condition, results of operations and reputation.</li><li>Fluctuations in the price of recyclable paper, our key raw material, may adversely affect our business, results of operations and financial condition.</li><li>Our 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.</li><li>Our Company is subject to restrictive covenants under loan and credit facilities, and any breach of any such restrictive covenants may adversely affect our business operations and cash flows.</li><li>Our Company has entered into certain related party transactions at arm length price in the past and may continue to do so in the future.</li><li>Improper handling of goods during logistics operations could damage our reputation and adversely impact on our business, financial performance, and market position.</li><li>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.</li><li>Expansion into new market segments and diversification of product and service offerings could 'expose our company to operational challenges and adversely impact on our growth and profitability.</li><li>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 our revenues and results of operations.</li><li>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 our Company.</li><li>We depend on a limited number of customers for a significant portion of our revenues. The loss of a major customer or significant reduction in demand from any of our major customers may adversely affect our business, financial condition, results of operations and prospects.</li><li>Our success is dependent on our Promoters, Key Management Personnel (KMP) and skilled manpower. Our inability to attract and retain key personnel or the loss of services of our Promoters and Directors may have an adverse effect on our business prospects.</li><li>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.</li><li>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.</li><li>Failure to effectively implement our business and growth strategy could adversely affect our Company's long-term viability and profitability.</li><li>Our Inability to protect our intellectual property or any claim that we infringe on the intellectual property rights of others could erode our competitive advantage and could have a material adverse effect on us.</li><li>Changes in privacy and data protection laws could result in claims and may adversely affect our business, financial condition, and growth prospects.</li><li>Our 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 our business operations and financial performance.</li><li>Our dependence on third-party transportation providers for the supply and delivery of recyclable paper may adversely affect our business, financial condition, and results of operations in case of service failures or to meet their obligations.</li><li>Our 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 our reputation and financial performance.</li><li>Some of our company's Board of Directors do not have any experience of listed companies.</li><li>Our 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.</li><li>Our 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.</li><li>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.</li><li>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.</li><li>Fluctuation of Interest rate may adversely affect the Company's business.</li><li>Our business operations are significantly dependent on the continued involvement of our Promoters, senior management, and other key personnel. The loss of any of these individuals, or our inability to attract and retain qualified and experienced professionals, could adversely impact our business performance, results of operations, financial condition, and cash flows.</li><li>Our marketing and advertising activities may not be successful in increasing the popularity of our Company among customers. If our marketing or advertising initiatives are not effective, this may affect the popularity of our Company.</li><li>The average cost of acquisition of Equity Shares by our Promoters could be lower than the Issue Price.</li><li>We have issued Equity Shares during the last one year at a price that may be below the Issue Price.</li><li>Our ability to pay dividends in the future will depend on our earnings, financial condition, cash flows, and other factors, and there is no assurance of dividend payments.</li><li>Compliance with public listing requirements and increased regulatory scrutiny may strain our resources and adversely affect our business operations.</li><li>Potential Challenges to Profitability and Growth of Our ERIS Platform Subscription Model Due to Market Competition and Pricing Sensitivity.</li><li>Our Independent Directors do not possess educational qualifications relevant to our business operations, which may affect their ability to provide effective oversight.</li><li>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 we have commissioned and paid for purposes of confirming our understanding of the industry exclusively in connection with the Offer.</li><li>Our company operates through foreign subsidiaries, exposing us 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.</li><li>Our 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.</li><li>Our paper recycling operations face 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 our operations, financial health, and growth prospects.</li><li>Our company depends heavily on the continuous and scalable performance of our AI platform, ERIS. Any disruptions, technical issues, or delays in upgrades could harm service delivery, customer experience, and growth.</li><li>Our 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.</li></ul>

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. [*]/- per equity share (the "Issue Price"), aggregating to Rs. [*] crores ("the Issue"). out of the issue, 2,49,600 equity shares aggregating to Rs. [*] 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. [*]/- per equity share aggregating to Rs. [*] crores is hereinafter referred to as the "Net Issue". The issue and the net issue will 26.50% and 25.17% respectively of the post issue paid up equity share capital of the company. The face value of the equity shares is Rs. 5/- each and the floor price and cap price are [*] times and [*] times of the face value of the equity shares, respectively. Price Band: Rs. 83/- to Rs. 88/- per equity share of face value of Rs. 5/- each. The floor price is 16.6 times the face value and cap price is 17.6 times the face value of equity shares. Bids can be made for a minimum of 3,200 equity shares and in multiples of 1,600 equity shares thereafter.