Exim Routes Ltd IPO GMP Today: Steady to ₹9; Expected 10.2% Listing Gain

Exim Routes Ltd IPO is generating moderate interest in the grey market as it enters the critical phases of its subscription window. With the listing scheduled for 2025-12-19 on the NSE SME platform, market participants are closely monitoring the premium trends and subscription velocity.

As of Monday, December 15, 2025, the grey market sentiment suggests a steady but cautious start. While the company boasts robust fundamental growth, the immediate listing gain indicators are currently signaling a modest debut rather than a speculative surge.

📊 GMP Snapshot: What’s the Premium Today?

The Grey Market Premium (GMP) for Exim Routes Ltd has stabilized over the weekend, reflecting a balanced view between the company’s strong financial trajectory and broader market conditions for SME issuances.

Market sources indicate that the GMP is currently hovering around ₹9 per share. While this does not point to a “multibagger” opening, it suggests a positive listing above the issue price, provided market sentiment remains neutral to positive this week.

Metric	Value
Issue Price	₹88
Current GMP	₹9 (Source: Economic Times / Mint as of 2025-12-13)
Expected Listing Price	₹97
Expected Listing Gain	10.2%
Minimum Investment	₹140,800 (1600 shares)
Data Source	Economic Times / Mint / IPOWatch

Trend Analysis: The GMP has remained relatively flat, moving between ₹7 and ₹9 over the last 48 hours. This stability indicates that the grey market is in a “wait and watch” mode, likely looking for subscription figures from the QIB (Qualified Institutional Buyers) category to provide the next directional leg. A GMP of 10% in the SME segment is often considered a “safety margin” rather than a speculative play, implying that the primary driver for this stock will be its fundamental performance post-listing rather than arbitrage demand.

📈 Subscription Status: How Strong is the Demand?

The subscription numbers for Exim Routes Ltd showed a mixed picture at the end of Day 1 (Friday, December 12). As the issue enters Day 2 today, retail and NII investors are expected to increase their participation.

The initial response indicates that while High Net-worth Individuals (HNIs/NIIs) have started placing their bets, the institutional book remains quiet—a typical pattern where QIBs tend to bid on the final day.

Category	Subscription (Day 1 Status)
QIB	0.00 times
NII	1.21 times
Retail	0.50 times
Overall	0.51 times

Interpretation:

• NII Lead: The Non-Institutional Investor category subscribing 1.21 times on Day 1 is a positive signal. It suggests that savvy investors who analyze SME fundamentals are finding value at the ₹88 price point.
• Retail Lag: Retail subscription at 0.50 times is slower than the frenzy seen in some recent hyper-growth SME IPOs. This could be due to the high minimum investment ticket (₹1.4L), which naturally filters out smaller retail flippers.
• Overall Signal: An overall subscription of 0.51 times is not alarming for Day 1 but indicates that the issue is not “hot” in terms of hype. The “oversubscribed” status is likely to be achieved today or tomorrow as momentum builds.

🏢 Company Overview

Exim Routes Ltd operates as a specialized global recyclables trading platform, focusing primarily on waste paper and metal scrap. Incorporated in 2019, the company has rapidly carved a niche by integrating technology into the traditional waste management supply chain.

Business Model: The company’s core value proposition revolves around its proprietary AI-powered B2B platform, “ERIS”. This platform connects global sellers of recyclable materials with Indian paper mills, streamlining the fragmented procurement process. By handling the entire lifecycle—from sourcing and quality assurance to logistics and documentation—Exim Routes acts as a critical bridge in the circular economy.

Financial Performance: Financials are the strongest pillar of this IPO. For FY25, the company reported:

• Revenue: ₹120.99 Crore (up 67% YoY)
• PAT: ₹7.56 Crore (up 80% YoY)
• Net Worth: Climbed sharply to ₹15.60 Crore.

Competitive Positioning: Unlike traditional traders, Exim Routes utilizes an asset-light model. They do not own heavy recycling plants but instead control the trade flow and logistics data. This scalability allows them to expand into new geographies (currently operating in India, Singapore, USA, UK, and Germany) without heavy capex. Their ability to deliver consistent quality raw material to paper mills—a sector often plagued by supply chain inconsistencies—gives them a sticky client base.

🎯 Verdict: Should You Apply?

Verdict: Long Term Only

• Rationale: The current Grey Market Premium of ~10% does not offer a sufficient buffer for investors seeking purely short-term listing gains, especially given the inherent liquidity risks of the SME segment. The “listing pop” potential is muted.
• Fundamental View: However, the company’s fundamentals are compelling. With 80% profit growth and a scalable, tech-enabled business model in the high-demand waste management sector, Exim Routes presents a solid case for wealth creation over a 1-2 year horizon.
• Strategy:
  • For Listing Gain Seekers: Avoid. The risk-to-reward ratio at a 10% premium is not attractive enough to lock in ₹1.4 Lakhs.
  • For Long-Term Investors: Apply. If you can hold through the initial volatility, the valuation (based on FY25 earnings) appears reasonable for a company growing at 60%+ annually. The subscription numbers in the NII category suggest that smart money is positioning for the long haul.

Note: Monitor the QIB subscription figures closely on the final day. A sudden spike in QIB demand could revise the listing expectations upward.