Exim Routes IPO Lists with 25% Premium, Hits Upper Circuit

Exim Routes Limited made a strong debut on the NSE SME platform on December 19, 2025. The shares listed at a premium of 25% over the issue price, reflecting robust investor demand for the global recyclables trading company. The stock's performance on its first day of trading underscored the positive sentiment surrounding its technology-driven business model and consistent financial growth.

Strong Listing Day Performance

The IPO was offered at an issue price of ₹88 per share. Trading began on a positive note, with the stock opening at ₹110 on the NSE SME exchange, marking an immediate listing gain of 25%. The buying momentum continued, pushing the stock to its upper circuit limit of ₹115.50 shortly after listing. This locked in a total gain of over 31% for IPO investors on the first day, capping trading for the session and highlighting significant buying interest. The debut provided a return of ₹35,200 per lot for investors who were allotted shares.

IPO Subscription and Details

The Initial Public Offering of Exim Routes ran from December 12 to December 16, 2025. The company aimed to raise ₹43.73 crore through a fresh issue of 4,969,600 equity shares. The price band was set at ₹83 to ₹88 per share. The issue received a strong response from investors, with an overall subscription of 14.23 times.

The strong demand across all investor categories, particularly from institutional and high-net-worth individuals, set a positive stage for the company's listing.

About the Company

Established in 2019, Exim Routes Limited operates as a global marketplace for recyclable materials, primarily focusing on wastepaper. The company provides end-to-end services to Indian paper mills, which includes sourcing materials from international markets, ensuring quality, and managing logistics. A key component of its operations is the proprietary AI-powered B2B platform, the Exim Routes Intelligence System (ERIS). This platform connects buyers and sellers globally, streamlining procurement, supply chain management, and delivery operations. Exim Routes has a significant international footprint with subsidiaries in the USA, UK, Germany, and South Africa, which facilitate its global sourcing activities.

Financial Growth Trajectory

Exim Routes has demonstrated impressive financial performance in the years leading up to its IPO. The company has consistently grown its revenue and profitability, which was a key factor in attracting investor interest.

The company's revenue grew by 67% and its profit after tax increased by 80% between the financial years ending March 31, 2024, and March 31, 2025. This strong growth highlights the scalability of its business model.

Objectives of the IPO

The net proceeds from the ₹41.54 crore fresh issue are intended to be used for specific growth-oriented objectives. The company has outlined the following allocation of funds:

• ₹11.87 crore: For the development and maintenance of its ERIS platform.
• ₹9.00 crore: To fund working capital requirements for business expansion.
• ₹7.13 crore: For investment in office space to accommodate new employees.
• ₹6.54 crore: For general corporate purposes. This allocation indicates a clear focus on strengthening its technological infrastructure and scaling its operations.

Post-IPO Shareholding

Following the IPO, the promoter holding in Exim Routes Limited has been diluted. The pre-issue promoter holding stood at 71.35%, which has been reduced to 52.44% post-issue. This change is a standard outcome of raising capital through a fresh issue of shares.

Market Analysis and Outlook

The successful listing of Exim Routes can be attributed to several factors. The company operates in a niche sector with a technology-first approach, which is attractive to modern investors. Its strong financial track record, characterized by rapid revenue and profit growth, provided a solid foundation of confidence. Furthermore, the robust subscription figures indicated high investor appetite even before the listing. The market's positive reception suggests that investors are optimistic about the company's ability to leverage its AI-driven platform to capture a larger share of the global recyclables trade market.

Conclusion

Exim Routes' debut on the NSE SME platform was a notable success, delivering substantial gains to its IPO investors and closing at its upper circuit on listing day. Backed by a scalable, tech-enabled business model and a clear roadmap for utilizing its IPO funds for growth, the company has positioned itself effectively in the public markets. The strong listing performance has placed Exim Routes on the watchlist for investors tracking high-growth opportunities in the SME segment of the Indian stock market.