Exim Routes Files DRHP for IPO

Mumbai, 16 July 2025: Exim Routes Limited, a tech-enabled B2B trade platform in the recyclables segment, has filed its Draft Red Herring Prospectus (DRHP) with the NSE Emerge platform for an initial public offering (IPO) of 49,69,600 equity shares with a face value of ₹5 each. This IPO is structured as a 100% fresh issue, with no Offer for Sale (OFS) component. The price band and total issue size have not been disclosed in the DRHP.

Exim Routes IPO to Raise Capital for Tech, Working Capital and Office Infrastructure

The company plans to deploy the IPO proceeds primarily towards:

• ₹1,187 lakh for the development and maintenance of its AI-powered ERIS platform
• ₹900 lakh for working capital needs
• ₹713 lakh for office space acquisition and fit-outs
  The allocation for general corporate purposes will be finalised at a later stage and will be subject to SEBI’s cap of ₹1,000 lakh or 15% of the issue size, whichever is lower.

100% Fresh Issue to Dilute 26.5% of Post-Issue Capital

The IPO comprises:

• 49,69,600 equity shares
• 2,49,600 shares reserved for the market maker
• 47,20,000 shares as the net public issue

The company aims to dilute 26.5% of its post-issue capital through this offering. The shares are proposed to be listed on NSE Emerge, with Narnolia Financial Services Ltd as the Book Running Lead Manager, and Maashitla Securities Private Ltd as the Registrar.

AI-Driven B2B Platform Targets Recyclables Trade with Global Reach

Founded in April 2019, Exim Routes facilitates cross-border trade of recyclable paper through its proprietary AI-based platform, ERIS (Exim Routes Intelligence System). The company’s tech-driven supply chain operations support Indian paper mills by offering efficient sourcing, logistics, and trade execution.

With subsidiaries in the USA, UK, Germany, Singapore, and South Africa, the platform offers international reach while being headquartered in India. This hybrid model aims to simplify the recyclables trade ecosystem using advanced digital solutions.

Financial Performance Shows Growth in FY25

The company’s standalone financials indicate solid momentum:

• FY25 Revenue: ₹1,915.26 lakh (up from ₹520.34 lakh in FY24)
• Profit After Tax (PAT): ₹354.63 lakh in FY25 (up from ₹61.98 lakh)
• Earnings per Share (EPS): ₹2.75 (FY25)
• Return on Net Worth (RoNW): 42.28% in FY25

The numbers reflect robust topline growth and improved operational efficiency over the last three financial years.

Promoters Retain Majority Control with No Pledged Shares or OFS

The company is promoted by Mr. Manish Goyal and Mr. Govind Rai Garg, who jointly hold 63.35% of the pre-issue capital. The average cost of acquisition of their shares is ₹0.08. There are no pledged shares, convertible instruments, or pending OFS associated with this issue.

An Employee Stock Option Pool (ESOP) of 5,51,296 shares has been created, although no grants have been made as of the filing date.

Listing Strategy and Legal Framework Confirm Regulatory Compliance

The IPO has been filed under Chapter IX of the SEBI ICDR Regulations. Exim Routes has appointed Corporate Professionals Advisors and Advocates as its legal counsel and M/s NKSC & Co., Chartered Accountants as its statutory auditor.

With the proposed listing on NSE Emerge, the company seeks to broaden its investor base while raising funds to fuel its technology backbone and international operations

REF: https://nsearchives.nseindia.com/emerge/corporates/content/Registration_16072025120336_DRHP_Exim_Routes.pdf

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