Exim Routes came to market through an SME IPO that opened on 12 December 2025 and closed on 16 December 2025, and the shares listed on 19 December 2025 on NSE SME. The price band was ₹83 to ₹88 per share and one lot was 1600 shares, so the minimum application was ₹1,40,800. The issue size was ₹43.73 crore. The whole issue was fresh shares, so the money raised went to the company.
Maashitla Securities Pvt.Ltd was the registrar to the issue, and Narnolia Financial Services Ltd was the lead manager.
As of 16 December 2025.
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Incorporated in April 2019, Exim Routes Limited is an online intercontinental marketplace that aides in the exchange of recyclable paper material wastes by providing end-to-end services to Indian Paper Mills, right from sourcing waste paper to quality assurance and logistics.
The Company has a group structure, comprising a parent located in India, namely Exim Routes Limited, and foreign subsidiaries.Exim Routes is a global recyclable exchange company focused on facilitating cross-border trade in recyclable materials, with particular emphasis on paper and metal scrap.
Exim Routes provides its own AI-driven B2B platform, called 'ERIS,' which aims to connect recyclable paper buyers and sellers for hassle-free procurement, supply-chain, and delivery.It involves sourcing wastepaper from around the world and supplying to Indian mills, handling logistics and trade coordination across geographies. Their operations span multiple continents, with a strong presence in India and Singapore, besides the subsidiaries in the USA, UK, Germany, and South Africa.
The company offers comprehensive services such as sourcing, quality assurance, logistics, and trade execution.Exim Routes integrates a global network with a technology-driven methodology to simplify the recyclables trade ecosystem. As of November 30, 2025, our Company currently employs 18 employees.
As described in the offer document.
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Mr. Manish Goyal, Mr. Govind Rai Garg. Promoter holding 71.35% before the issue and 52.44% after.
Work out the listing gain for this SME IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Exim Routes IPO was a ₹43.73 crore book-built issue, made up entirely of a fresh issue. It was priced at ₹83–₹88 per share with a lot size of 1,600 shares; the minimum retail application was 3,200 shares (₹2,81,600). The IPO was open from December 12 to December 16, 2025 and was subscribed 15.3x. Shares listed on NSE SME on December 19, 2025 at ₹110, a 25.0% premium to the issue price of ₹88. Maashitla Securities Pvt. Ltd. is the registrar.
Narnolia Financial Services Ltd. is the book running lead manager.
The price band of Exim Routes IPO is ₹83 to ₹88 per share.
The lot size of Exim Routes IPO is 1600 shares.
The minimum investment for Exim Routes IPO is approximately ₹2,81,600 based on the upper price band.
The allotment date of Exim Routes IPO is Dec 17, 2025.
You can check Exim Routes IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Exim Routes IPO allotment status on Rupix for quick and easy access.
₹83 to ₹88 per share, against a face value of ₹5. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 1600 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹1,40,800. After listing, SME shares also trade in lots rather than one share at a time.
₹1,40,800, for one lot of 1600 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 12 December 2025 and closed on 16 December 2025.
The basis of allotment was published on 17 December 2025 by Maashitla Securities Pvt.Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 19 December 2025 on NSE SME.
The issue size was ₹43.73 crore. The fresh issue was 49,69,600 shares (aggregating up to ₹43.73 crore).