Indo-MIM Limited is launching its ₹3,811.21 crore Indo-MIM IPO, bringing the world's largest Metal Injection Moulding (MIM) component manufacturer by revenue to the Indian stock market. The company has built a global manufacturing presence over nearly three decades and supplies precision-engineered components to industries such as automotive, defence, medical, aerospace, industrial and consumer products.
This Indo-MIM IPO Review and Analysis covers the company's business model, IPO details, financial performance, valuation, strengths, risks and other key information to help investors understand the public issue before applying.
Table of Contents:
- Indo-MIM IPO Overview
- Indo-MIM IPO Date and Important Details
- About Indo-MIM Limited
- Business Model and Industry Presence
- Global Manufacturing Network and Customer Base
- Indo-MIM Financial Performance
- Key Financial Ratios
- Indo-MIM IPO Size and Issue Structure
- Use of IPO Proceeds
- Indo-MIM Valuation Analysis
- Peer Comparison
- Indo-MIM IPO GMP and Subscription Status
- Key Strengths of Indo-MIM
- Key Risks Investors Should Consider
- Should You Apply for the Indo-MIM IPO?
- Retail Investment Calculation
- Final Verdict
The Indo-MIM IPO is a book-built mainboard public issue with a total issue size of ₹3,811.21 crore. The offering comprises a fresh issue of equity shares along with an Offer for Sale (OFS) by existing shareholders.
At the upper end of the price band, the company is expected to have a post-issue market capitalisation of around ₹23,981 crore.
Unlike many manufacturing companies that are largely dependent on domestic demand, Indo-MIM generates a significant portion of its revenue from exports and supplies precision-engineered components to customers across more than 45 countries. Its diversified end-user industries and global manufacturing footprint distinguish it from many traditional engineering companies listed in India.
For investors looking at the Indo-MIM Review, understanding the company's business model is as important as evaluating the IPO pricing because Indo-MIM operates in a specialised manufacturing segment with relatively few direct listed peers.
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The Indo-MIM IPO Date and key issue details are important for investors planning to participate in the public offering.
Indo-MIM IPO Timeline
| Particular |
Details |
| IPO Opens |
23 July 2026 |
| IPO Closes |
27 July 2026 |
| Tentative Allotment |
28 July 2026 |
| Tentative Listing |
30 July 2026 |
| Stock Exchanges |
BSE & NSE |
The IPO will remain open for subscription for five days, after which the allotment process is expected to be completed on 28 July 2026. Subject to regulatory approvals and completion of formalities, the shares are expected to be listed on the BSE and NSE on 30 July 2026.
Indo-MIM IPO Details
| Particular |
Details |
| IPO Type |
Book Built Issue |
| Issue Size |
₹3,811.21 Crore |
| Fresh Issue |
₹499.10 Crore |
| Offer for Sale |
₹3,311.21 Crore |
| Price Band |
₹461 to ₹485 per share |
| Face Value |
₹1 per share |
| Lot Size |
30 Equity Shares |
| Minimum Retail Investment |
₹14,550 |
| Post-Issue Market Capitalisation |
Approximately ₹23,981 Crore |
The company has fixed the price band for the Indo-MIM IPO at ₹461-₹485 per share. Retail investors can participate by applying for one lot comprising 30 equity shares, requiring a minimum investment of ₹14,550 at the upper price band.
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Get all the latest updates on the Indo-MIM IPO, including the price band, issue size, subscription timeline, allotment status and listing developments.
Reservation for Investors
The IPO allocation has been divided among different investor categories in accordance with SEBI regulations.
| Investor Category |
Reservation |
| Qualified Institutional Buyers (QIB) |
Not more than 50% |
| Non-Institutional Investors (NII/HNI) |
Not less than 15% |
| Retail Individual Investors (RII) |
Not less than 35% |
This allocation structure ensures participation from institutional investors, high-net-worth individuals and retail investors.
Book Running Lead Managers and Registrar
The IPO is being managed by a consortium of experienced investment banks.
| Particular |
Details |
| Lead Managers |
HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital, SBI Capital Markets |
| Registrar |
MUFG Intime India Pvt. Ltd. |
The involvement of multiple book-running lead managers reflects the scale of the public issue and the company's position in the capital markets.
Indo-MIM Limited is a Bengaluru-headquartered precision engineering company specialising in Metal Injection Moulding (MIM) technology. Established around three decades ago, the company has evolved into the world's largest manufacturer of MIM components by revenue and has retained this leadership position for more than six consecutive years.
The company manufactures highly engineered metal components used in products where dimensional accuracy, strength and consistency are critical. Its components are supplied to customers operating in sectors that generally require stringent quality standards and long product qualification processes.
Over the years, Indo-MIM has expanded beyond India and established manufacturing facilities in multiple international markets. This global presence enables the company to serve multinational customers efficiently while reducing dependence on a single geography.
A key characteristic of Indo-MIM's business is its diversified customer profile. Instead of relying on one industry, the company serves automotive manufacturers, defence companies, medical equipment producers, aerospace businesses, industrial customers and consumer product companies. This diversification helps reduce concentration risk and provides exposure to multiple end markets.
Another important feature of the business is its export orientation. More than 77.2% of FY26 revenue was generated from international markets, highlighting the company's integration into global manufacturing supply chains.
What Does Indo-MIM Do?
Indo-MIM manufactures precision metal components using Metal Injection Moulding (MIM), an advanced manufacturing process that combines aspects of plastic injection moulding and powder metallurgy.
The technology is designed to produce complex metallic components with high density, intricate geometries and precise dimensional accuracy. Such components are often difficult or expensive to manufacture through conventional machining methods.
The MIM process is particularly suitable where customers require:
- Complex component designs
- High production consistency
- Tight manufacturing tolerances
- Efficient large-scale production
- Reduced material wastage
By specialising in this technology, Indo-MIM serves industries where quality standards and product reliability are particularly important.
Global Leadership in Metal Injection Moulding
According to the information available, Indo-MIM is the largest Metal Injection Moulding component manufacturer globally by revenue.
The company held approximately 6.8% global market share during CY2025 and has maintained this leadership position for more than six consecutive years.
Maintaining leadership over such a period indicates the company's ability to retain customers, expand production capacity and remain competitive within a specialised manufacturing segment.
Unlike industries with numerous listed competitors, global Metal Injection Moulding remains a relatively niche manufacturing business, making Indo-MIM one of the few companies with significant international scale.
Industries Served
One of Indo-MIM's strengths is its diversified revenue mix across multiple industries.
| Business Segment |
FY26 Revenue Contribution |
| Automotive Products Group |
24.6% |
| Defence Products Group |
18.7% |
| Medical Products Group |
18.1% |
| Aerospace & Industrial |
12.0% |
| Consumer Products Group |
10.8% |
The remaining revenue is generated from other business segments, providing further diversification.
The automotive business remains the company's largest revenue contributor. However, a significant portion of revenue also comes from sectors such as defence and medical devices, where manufacturing standards and product qualification requirements tend to be more stringent.
This diversified sector exposure reduces dependence on any single industry and allows the company to participate in multiple manufacturing value chains across global markets.
Indo-MIM has built an international manufacturing network over the past three decades, allowing it to serve customers across multiple regions while maintaining proximity to key markets. Instead of relying on a single production location, the company operates manufacturing facilities in four countries, helping it support global customers and diversify its operational footprint.
This international presence also enables the company to cater to customers across different industries while reducing dependence on any one geography.
Manufacturing Footprint Across Four Countries
As of FY26, Indo-MIM operates 15 manufacturing plants spread across India, the United States, the United Kingdom and Mexico.
| Country |
Manufacturing Plants |
| India |
6 |
| United States |
6 |
| United Kingdom |
2 |
| Mexico |
1 |
India remains an important manufacturing base, while the facilities in North America and Europe strengthen the company's ability to supply customers operating in those regions.
Having manufacturing operations across multiple countries also provides operational flexibility and supports customer requirements in international markets.
Export-Oriented Business Model
A significant share of Indo-MIM's business comes from exports.
During FY26, approximately 77.2% of revenue was generated from international markets. The company exports products to customers across more than 45 countries, with key markets including North America, Europe and Southeast Asia.
Its export-oriented business model reflects the company's integration into global manufacturing supply chains rather than dependence on domestic demand alone.
While international diversification provides access to a wider customer base, it also exposes the business to factors such as foreign exchange movements and changes in global trade policies, which investors should consider while evaluating the company.
Customer Base and Repeat Business
Indo-MIM serves more than 1,100 active global customers, ranging from large original equipment manufacturers (OEMs) to companies operating in specialised industrial sectors.
One of the notable aspects of the business is its high level of repeat business.
During FY26:
- 91.6% of total revenue came from repeat customers.
This indicates that a large proportion of customers continue sourcing products from the company after initial qualification.
In precision engineering businesses, customer qualification processes generally involve extensive product testing and validation before components are approved for commercial production. Once a supplier has been qualified, switching to another manufacturer may require additional testing and approvals, which can contribute to long-term customer relationships.
The high percentage of repeat business demonstrates the stability of Indo-MIM's customer base and the importance of consistent product quality.
The company's financial performance over the last three financial years reflects growth in revenue, profitability and net worth. At the same time, the financial statements also show changes in operating margins that investors should analyse while evaluating the IPO.
Revenue Growth
Revenue from operations increased consistently between FY24 and FY26.
| Financial Year |
Revenue from Operations |
| FY24 |
₹2,870.39 Crore |
| FY25 |
₹3,329.57 Crore |
| FY26 |
₹4,192.99 Crore |
Revenue grew by 25.9% year-on-year in FY26.
The increase in revenue indicates continued demand across the company's business segments and international customer base.
Given that the company operates across multiple industries, revenue growth is supported by contributions from automotive, defence, medical, aerospace, industrial and consumer product businesses.
EBITDA and Operating Performance
EBITDA also recorded growth during the three-year period.
| Financial Year |
EBITDA |
| FY24 |
₹743.46 Crore |
| FY25 |
₹932.59 Crore |
| FY26 |
₹1,070.92 Crore |
While EBITDA increased in absolute terms, the EBITDA margin changed over the period.
| Financial Year |
EBITDA Margin |
| FY24 |
25.90% |
| FY25 |
28.01% |
| FY26 |
25.54% |
The EBITDA margin declined by 247 basis points during FY26 compared with FY25.
According to the information provided, the moderation in operating margin was primarily due to:
- Higher input material costs
- Increased overheads associated with the expanding global manufacturing footprint
Although margins softened during FY26, they remained above 25%, indicating that the business continues to generate healthy operating profitability.
Profit After Tax (PAT)
Net profit has also shown steady growth.
| Financial Year |
Profit After Tax |
| FY24 |
₹283.73 Crore |
| FY25 |
₹423.73 Crore |
| FY26 |
₹533.54 Crore |
Profit after tax increased by 25.9% year-on-year during FY26.
PAT margins remained relatively stable.
| Financial Year |
PAT Margin |
| FY24 |
9.88% |
| FY25 |
12.73% |
| FY26 |
12.72% |
The stable PAT margin indicates that despite moderation in EBITDA margin, the company maintained overall profitability during FY26.
Growth in Net Worth
The company's net worth increased over the three-year period.
| Financial Year |
Net Worth |
| FY24 |
₹2,050.51 Crore |
| FY25 |
₹2,199.43 Crore |
| FY26 |
₹2,819.55 Crore |
Net worth grew by 28.2% during FY26.
An increase in net worth generally reflects growth in shareholders' funds through retained earnings and business expansion.
Reduction in Borrowings
The company has also reported a reduction in gross borrowings.
| Financial Year |
Gross Borrowings |
| FY24 |
₹1,247.20 Crore |
| FY25 |
₹1,247.20 Crore |
| FY26 |
₹1,090.49 Crore |
Gross borrowings declined by 12.6% in FY26 compared with FY25.
The reduction indicates continued efforts to strengthen the balance sheet ahead of the IPO.
Financial ratios provide additional insight into the company's profitability, capital efficiency and leverage position.
Return on Equity (RoNW)
The company's Return on Net Worth improved over the review period.
| Particular |
FY26 |
| Return on Net Worth (RoNW) |
21.26% |
RoNW increased from 14.01% in FY24 to 21.26% in FY26, indicating improved returns generated on shareholders' equity.
Return on Capital Employed (ROCE)
| Particular |
FY26 |
| ROCE |
26.60% |
A ROCE of 26.60% reflects the company's ability to generate operating profits relative to the capital employed in the business.
Earnings Per Share (EPS)
| Particular |
FY26 |
| Basic & Diluted EPS |
₹10.87 |
The FY26 EPS forms the basis for calculating the IPO valuation multiples at the upper price band.
Debt-to-Equity Ratio
| Particular |
FY26 |
| Debt-to-Equity Ratio |
0.39x |
A debt-to-equity ratio of 0.39x indicates that the company maintains a relatively moderate leverage position before the IPO.
The planned utilisation of fresh issue proceeds for debt repayment could further strengthen the balance sheet after listing.
The Indo-MIM IPO Size is ₹3,811.21 crore, comprising both a fresh issue of equity shares and an Offer for Sale by existing shareholders.
Understanding how the issue is structured is important because the utilisation of proceeds differs between these two components.
Break-up of the IPO
| Component |
Amount |
| Fresh Issue |
₹499.10 Crore |
| Offer for Sale |
₹3,311.21 Crore |
| Total Issue Size |
₹3,811.21 Crore |
The fresh issue consists of newly issued equity shares, through which the company will receive capital.
The Offer for Sale, on the other hand, involves existing shareholders selling part of their holdings. Proceeds from the OFS will go to the selling shareholders rather than to the company.
Approximately 86.9% of the total IPO comprises the Offer for Sale component.
According to the information provided, the selling shareholders primarily include Green Meadows Investments Ltd., along with minority shareholders, including an allocation liquidation by IIT Madras.
The presence of a sizeable OFS does not affect the company's operations directly, but investors generally analyse the balance between fresh capital raised and shareholder exits while evaluating an IPO.
The proceeds from the fresh issue are intended primarily to strengthen the company's balance sheet.
Planned Utilisation
| Purpose |
Amount |
| Repayment/Prepayment of Borrowings |
₹400 Crore |
| General Corporate Purposes |
Remaining Amount |
As of May 2026, the company's total debt stood at approximately ₹1,212 crore.
The proposed repayment of ₹400 crore could reduce outstanding borrowings by roughly one-third.
Lower borrowings may reduce finance costs and improve the company's financial flexibility over time.
The remaining proceeds will be used for general corporate purposes, including working capital and other business requirements.
Unlike growth-oriented IPOs where funds are primarily allocated towards capacity expansion, Indo-MIM's fresh issue is largely focused on balance sheet strengthening through debt reduction.
Valuation is one of the most important factors investors consider while evaluating any public issue. A strong business may not always translate into an attractive investment if the IPO is priced aggressively, while a reasonable valuation may provide better long-term return potential.
For the Indo-MIM IPO, investors need to assess the valuation alongside the company's global leadership in Metal Injection Moulding, financial performance, profitability, return ratios and business risks.
Valuation at the Upper Price Band
At the upper price band of ₹485 per share, Indo-MIM is expected to have a post-issue market capitalisation of approximately ₹23,981 crore.
Based on the FY26 financials, the company's key valuation multiples are as follows.
| Valuation Metric |
Value |
| Price to Earnings (P/E) |
Approximately 44.6x to 44.9x |
| Price to Book Value (P/BV) |
Approximately 7.22x |
| EV/EBITDA |
Approximately 22.7x |
These valuation multiples are calculated using the company's FY26 earnings and financial position before the IPO.
The valuation reflects the market's expectations regarding Indo-MIM's ability to maintain its profitability, generate consistent returns and continue expanding its presence in global precision engineering markets.
How Should Investors View the Valuation?
The valuation should not be assessed solely based on the P/E multiple. It also needs to be viewed alongside several business characteristics reflected in the company's financial performance.
These include:
- Leadership in a specialised manufacturing segment.
- Revenue generated across multiple industries.
- Significant export contribution.
- Return on Capital Employed (ROCE) of 26.60%.
- Return on Net Worth (RoNW) of 21.26%.
- EBITDA margin above 25% despite moderation during FY26.
At the same time, investors should also consider that:
- The issue includes a large Offer for Sale component.
- EBITDA margin declined during FY26.
- The company remains exposed to international markets and foreign exchange movements.
Considering both the strengths and the associated risks provides a more balanced perspective on the valuation.
One of the challenges in analysing Indo-MIM is the limited availability of directly comparable listed companies.
Global Comparison
According to the available information, the closest listed comparable is Jiangsu Gian Technology Co., Ltd., a China-listed manufacturer operating in the Metal Injection Moulding industry.
Although Jiangsu Gian reports revenue broadly comparable to Indo-MIM, the information provided indicates that:
- Jiangsu Gian operates with an EBITDA margin of around 14.7%.
- Indo-MIM reported an EBITDA margin of 25.54% during FY26.
This comparison highlights the difference in operating profitability between the two companies.
Domestic Comparison
There are no listed Indian companies operating purely in the global Metal Injection Moulding segment at a comparable scale.
Instead, investors may compare Indo-MIM broadly with specialised engineering businesses that generally exhibit:
- High operating margins.
- Strong return on capital.
- Export-oriented business models.
- Precision manufacturing capabilities.
According to the provided data, specialised engineering companies with EBITDA margins above 25% and ROCE above 20% typically trade in a valuation range of 35x to 50x earnings.
This provides additional context while evaluating Indo-MIM's pricing, although it should not be treated as a direct peer comparison.
Want to compare Indo-MIM with other recently launched manufacturing and engineering public issues? Use the IPO dashboard to analyse valuations, subscription trends, allotment data and listing performance across sectors.
Apart from the company's fundamentals, many investors also track the Indo-MIM IPO GMP and daily subscription figures during the bidding period.
These indicators often reflect short-term market sentiment, although they should not be considered substitutes for detailed fundamental analysis.
Indo-MIM IPO GMP
The Indo-MIM GMP (Grey Market Premium) represents the unofficial premium at which IPO shares may trade in the grey market before listing.
Many investors monitor the GMP to understand prevailing market sentiment.
However, it is important to note that:
- GMP is unofficial.
- GMP changes frequently.
- GMP is influenced by overall market conditions and investor demand.
- GMP does not guarantee the listing price or post-listing performance.
Therefore, while the Indo-MIM IPO GMP may provide an indication of market sentiment, investment decisions should primarily be based on the company's business fundamentals, financial performance, valuation and long-term prospects.
Indo-MIM Subscription Status
The Indo-MIM Subscription Status will be available throughout the IPO bidding period from 23 July 2026 to 27 July 2026.
Investors generally monitor subscription across the following categories:
- Qualified Institutional Buyers (QIB)
- Non-Institutional Investors (NII/HNI)
- Retail Individual Investors (RII)
Institutional participation often receives close attention because it may reflect interest from professional investors. However, subscription figures alone should not be viewed as an indicator of future share price performance.
Several factors differentiate Indo-MIM from many traditional manufacturing businesses.
Global Leadership in Metal Injection Moulding
The company is recognised as the world's largest manufacturer of Metal Injection Moulding components by revenue and held approximately 6.8% global market share during CY2025.
Maintaining this position for more than six consecutive years demonstrates its scale within a specialised manufacturing segment.
Diversified End Markets
The company's revenue is spread across multiple industries including:
- Automotive
- Defence
- Medical
- Aerospace
- Industrial
- Consumer products
This diversification reduces dependence on a single industry and allows the company to serve customers operating across different manufacturing sectors.
Strong Customer Relationships
Indo-MIM serves more than 1,100 active customers worldwide.
During FY26, approximately 91.6% of revenue came from repeat business.
The high proportion of repeat revenue suggests that many customers continue sourcing components from the company after initial qualification.
In precision engineering industries, supplier qualification often involves technical validation and testing, making customer relationships relatively stable once products are approved.
International Manufacturing Presence
The company operates 15 manufacturing plants across India, the United States, the United Kingdom and Mexico.
This international manufacturing footprint supports global customer requirements and provides geographical diversification.
Healthy Profitability
Although EBITDA margins moderated during FY26, the company continued to report:
- EBITDA margin above 25%.
- ROCE of 26.60%.
- RoNW of 21.26%.
These figures indicate that the business has maintained healthy profitability and capital efficiency.
Capacity Utilisation
According to the available information, overall capacity utilisation remains below 40% to 50% across manufacturing facilities.
This suggests that the company has room to increase production without requiring substantial immediate capital expenditure.
Higher utilisation could potentially improve operating leverage if demand continues to increase.
While Indo-MIM has several strengths, investors should also evaluate the associated business risks before making an investment decision.
Large Offer for Sale Component
Approximately 86.9% of the IPO consists of an Offer for Sale.
This means that most of the IPO proceeds will go to existing shareholders rather than directly to the company.
Although the fresh issue will still strengthen the balance sheet through debt repayment, the relatively large OFS remains an important aspect of the issue structure.
EBITDA Margin Moderation
The company reported an EBITDA margin of:
- 28.01% in FY25
- 25.54% in FY26
According to the available information, the decline was primarily due to:
- Higher raw material costs.
- Increased overheads associated with expanding global operations.
Investors may continue monitoring operating margins in future financial periods.
Export Dependence
Approximately 77.2% of FY26 revenue was generated from exports.
While international diversification expands the company's addressable market, it also exposes the business to:
- Foreign exchange fluctuations.
- Changes in international trade policies.
- Tariff-related developments.
- Global economic conditions.
Performance in export-oriented businesses can therefore be influenced by external factors beyond domestic demand.
Purchase Order-Based Business
The company primarily receives customer business through purchase orders rather than long-term volume purchase agreements.
Although customer relationships appear stable, future order volumes may vary depending on customer requirements and market conditions.
This remains an operational characteristic that investors should consider while evaluating long-term revenue visibility.
Whether an investor should apply for the Indo-MIM IPO depends on their investment objective, risk appetite and investment horizon. While the company operates in a specialised manufacturing segment with a strong global presence, investors should evaluate both the opportunities and the associated risks before making an investment decision.
For Investors Looking at Listing Gains
Investors seeking short-term listing gains generally track factors such as subscription demand, institutional participation, prevailing market sentiment and the Indo-MIM IPO GMP during the bidding period.
From a valuation perspective, the IPO is priced at around 44.6x to 44.9x FY26 earnings at the upper price band. This places the company within the valuation range generally seen for specialised engineering businesses with healthy profitability and return ratios.
While the company's market position and business profile could support investor interest, listing performance will also depend on prevailing market conditions and overall demand during the IPO.
For Long-Term Investors
From a long-term perspective, Indo-MIM offers exposure to a niche area of precision manufacturing.
Some of the notable aspects of the business include:
- Leadership in the global Metal Injection Moulding industry.
- Diversified revenue across multiple industries.
- International manufacturing presence.
- Export-oriented business model.
- Healthy return ratios.
- Strong repeat customer base.
- Planned reduction in borrowings through fresh issue proceeds.
At the same time, long-term investors should also monitor factors such as operating margins, export-related risks, currency movements and future demand across the industries served by the company.
The business operates in specialised manufacturing where customer qualification cycles can be lengthy, making customer relationships relatively stable. However, investors should continue assessing the company's execution and financial performance after listing.
The investment amount depends on the number of lots applied for and the investor category.
| Category |
Investment Details |
| Minimum Retail Application |
1 Lot (30 Shares) – ₹14,550 |
| Maximum Retail Application |
13 Lots (390 Shares) – ₹1,89,150 |
| Small HNI Minimum |
14 Lots (420 Shares) – ₹2,03,700 |
| Big HNI Minimum |
69 Lots (2,070 Shares) – ₹10,03,950 |
Retail investors can apply for a minimum of one lot comprising 30 equity shares, while applications beyond the retail investment limit fall under the Non-Institutional Investor (NII/HNI) category.
The Indo-MIM IPO Review presents a company operating in a specialised segment of precision engineering with an established global presence. Over the past three decades, Indo-MIM has built manufacturing capabilities across four countries and supplies precision-engineered components to customers in automotive, defence, medical, aerospace, industrial and consumer sectors.
From a financial perspective, the company has reported growth in revenue and profit over the last three financial years. It has also maintained healthy profitability, generated strong return ratios and reduced borrowings. The proposed utilisation of a significant portion of the fresh issue towards debt repayment could further strengthen the balance sheet.
The business also benefits from a diversified customer base, with more than 1,100 active customers and approximately 91.6% of FY26 revenue generated from repeat business. In addition, exports contributed over 77% of revenue, highlighting the company's integration into global manufacturing supply chains.
On the other hand, investors should also consider that a substantial portion of the IPO consists of an Offer for Sale, EBITDA margins moderated during FY26 and the company remains exposed to factors such as raw material costs, foreign exchange movements and international trade conditions.
Overall, the Indo-MIM Analysis indicates that the company combines global scale with a specialised manufacturing business model. Investors should evaluate the valuation, business fundamentals, financial performance and risk factors in line with their own investment objectives before making an investment decision.