Bengaluru-headquartered Indo MIM Ltd, a precision engineering manufacturer, on Monday fixed a price band of ₹461-485 per share for its ₹3,812 crore Initial Public Offering (IPO), which will hit the market on July 23.  The maiden offer consists of a fresh issue of equity shares worth ₹500 crore and an offer for sale (OFS) of up to 6.82 crore equity shares by the existing shareholders.

At the upper end of the price band, Indo MIM is valued at nearly ₹24,000 crore.. The company plans to use the proceeds of the fresh issue component for repaying loans. The issue will close on July 27. .As part of the OFS, Green Meadows Investments Ltd, Anuradha Koduri, and the Indian Institute of Technology Madras will offload shares.

At the lower end of the price band, the IPO size is estimated at about ₹3,648 crore.