Indo-MIM Is Said to Plan Seeking Up to $700 Million in India IPO

Precision components maker Indo-MIM Ltd. is preparing to launch its initial public offering in India seeking to raise as much as $700 million at a reduced valuation, according to people familiar with the matter.

The company has begun meetings with potential investors for an offering as early as next month, the people said, asking not to be identified as the information is private. Indo-MIM has lowered its valuation target to about $2.5 billion from an earlier $3.2 billion, they said.