One of my cousins is a student of IIM Indore. Let me share his experience which might give you a basic idea. 

He says that you can definitely leave the IPM program after the initial 3 years, but it will not reap benefits at the end of the day. Your choice can allegedly become futile.

You can undeniably leave following the initial 3 years of the IPM program, but because it is an integrated 5-year course, you are not supposed to receive any sort of certification or testimonial after the completion of the first 3 years of your study program. 

You will significantly have to leave with an IGNOU degree and 3 years of IPM education that is not vitally certified or even recognized. Leaving a course midway will definitely not be helpful, since the only accessible certification you will go on to receive is from IGNOU. It can possibly be extremely difficult to further acquire admission in any other renowned B-school following your dropout. Thus, leaving mid-course is not highly recommended. 

The fee structure for the first years of IPM is as follows:

The total estimated payment for the first three years is 3,70,000. With this, a caution deposit of Rs. 50,000 is also required at the time of registration. This sum is refundable.

The fee structure for the 4th and 5th year of IPM (after combining with PGP) is consistent with the fee structure of the PGP Batch at the time. It is currently around 4 lakhs per annum.

The majority of coaching classes often confuse the real purpose and meaning set behind an IPM programme. Surprisingly enough, they mostly treat it as they do to a regular BBA+MBA programme, without actually recognising the difficulty level essentially associated with it. 

• The difficulty level of IPMAT is several steps ahead of a general BBA examination. 
• Coaching centres function by preparing aspirants for the upcoming CAT exam or a general management entrance coaching.
• Rather than seeking advice from coaching centres, you can avail a specialized mentorship. Either from the students of the respective institute who have recently cleared the IPMAT exam, or choose visiting professors from the admission committee. 
• If you think it is not possible, then seek guidance from the alumni network or the current students. 
• Follow the previous year’s papers and understand the pattern of the questions. You can also seek help from the internet. 

Paying a bulky fee to coaching centers can oftentimes prove to be unnecessary. Your self-study, mostly combined with a vivid general knowledge, can suffice the needs of the exam. 

This is something that will vary according to the year of admission. For any category, students up to a certain rank are decided according to the seats they have and are given provisional admission letters. 

Thereafter if any student among them does not accept the offer and any seat is left vacant then only the next ranked candidate is offered the seat.

In previous years in the general category, students till the rank of 58 were offered the provisional admission letters and all others beyond the rank were in the consideration pool in case some students did not accept the offer.

My brother is a student of IIM Indore and according to him, the IPM program offered by the institute is not that good. Also, no other IIM offers IPM, which does say something about the course. 

Compared to the course fees, the average package offered to the students is less. So the ROI for the IPM program is not that great. Here is a brief outline of the IPM program. 

Also, you will not receive any proper undergraduate degree instead you get only an IGNOU degree which holds no value.