Orthogonal frequency division multiplexing with index modulation (OFDM-IM), which uses the indices of activated subcarriers to carry additional information bits, is a novel multicarrier transmission technique. In this paper, a profile-based power management relying on maximal minimum Euclidean distance (MED) criterion is proposed. Moreover, a low-complexity subset searching method based on the normalized maximal MED criterion and corresponding reception scheme are proposed. Simulation results show that, without any forward side information or additional complexity for reception, the proposed profile-based power allocation scheme is capable of providing bit error rate (BER) performance improvement over conventional OFDM-IM system.