INDO SMC Ltd IPO

The INDO SMC IPO is a book-built SME issue of ₹91.95 crores, entirely a fresh issue of 0.62 crore equity shares. The IPO opens for subscription on Jan 13, 2026 and closes on Jan 15, 2026, with allotment expected on Jan 16, 2026 and tentative listing on BSE SME on Jan 20, 2026. The price band is set at ₹141 to ₹149 per share, with a lot size of 1,000 shares. Retail investors need a minimum of 2 lots (2,000 shares), amounting to ₹2,98,000 at the upper price band, while HNIs require a minimum of 3 lots (3,000 shares) for ₹4,47,000.

GYR Capital Advisors Pvt. Ltd. is the book running lead manager, Kfin Technologies Ltd. is the registrar, and market makers are Giriraj Stock Broking Pvt. Ltd. and Nikunj Stock Brokers Ltd.

Company Background

INDO SMC Ltd is engaged in the design and manufacture of a diversified range of products catering to electrical, industrial, and infrastructural applications. The company focuses on enclosure boxes for energy meters, high tension current transformers (HTCT), high tension potential transformers (HTPT), low tension current transformers (LTCT), LT/HT distribution boxes and panels, fiberglass reinforced plastic (FRP) gratings, junction boxes, feeder pillars and other power distribution and circuit protection switchgears.

It operates through four manufacturing facilities located across Gujarat, Maharashtra and Rajasthan, with the main facility in Ahmedabad equipped for SMC and FRP product production using specialized molding and handling machinery. INDO SMC maintains in-house testing laboratories to ensure products meet quality, safety and material composition standards for utility and industrial use.

Operations & Product Range

Facility & Production

The Ahmedabad plant serves as the core hub for SMC and FRP manufacturing, supported by a variety of machinery to handle efficient production and product quality control. Additional facilities in Maharashtra and Rajasthan enable multi-state operations, proximity to key markets and diversified production for transformers, panels and structural components.

In-house testing capabilities allow the company to verify product endurance, insulation and compliance for power sector applications, supporting tender participation and customer certifications.

Brands & Market Presence

INDO SMC supplies primarily to B2B customers, including state utilities, EPC firms, industrial plants and infrastructure developers across power distribution and protection needs. The company’s order book stood at ₹144.58 crore as of July 31, 2025, providing revenue visibility amid India’s infrastructure push. It has attracted pre-IPO investment from veteran investor Ashish Kacholia, signaling market confidence in its growth trajectory.

INDO SMC IPO Revenue Channels

The primary revenue streams include sales of SMC enclosures for meters and distribution, FRP gratings and junction boxes for industrial use, and electrical components like transformers, feeder pillars and panels for power networks. Business is secured largely through competitive tenders from government utilities and private projects, with geographic diversification reducing single-market risk.

FY2025 revenue reached ₹138.78 crore (up 395% from ₹28.06 crore in FY2024), driven by order execution and capacity ramp-up, while exports or specific channel breakdowns are not highlighted in available data.

Management & Shareholding

Promoters & Shareholding

Promoters hold 82.30% pre-issue, which will dilute post-IPO following the allotment of 62,00,000 fresh shares, increasing total equity from 1,66,84,350 to 2,28,84,350 shares. The promoters are experienced in the electrical components space and have overseen rapid scaling, supported by marquee backing like Ashish Kacholia’s investment.

Board Members

The board comprises promoters and professionals focused on operations, finance and growth, with governance aligned to BSE SME norms post-listing.