INDO SMC Ltd IPO Details
| Detail | Description |
|---|---|
| IPO Date | 13 – 15 January, 2026 |
| Listing Date | Tuesday, 20 January, 2026 |
| Face Value | ₹ 10 per share |
| Issue Price Band | ₹ 141 – ₹149 per share |
| Lot Size | 1,000 shares |
| Sale Type | Fresh Capital Issue |
| Total Issue Size | 61,71,000 shares (≈ ₹92 crore) |
| Reserved for Market Maker | 3,09,000 shares (≈ ₹5 crore) |
| Fresh Issue(Ex Market Maker) | Giriraj Stock Broking Pvt. Ltd.Nikunj Stock Brokers Ltd. |
| Net Offered to Public | 58,62,000 shares (≈ ₹87 crore) |
| Issue Type | Book Building IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,66,84,350 shares |
| Share Holding Post Issue | 2,28,55,350 shares |
About 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.
INDO SMC IPO Objectives
Net proceeds will fund:
- • Capital expenditure on plant and machinery (₹25.71 crore) for capacity expansion in SMC, FRP and electrical products.
- • Working capital requirements (₹52.00 crore) to support scaling operations and order book execution.
- • General corporate purposes.
Conclusion
The INDO SMC IPO reflects a high-growth SME manufacturer in electrical and composite products, backed by explosive FY2025 financials, a strong order book and growth capex focus. Listing on BSE SME, it offers retail exposure to India’s power infrastructure demand, though success hinges on subscription strength and post-listing liquidity.
INDO SMC Ltd IPO Financial Information
Latest Revenue
112.62
₹ Crore
Profit After Tax
11.46
₹ Crore
Net Worth
47.14
₹ Crore
Total Borrowing
49.35
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 147.67 | 112.62 | 11.46 | 47.14 | 30.46 | 49.35 | |||
| 31 Mar 2025 | 100 | 139 | 15 | 36 | 19 | 35.76 | |||
| 31 Mar 2024 | 36.32 | 28.06 | 3 | 5.79 | 5.06 | 17.7 | |||
| 31 Mar 2023 | 13.85 | 7.3 | 0.46 | 1.17 | 0.52 | 10.43 | |||
| Amount in ₹ Crore | |||||||||
IPO Estimated Listing Return
Based on the IPO Price of ₹485 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹205 and a lot size of 1000 shares.
INDO SMC Ltd GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 20 Jul 2026 | ₹485 | ₹205 | 20 Jul, 202611:42 AM |
INDO SMC Ltd Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 74.45% |
| ROCE | 31.39% |
| Debt/Equity | 1 |
| RoNW | 43.27% |
| PAT Margin | 11.13% |
| EBITDA Margin | 16.45% |
| Price to Book Value | 6.97 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 9.25 | 10 |
| P/E (x) | 16.1 | 15 |
Frequently Asked Questions
Recommended Advisory Services
Ready to take your company public? Explore our specialized IPO advisory services tailored for Indian enterprises.
The India IPO Publication is managed by an editorial team that includes highly experienced finance journalists, market researchers and professionals from the capital markets industry who strive to create high-quality content based on credible sources. Our editors write about IPOs, capital markets, corporate news, capital-raising strategies, regulations and other business matters to ensure our audience stays updated with the latest information. We conduct detailed research and fact-check all information before publishing any content to ensure credibility.
Competitive Strengths
Download regulatory filings
INDO SMC Ltd IPO Timeline
| IPO Open Date | Tuesday, 13 January, 2026 |
| IPO Close Date | Thursday, 15 January, 2026 |
| Tentative Allotment | Friday, 16 January, 2026 |
| Initiation of Refunds | Monday, 19 January, 2026 |
| Credit of Shares to Demat | Monday, 19 January, 2026 |
| Tentative Listing Date | Tuesday, 20 January, 2026 |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,000 | ₹2,98,000 |
| Individual investors (Retail) (Max) | 2 | 2,000 | ₹2,98,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,47,000 |
| S-HNI (Max) | 6 | 6,000 | ₹8,94,000 |
| B-HNI (Min) | 7 | 7,000 | ₹10,43,000 |