The INDO SMC IPO is a fresh issue of 61,71,000 Equity Shares of ₹91.95 Crore, face value of ₹ 10/share, through a book-build process.
INDO SMC IPO shall open for bidding from 13 January 2026 and end on 15 January 2026. The shares of the IPO shall be allotted on 16 January 2026 and listed on BSE SME, which is tentatively fixed on 20 January 2026.
The INDO SMC IPO is fixed at a price band of ₹141/share to ₹149/share. The lot size for one application is 1,000, requiring a minimum amount of investment of ₹2,98,000 (2 lots of 2,000 shares), on the upper price for individual retail investors. The HNIs require a minimum investment of ₹4,47,000, with 3 lots of 3,000 shares.
Details: INDO SMC IPO
| IPO Opens | 13 January 2026 |
| IPO Closes | 15 January 2026 |
| Face value | ₹10 |
| Price Band | ₹141 to ₹149/share |
| Issue price | – |
| IPO Lot Size | 1,000 shares |
| Offer for sale | – |
| Fresh issue | 61,71,000 Equity Shares (₹91.95 Crore) |
| Issue Type | Book-built |
| Listing | BSE SME |
| Total Issue Size (₹ Crore) | ₹91.95 Crore |
| Minimum Retail Investment | ₹2,98,000 (for 2 lots) |
INDO SMC IPO Timeline
| Bid Opening Date | 13 January 2026 |
| Bid Closing Date | 15 January 2026 |
| Allotment | 16 January 2026 |
| Refunds Initiated | 19 January 2026 |
| Share Credit Date | 19 January 2026 |
| Listing Date | 20 January 2026 |
| UPI mandate Cut-off time | 15 January 2026 (5 PM) |
INDO SMC Key Performance Indicator
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | 74.45 | 86.24 | 48.24 |
| ROCE (%) | 31.39 | 20.71 | 7.97 |
| Debt-Equity Ratio (in times) | 1 | 3.05 | 8.9 |
| RoNW (%) | 43.27 | 51.83 | 38.87 |
| PAT Margin (%) | 11.13 | 11 | 6.24 |
| EBITDA Margin (%) | 16.45 | 18.12 | 15.83 |
| Price-Book Value | – | – | – |
INDO SMC IPO Financial Information
| 2025 (in ₹ lakh) | 2024 (in ₹ lakh) | 2023 (in ₹ lakh) | |
| Revenue | 13,869.25 | 2,803.38 | 729.55 |
| Assets | 9994.17 | 3631.87 | 1384.76 |
| Profit After Tax | 1,544.09 | 300.36 | 45.52 |
Subscription Status: INDO SMC IPO
Have a view of the INDO SMC IPO bidding status!
| Day | QIB | NII | Individual Investor | Total Subscription |
| Day 1 | – | – | – | – |
| Day 2 | – | – | – | – |
| Day 3 | – | – | – | – |
INDO SMC IPO: Grey Market Premium (GMP)
The INDO SMC IPO GMP stands at ₹25, which points to a positive demand for the IPO and the estimated listing price of ₹174, which is already above the upper price band, reflects healthy investor sentiment.
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 8 January 2026 | ₹25 | ₹174 | ₹25,000 (16.78%) | Stable |
| 7 January 2026 | ₹25 | ₹174 | ₹25,000 (16.78%) | – |
Note: GMP values, an unofficial signal, keep shifting based on investor participation, trends in subscription, and market mood.
INDO SMC IPO Reservation
The INDO SMC IPO allocation structure for its shares:
| Category | % of Shares Offered | Shares offered |
| Market Makers | 5.01% | 3,09,000 |
| QIBs | 18.99% | 11,72,000 |
| Anchor Investors | 28.46% | 17,56,000 |
| Retail Investors | 33.25% | 20,52,000 |
| NII shares offered (HNI) | 14.29% | 8,82,000 |
| Total Shares Offered | 100% | 61,71,000 |
INDO SMC IPO: Lot Size
The minimum retail application required is 2 lots of 2,000 shares, while other investors can apply in multiples of 1,000 shares.
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors Minimum Application | 2 | 2,000 | ₹2,98,000 |
| Retail Investors Maximum Application | 2 | 2,000 | ₹2,98,000 |
| S-HNI Minimum Application | 3 | 3,000 | ₹4,47,000 |
| S-HNI Maximum Application | 6 | 6,000 | ₹8,94,000 |
| B-HNI Minimum Application | 7 | 7,000 | ₹10,43,000 |
INDO SMC IPO: Anchor Investors Details
| Bidding Date | 12 January 2026 |
| Shares to be Offered | 17,56,000 |
| Anchor Investor Issue Size (in Crore) | – |
| Lock-in expiry date for 50% of shares (30 days) | – |
| Lock-in expiry date for remaining shares (90 days) | – |
INDO SMC IPO Prospectus
| INDO SMC IPO DRHP(Doc) | |
| INDO SMC IPO RHP(Doc) | |
| INDO SMC IPO Anchor Investors | – |
| INDO SMC IPO Final Prospectus | – |
About INDO SMC Limited
INDO SMC Ltd., incorporated on 27 September 2021, operates under the leadership of its Managing Director, Mr Neel Niteshbhai Shah. The company is an ISO 9001:2015 certified manufacturer, focused on the design and production of electrical enclosures and power distribution equipment.
The company manufactures energy meter enclosure boxes, HT and LT current and potential transformers, distribution boxes, panels, feeder pillars, junction boxes, FRP gratings, and power distribution switchgears. The company employs a range of materials such as sheet moulding compounds, fibreglass reinforced plastic, copper, mild steel, and stainless steel to meet diverse industrial and utility-scale requirements.
| Book running lead managers | GYR Capital Advisors Pvt. Ltd. |
| IPO Registrar | KFIN Technologies Ltd. |
Objectives of the INDO SMC
| Particulars | Amount (in ₹ lakh) |
| Funds for capital expenditure towards the purchase of Plant & Machinery | 2,570.67 |
| Funds for working capital requirements | 5,200.00 |
| Corporate Requirements | – |
Strength Of INDO SMC
- Engineering-Led Execution: The company utilises an experienced technical team with deep engineering capability, enabling it to design and deliver customised fixture solutions.
- In-House Design Capability: The company’s dedicated internal design function allows it to develop and manufacture made-to-order products, ensuring flexibility and alignment with customer specifications.
- Advanced Manufacturing Infrastructure: The company’s manufacturing setup is backed by modern, high-precision machinery, which supports efficient production while maintaining consistency and quality.
- Strong Government Order Visibility: The company’s healthy order book from government clients provides revenue visibility and positions the company to bid for higher-value tenders going forward.
Risk of INDO SMC
- Regulatory Address Mismatch Risk: The company’s inconsistencies across factory licences, statutory consents, and lease documents may invite regulatory scrutiny and disrupt plant operations.
- Raw Material Price Volatility: The rising input costs for the company could pressure margins and adversely affect profitability, cash flows, and overall financial performance.
- Dependence on Competitive Bidding: The company’s significant portion of revenue relies on tender-based orders, which subjects it to pricing pressure and order uncertainty.
- Intellectual Property Exposure: The company’s challenges in securing or enforcing intellectual property rights may weaken its competitive positioning and proprietary processes.
INDO SMC IPO Review
The INDO SMC IPO presents a manufacturing-based SME with strong revenue growth, improving balance-sheet metrics, and strong government-linked order visibility. The margins and return ratios remain elevated, supported by operating leverage and debt reduction.
However, high entry lot size, tender dependence, and regulatory documentation risks warrant selective consideration. This issue is suitable for investors possessing a higher risk tolerance and a mid-term investment horizon.
Other Recent IPO List
Presenting the ongoing and upcoming IPOs list in 2026, India:
| GRE Renew Enertech IPO | Bharat Coking Coal IPO |
| Avana Electrosystems IPO | Yajur Fibres IPO |
| Defrail Technologies IPO | Gabion Technologies IPO |
| Victory Electric Vehicles International IPO | Dhara Rail Projects IPO |
INDO SMC IPO FAQs
The INDO SMC IPO is a book-built SME public issue of ₹91.95 Crore, entirely a fresh issue of 61,71,000 Equity Shares. The company proposes to list its shares on the BSE SME following the issue process.
The investors can apply for the INDO SMC IPO through the ASBA facility through their bank or through registered stockbrokers using UPI. The applications must be made as per the prescribed lot size within the bidding period.
The INDO SMC IPO shows positive financial growth, healthy margins, and improving leverage ratios, supported by government orders. However, the company’s dependence on competitive bidding and regulatory risks makes it more suitable for informed investors comfortable with SME-specific risks.
Based on the INDO SMC IPO GMP of ₹25, the issue indicates an estimated listing gain of around 16–17% over the upper price band. The actual returns may vary depending on subscription levels and market conditions at the time of listing.
The INDO SMC IPO will open for subscription on 13 January 2026 and close on 15 January 2026. The investors must place bids within this window to be considered for allotment.
The lot size for the INDO SMC IPO is 1,000 shares. The retail investors must apply for a minimum of two lots of 2,000 shares, while HNI investors are required to apply for at least three lots.
The INDO SMC IPO is expected to be finalised on 16 January 2026. The successful applicants will receive shares in their demat accounts thereafter.
The INDO SMC IPO shares are proposed to be listed on the BSE SME platform on 20 January 2026, subject to final approvals and completion of post-allotment formalities.
