INDO SMC IPO will open for subscription on January 13, 2026, and will close on January 15, 2026. The basis of allotment is scheduled for January 16, 2026, and the IPO is expected to list on the BSE SME platform on January 20, 2026.
The IPO is a book build issue with a price band of ₹141 to ₹149 per equity share. INDO SMC plans to raise around ₹92 crores through a fresh issue of equity shares. The face value of each share is ₹10. The issue is divided into 50% for QIBs, 15% for NIIs, and 35% for retail investors.
Contents
INDO SMC IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | January 13, 2026 |
| IPO Close Date | January 15, 2026 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹141 to ₹149 per share |
| Issue Size | Approx ₹92 crores |
| Fresh Issue | Approx ₹92 crores |
| Issue Type | Book Build Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
INDO SMC IPO
Open: 13-15 Jan
Issue Size: ₹92 Cr.
Objective: To fund plant & machinery, boost working capital and support general needs.
Exchange: BSE SME
INDO SMC IPO Review
INDO SMC has shown strong financial growth over the last two years, with revenue increasing sharply in FY2025. The company operates in the electrical infrastructure segment, which benefits from rising power and infrastructure spending in India.
Profit margins and return ratios are healthy, though the business remains capital-intensive. Considering the growth momentum and improving scale, the IPO is more suitable for long-term investors with moderate risk appetite.
INDO SMC IPO Market Lot
The minimum market lot is 2,000 shares, requiring an investment of ₹2,98,000 at the upper price band.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,000 | ₹2,98,000 |
| Retail Maximum | 2 | 2,000 | ₹2,98,000 |
| S-HNI Minimum | 3 | 3,000 | ₹4,47,000 |
| S-HNI Maximum | 6 | 6,000 | ₹8,94,000 |
| B-HNI Minimum | 7 | 7,000 | ₹10,43,000 |
IPO Reservation
| Investor Category | Shares Offered | % Shares |
|---|---|---|
| Anchor Investor | 17,56,000 Shares | 28.46% |
| QIB (Ex-Anchor) | 11,72,000 Shares | 18.99% |
| NII | 8,82,000 Shares | 14.29% |
| Retail | 20,52,000 Shares | 33.25% |
INDO SMC IPO Anchor Investors
| Particular | Details |
|---|---|
| Anchor Bidding Date | January 12, 2026 |
| Anchor Investors List | View PDF |
| Shares Offered | 17,56,000 Shares |
| Anchor Size | – |
| Lock-in End Date (50% – 30 Days) | February 15, 2026 |
| Lock-in End Date (50% – 90 Days) | April 16, 2026 |
INDO SMC IPO Important Dates
| Event | Date |
|---|---|
| IPO Open Date | January 13, 2026 |
| IPO Close Date | January 15, 2026 |
| Basis of Allotment | January 16, 2026 |
| Refunds | January 19, 2026 |
| Credit to Demat Account | January 19, 2026 |
| IPO Listing Date | January 20, 2026 |
| Bidding Cut-off Time | January 15, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Mr. Nitin Jasvantbhai Patel, Mr. Neel Niteshbhai Shah, Mrs. Riktabahen Sonawala, Mr. Chaitanya Patel, and Mr. Rachit Jain.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,66,84,350 | 82.30% |
| Promoter Holding Post Issue | 2,28,55,350 | 60.07% |
- Also Read:
- Narmadesh Brass IPO (12-15 Jan)
- Avana Electrosystems IPO (12-14 Jan)
- Gabion Technologies IPO (6-8 Jan)
Objects of the Issue
The company proposes to utilise the net proceeds from the IPO primarily to fund capital expenditure for the purchase of plant and machinery. A significant portion of the funds will also be used to meet the working capital requirements of the company. The remaining proceeds will be utilised for general corporate purposes.
About INDO SMC Limited
Indo SMC Limited is engaged in the design and manufacturing of electrical enclosures and switchgear products such as energy meter boxes, HT and LT transformers, distribution boxes, panels, feeder pillars, and fiberglass gratings. The company uses materials like SMC, FRP, copper, mild steel, and stainless steel to serve electrical, industrial, and infrastructure sectors.
The company operates four manufacturing facilities located across Gujarat, Maharashtra, and Rajasthan. Its operations are supported by advanced machinery and a wide product portfolio that caters to both public and private sector clients.
INDO SMC IPO Company Financials
Amount in ₹ Crores
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 7.30 | 6.66 | 0.46 | 99.94 |
| 2024 | 28.06 | 24.37 | 3.00 | 99.94 |
| 2025 | 138.78 | 119.67 | 15.44 | 13.85 |
| Sep 2025 | 112.62 | 98.58 | 11.46 | 147.67 |
INDO SMC IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE | 74.45% |
| ROCE | 31.39% |
| EBITDA Margin | 16.45% |
| PAT Margin | 11.13% |
| Debt to Equity Ratio | 1.00 |
| EPS | ₹9.61 |
| P/E Ratio | – |
| RoNW | 43.27% |
| NAV | ₹21.39 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Aeron Composite Limited | 7.84 | 13.01 | 13.21% | 59.33 | 220.76 Cr |
| RMC Switch Gear Limited | 29.81 | 14.75 | 29.40% | 101.39 | 319.42 Cr |
IPO Lead Managers
GYR Capital Advisors Pvt. Ltd.
Company Address
| Particular | Details |
|---|---|
| Company Name | INDO SMC Limited |
| Address | 809, Shilp Zaveri, Shyamal Cross Road, Vejalpur, Shyamal |
| City | Ahmedabad |
| State | Gujarat |
| PIN Code | 380006 |
| Phone | +91 7575812866 |
| cs@indosmc.com | |
| Website | https://indosmc.com/ |
IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222 / 04079611000
Email: austere.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
INDO SMC IPO FAQs
What is INDO SMC IPO?
INDO SMC IPO is an SME IPO through which the company plans to raise around ₹92 crores. The issue is priced at ₹141 to ₹149 per share and will be listed on BSE SME.
When will INDO SMC IPO open for subscription?
The IPO will open on January 13, 2026, and close on January 15, 2026.
What is the price band of INDO SMC IPO?
The price band is fixed at ₹141 to ₹149 per equity share.
What is the lot size for INDO SMC IPO?
The minimum application size is 2,000 shares with an investment of ₹2,98,000.
What is the allotment date of INDO SMC IPO?
The basis of allotment is expected to be finalised on January 16, 2026.
What is the listing date of INDO SMC IPO?
The IPO is expected to list on BSE SME on January 20, 2026.
How can investors apply for INDO SMC IPO?
Investors can apply through ASBA via their bank accounts or through UPI using their stockbroker platforms.
Expert Comment
INDO SMC Limited has delivered strong revenue and profit growth in FY2025, supported by expansion in electrical infrastructure demand.
While valuations will be a key factor to watch, the company’s improving margins, diversified product range, and manufacturing presence make the IPO more suitable for long-term investors rather than short-term listing gains.
