INDO SMC IPO: GMP, Price, Analysis, And Details

INDO SMC IPO- Company Analysis 

INDO SMC IPO under the SME IPO category is a bookbuild issue of Rs. 91.95 Cr by INDO SMC Limited and is involved in the development and production of a wide variety of goods for use in infrastructure, industry, and electrical applications.

Energy meter enclosure boxes, 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") grating, junction boxes, feeder pillars, and other power distribution and circuit protection switchgear are all designed and manufactured by the company.

To guarantee that products fulfill quality standards and have an appropriate material composition, the corporation maintains internal testing facilities.

INDO SMC IPO Details

The INDO SMC IPO date of opening is 13 Jan 2026, its initial public offering will end on 15 Jan, IPO allotment on Jan 16 and refund initiation on Jan 19, 2026.

The Rs. 91.95 crore new SME IPO comprises a wholly fresh issue of 0.62 crore shares.

The INDO SMC IPO listing date (expected) might be on Tuesday, Jan 20, 2026, and listing at the BSE and SME. 

The INDO SMC IPO price band is Rs. 141 to Rs. 149.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Jan 13, 2026
IPO Closing Date	Jan 15, 2026
IPO Allotment Date	Jan 16, 2026
Refund Initiation	Jan 19, 2026
IPO Listing Date	Jan 20, 2026

 

Click to open demat account and apply for the IPO.

 

Company Financials

(Amount in Cr)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	99.94	36.32	13.85
Total Income	138.78	28.06	7.30
PAT	15.44	3.00	0.46
EBITDA	22.83	5.08	1.15
Net Worth	35.69	5.79	1.17
Reserves & Surplus	19.00	5.06	0.52
Total Borrowing	35.76	17.70	10.43

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	-1,370.34	-577.84	-290.14
Net Cash Flow Investing Activities	-1,699.91	-244.56	-340.47
Net Cash Flow Financing Activities	3,078.79	823.19	576.77

 

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Funding capital expenditure of the company to purchase Plant and Machinery. ~ Rs. 25.71 Cr.

• Funding the working capital requirements of the company. ~ Rs. 52 Cr.

• General Corporate Purposes.
  
  

Listed Peers of INDO SMC Ltd.

Name of the Company	Face Value (₹)	EPS (₹)	P/E Ratio (x)
Aeron Composite Limited	10	7.84	13.01
RMC Switch Gear Limited	10	29.81	14.75

 

Valuation

KPI	Value
ROE	74.45%
ROCE	31.39%
Debt / Equity	1.00
RoNW	43.27%
PAT Margin	11.13%
EBITDA Margin	16.45%
PB Value	6.97

 

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 9.61 from the last year, the resulting P/E ratio is 15.50x.

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IPO's Strengths 

• Wide variety of products.

• Robust manufacturing capabilities.

• Leadership and industry knowledge.

• Strong quality control and assurance.

• A long-standing relationship with clients.

IPO’s Weaknesses  

• Competitive market conditions.

• Limited sources of capital expenditures.

• Variations in commodity prices and the global economic environment.

• Trade restrictions and geopolitical tensions.

 

INDO SMC IPO GMP (Grey Market Premium)

INDO SMC IPO GMP today is Rs. 25 as of 08 Jan 2026 while writing this information. With a price band set at Rs. 149. This suggests that the estimated listing price of the IPO could be around Rs. 174, indicating a gain/loss of 16.78%.

 

INDO SMC IPO Summary

IPO Opening & Closing Date	13 Jan, 2026 to 15 Jan, 2026
Face Value	Rs. 10 per Share
Issue Price	Rs. 141 to Rs. 149 per Share.
Lot Size	1000 Shares
Issue Size	61,71,000 Shares (Rs. 92 Cr)
Offer for Sale	-
Fresh Issue	61,71,000 Shares (Rs. 92 Cr)
Listing at	BSE, SME
Issue Type	Bookbuild issue IPO
Registrar	Kfin Technologies Ltd.

IPO Lot Details 

Retail investors can invest in a minimum of 2 Lots (2000 Shares) for Rs. 2,98,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (3000 Shares) for Rs. 4,47,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
HNI (Min)	3 Lots

 

INDO SMC IPO Allotment Status

To check the INDO SMC IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of INDO SMC Ltd.

• Mr. Nitin Jasvantbhai Patel

• Mr. Neel Niteshbhai Shah

• Mrs. Riktabahen Sonawala

• Mr. Chaitanya Patel 

• Mr. Rachit Jain.

Pre-Issue Promoter Shareholding	82.30%
Post-Issue Promoter Shareholding	60.07%

 

IPO Lead Managers

• GYR Capital Advisors Pvt. Ltd. 
  
  

Dividend Policy

The company has not paid a dividend during the last three financial years.

 

Conclusion

A high-growth SME opportunity supported by robust ROE, growing sales, and a variety of electrical infrastructure goods is presented by the INDO SMC IPO. The IPO may draw long-term investors looking to get exposure to the power and infrastructure sector due to its strong manufacturing capabilities and fair price when compared to listed peers. Before investing, investors should take into account the level of competition, the unpredictability of cash flow and the risks unique to SMEs.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.