INDO SMC IPO

₹1,41,000/1,000 shares

Minimum Investment

IPO Details

Open Date

13 Jan 26

Close Date

15 Jan 26

Minimum Investment

₹1,41,000

Lot Size

1,000

Price Range

₹141 to ₹149

Listing Exchange

BSE

Issue Size

₹92 Cr

Listing Date

20 Jan 26

Open Free Demat Account

INDO SMC IPO Timeline

Bidding Start

TBA

Bidding Ends

TBA

Allotment Finalisation

TBA

Refund Initiation

TBA

Demat Transfer

TBA

Listing

TBA

INDO SMC Limited IPO

INDO SMC Limited is engaged in the design and manufacture of products for electrical, industrial, and infrastructure applications. The company produces enclosure boxes, current and potential transformers, distribution panels, feeder pillars, and FRP gratings. It operates four manufacturing facilities across Gujarat, Maharashtra, and Rajasthan. The Ahmedabad facility focuses on SMC and FRP products and is equipped with modern machinery. The company also maintains in-house testing laboratories to ensure quality compliance and appropriate material standards across its product range.

INDO SMC Limited IPO Overview

The INDO SMC IPO is a book-building issue of ₹91.95 crore consisting entirely of a fresh issue of 0.62 crore shares. The IPO opens on 13 January 2026 and closes on 15 January 2026, with allotment expected on 16 January 2026 and listing scheduled on 20 January 2026 on the BSE SME platform. The price band is fixed at ₹141 to ₹149 per share with a lot size of 1,000 shares. GYR Capital Advisors Private Limited is the book-running lead manager, and Kfin Technologies Limited is the registrar. Giriraj Stock Broking and Nikunj Stock Brokers act as market makers.

INDO SMC Limited IPO Details

Particulars	Details
IPO Date	13 to 15 Jan 2026
Listing Date	20 Jan 2026
Face Value	₹10 per share
Issue Price Band	₹141 to ₹149
Lot Size	1,000 Shares
Total Issue Size	61,71,000 shares (₹92 Cr)
Fresh Issue	61,71,000 shares
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Shareholding Pre-Issue	1,66,84,350 shares
Shareholding Post Issue	2,28,55,350 shares
Market Maker Portion	3,09,000 shares

INDO SMC Limited IPO Reservation

Investor Category	Shares Offered
Market Maker	3,09,000 (5.01%)
QIB	29,28,000 (47.45%)
Anchor	17,56,000 (28.46%)
QIB (Ex-Anchor)	11,72,000 (18.99%)
NII (HNI)	8,82,000 (14.29%)
Retail	20,52,000 (33.25%)

INDO SMC Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	2,000	₹2,98,000
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

INDO SMC Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	82.30%
Post-Issue	60.07%

INDO SMC Limited IPO Valuation Overview

KPI	Value
EPS (Pre IPO)	₹9.25
EPS (Post IPO)	₹10.02
P/E Ratio	14.86x
RoNW	43.27%
ROE	74.45%
ROCE	31.39%
EBITDA Margin	16.45%
PAT Margin	11.13%
Debt to Equity	1.00

Objectives of the Proceeds

Purchase plant and machinery for capacity expansion — ₹25.71 crore

Meet incremental working capital requirements — ₹52.00 crore

Support general corporate purposes

Key Financials (₹ crore)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	147.67	99.94	36.32	13.85
Revenue	112.62	138.78	28.06	7.30
Profit After Tax	11.46	15.44	3.00	0.46
Reserves & Surplus	30.46	19.00	5.06	0.52
Total Borrowings	49.35	35.76	17.70	10.43

INDO SMC Limited

SWOT Analysis of INDO SMC IPO

Strength and Opportunities

Diverse product portfolio
Multiple manufacturing facilities
Strong customer relationships
In-house quality testing

Risks and Threats

High working capital dependency
Exposure to raw material price volatility
Competition from established electrical manufacturers
SME segment liquidity risks

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About INDO SMC Limited

INDO SMC Limited IPO Strengths

Experienced promoters and management team with strong industry knowledge and technical expertise.

Well-established market presence across electrical, industrial, and infrastructure segments.

Long-term customer relationships with consistent repeat business.

Multiple manufacturing facilities, ensuring capacity strength and geographic diversification.

In-house testing laboratories, ensuring product quality, compliance, and reliability.

Diversified product portfolio, reducing dependence on any single revenue source.

Peer Group Comparison

Company	EPS	NAV	P/E	RoNW	P/BV
INDO SMC Ltd	9.61	21.39	—	43.27%	—
Peer Group
Aeron Composite Ltd	7.84	59.33	13.34	13.21%	1.73
RMC Switchgear Ltd	29.81	101.39	25.28	29.40%	4.35

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