INDO SMC IPO to open with 24% GMP. Check price band, subscription and other details

INDO SMC's Rs 92 crore IPO will open for subscription on Tuesday with early signals from the grey market pointing to solid investor appetite despite a cautious broader equity backdrop. The book-built SME IPO is commanding a grey market premium of around 24%, suggesting expectations of healthy listing gains ahead of its proposed debut on the BSE SME platform on January 21. The issue will remain open for bidding until January 16.

Issue structure and pricing

The IPO is entirely a fresh issue of 61.71 lakh shares, aimed at raising Rs 91.95 crore. Shares are being offered in a price band of Rs 141 to Rs 149 apiece. At the upper end of the band, INDO SMC is valued at a pre-IPO market capitalisation of about Rs 340.5 crore.


Retail investors are required to bid for a minimum of 2,000 shares, translating into an investment of Rs 2.98 lakh at the upper price band. For high net-worth individuals, the minimum application size is 3,000 shares, or Rs 4.47 lakh.

Allocation and investor mix

Of the total issue size, 47.45% has been reserved for qualified institutional buyers, including anchor investors. Retail investors have been allocated 33.25% of the issue, while non-institutional investors will get 14.29%. About 5% of the issue has been set aside for market makers.

What the company does

INDO SMC is engaged in the design and manufacture of products used across electrical, industrial and infrastructure applications. Its portfolio includes enclosure boxes for energy meters, current and potential transformers, distribution boxes and panels, FRP gratings, feeder pillars and power distribution switchgears.

The company operates four manufacturing facilities spread across Gujarat, Maharashtra and Rajasthan, with its Ahmedabad unit specialising in SMC and FRP products. It also maintains in-house testing laboratories to ensure quality control and compliance with technical standards.

Financial performance

The company has reported sharp growth over the past few years. For the six months ended September 30, 2025, INDO SMC posted total income of Rs 112.62 crore and a profit after tax of Rs 11.46 crore. For FY25, revenue stood at Rs 138.78 crore, with a net profit of Rs 15.44 crore.

Use of proceeds and outlook

The company plans to deploy the IPO proceeds primarily towards capital expenditure for plant and machinery, which will absorb about Rs 25.7 crore. A larger portion, Rs 52 crore, will be used to fund working capital requirements, underlining the business’s growth-driven and execution-intensive nature. The balance will be allocated to general corporate purposes.

GYR Capital Advisors is the book-running lead manager to the issue, while KFin Technologies has been appointed as the registrar. Giriraj Stock Broking and Nikunj Stock Brokers are acting as market makers.

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