INDO SMC IPO eyes mild listing pop as GMP signals 7% premium

Shares of INDO SMC are set to debut on the BSE SME platform on Wednesday, with grey market trends pointing to a modest listing gain. The IPO is currently commanding a grey market premium of around 7%, indicating expectations of a small upside over the issue price amid strong investor demand during the subscription period.

The Rs 91.95 crore IPO comprised only a fresh issue of 0.62 crore shares. Investor response to the IPO was robust across categories.

The issue was subscribed 110.49 times overall, led by non-institutional investors, where bids came in at 164.59 times the shares on offer. Qualified institutional buyers subscribed 94.94 times, while the retail portion was subscribed 96.13 times, reflecting broad-based interest.


Ahead of the issue, INDO SMC raised Rs 26.16 crore from anchor investors on January 12 through the allotment of 17.56 lakh shares. Half of the anchor allocation will be locked in for 30 days, while the remaining portion will be subject to a 90-day lock-in.

INDO SMC is engaged in the design and manufacture of products used in electrical, industrial and infrastructure applications. Its product portfolio includes enclosure boxes for energy meters, current and potential transformers, distribution boxes, panels, FRP gratings and other power distribution and circuit protection equipment. The company operates four manufacturing facilities across Gujarat, Maharashtra and Rajasthan, supported by in-house testing laboratories.

Financially, the company has reported strong growth over recent years. For the half-year ended September 2025, INDO SMC posted revenue of Rs 112.62 crore and profit after tax of Rs 11.46 crore, with healthy operating margins, though leverage levels remain elevated.

Proceeds from the IPO will be used primarily to fund capital expenditure for plant and machinery, meet working capital requirements and for general corporate purposes.

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