Issue window: Opens 13 Jan 2026, closes 15 Jan 2026
Structure: Book-built issue aiming to mobilise ≈ ₹92 crore entirely through a fresh issue of equity; no offer-for-sale component.
Price band: ₹141 – ₹149 per share (face value ₹10).
Allocation: 50 % QIB | 35 % Retail | 15 % HNI.
Listing: BSE SME platform on 20 Jan 2026 (basis of allotment finalised 16 Jan).
Financial momentum
Revenue surged to ₹138.78 crore in FY25 from ₹28.06 crore in FY24; net profit expanded to ₹15.44 crore from ₹3.00 crore. The steep growth trajectory underpins a long-term investment case for IPO applicants.
📅 IPO Important Dates
| Event | Date |
|---|---|
| IPO Opens | 13 Jan 2026 |
| IPO Closes | 15 Jan 2026 |
| Basis of Allotment | 16 Jan 2026 |
| Refunds Initiated | 19 Jan 2026 |
| Credit to Demat | 19 Jan 2026 |
| Listing Date (BSE SME) | 20 Jan 2026 |
Note: All dates are based on official filings and registrar schedules. SME IPO timelines may shift slightly.
💰 Issue Size & Price Band
| Detail | Info |
|---|---|
| Price Band | ₹141 – ₹149 per share |
| Face Value | ₹10 per share |
| Total Issue Size | ~₹91.95 Crore |
| Fresh Issue Only | Yes (no Offer for Sale) |
| Total Shares Issued | 61,71,000 equity shares |
The IPO comprises a fresh issue of shares worth approximately ₹92 crore. There is no sale from existing shareholders in this IPO.
📈 Market Lot Size & Investment Requirement
| Investor Category | Lot Size | Minimum Investment |
|---|---|---|
| Retail | 1,000 shares | ₹1,41,000–₹1,49,000 per lot |
| Minimum Bid (Retail) | 2,000 shares | ~₹2,98,000 (at upper band) |
| HNI / NII | Multiples of 1,000 | Higher |
➤ Retail investors must apply for at least 2 lots (2,000 shares). Larger lots apply to non-retail investors.
🏭 About the Company
INDO SMC Ltd. is an ISO-certified manufacturer engaged in producing industrial products serving electrical and infrastructure markets. It specializes in:
- Enclosure boxes for energy meters
- High and Low Tension Current/ Potential Transformers
- Distribution boxes & panels (LT/HT)
- FRP gratings and junction boxes
- Feeder pillars and power distribution switchgears
The company uses materials like Sheet Moulding Compound (SMC), Fiberglass Reinforced Plastic (FRP), copper, mild steel, and stainless steel in manufacturing.
Key Products & Solutions
✔ Enclosure solutions for meter and power systems
✔ Transformer support accessories
✔ Power control and distribution panels
✔ Custom industrial components using advanced composites and metals
This diversified industrial portfolio targets sectors like utilities, power distribution, infrastructure, and engineering procurement such as electricity boards and DISCOMs.
💹 Financial Performance Snapshot
| Year / Period | Total Income (₹ Crore) | Profit After Tax (₹ Cr) |
|---|---|---|
| FY 2022–23 | ₹7.30 | ₹0.46 |
| FY 2023–24 | ₹28.06 | ₹3.00 |
| FY 2024–25 | ₹138.78 | ₹15.44 |
| H1 FY 2025–26 | ₹112.62 | ₹11.46 |
Additionally, the company’s net worth, EBITDA, and margins have shown growth, indicating scaling operations and improving profitability.
🎯 IPO Objectives
The company plans to deploy proceeds from this fresh issue toward:
- Capital expenditure — purchase of plant & machinery
- Funding working capital requirements
- General corporate purposes
By strengthening production capacity and financial flexibility, the proceeds aim to support growth and market expansion.
📜 Allotment & Listing Process
After the IPO closes:
- Allotment Basis Finalized – typically within 1-2 days post close.
- Refunds Initiated – if allotment is unsuccessful.
- Shares Credited to Demat – before listing.
- Listing on BSE SME – shares begin trading (expected 20 Jan 2026).
Allotment can be checked usually through the registrar’s portal (KFin Technologies) or stock exchanges.
🧠 IPO Review – Strengths & Considerations
📌 Strengths
✅ Diverse and essential industrial product portfolio.
✅ Strong manufacturing expertise with multiple facilities.
✅ ISO certification and quality control systems.
✅ Revenue growth and improved profitability track record.
✅ Orders from government/distribution utilities indicate stable demand.
⚠️ Considerations / Risks
⚠ Raw material price fluctuations can affect costs.
⚠ Revenue reliance on competitive bidding may pressure margins.
⚠ Geography-centric operations (primarily regions like Gujarat and Maharashtra).
⚠ Dependence on banking credit facilities from specific banks.
⚠ Regulatory compliance and environmental standards add complexity.
❗ Weaknesses to Watch
📉 SME IPO allotments frequently face very high subscription, making allotment chances uncertain for small retail investors in smaller IPOs.
📉 SME listings can be volatile with liquidity constraints post-listing compared to mainboard stocks.
💡 As always, prospective investors should weigh these risks alongside personal financial goals before applying.
📊 Summary – Should You Consider This IPO?
Positives:
✔ Strong financial growth trajectory
✔ Established product lineup and customer base
✔ Reasonable pricing for long-term industrial growth exposure
Challenges:
✔ High minimum investment requirement
✔ SME IPOs often have low allotment rates
✔ Market sentiment and broader economic volatility impact short-term gains
INDO SMC IPO – Registrar & Corporate Office
| Item | Details |
|---|---|
| IPO Registrar (RTA) | KFin Technologies Ltd. |
| Registrar Phone | +91-40-6716-2222 / +91-40-7961-1000 |
| Registrar Email | austere.ipo@kfintech.com |
| Registrar Office | 301, The Centrium, 3rd Floor, 57, Amar Co-op Housing Society, Off A.K. Road, Marol, Andheri (E), Mumbai – 400 059 |
| Company Registered Office | Plot No. 11, Shivprerna Industrial Park, Village Paldi, Taluka Daskroi, Ahmedabad – 382 425, Gujarat |
| Company Phone | +91-75750-88803 / +91-98797-97006 |
| Company Email | info@indosmc.com |
disclaimer
The information shared here is intended solely for educational and general awareness purposes. Any securities, investments, or IPO-related details mentioned should not be interpreted as financial advice or investment recommendations. Readers are encouraged to conduct their own independent research or seek guidance from a qualified financial professional before making investment decisions.
IPO-related updates are provided for informational use only. Market trends, past performance, or investor interest do not ensure future outcomes. We are not registered with SEBI. Investments in IPOs and the securities market involve inherent risks, and individuals should carefully evaluate their financial situation or consult a certified financial advisor before investing.
