Minimum Investment
About Company
Company Name: INDO SMC Limited
Industry / Sector: Electrical Equipment / SMC & FRP Products for Power Distribution
Founded Year: 2020
Promoters: Nitin Jasvantbhai Patel, Neel Niteshbhai Shah, Riktabahen Sonawala, Chaitanya Patel, Rachit Jain
INDO SMC Limited is engaged in the design and manufacture of a diversified range of products including enclosure boxes for energy meters, HTCT, HTPT, LTCT, LT/HT distribution boxes and panels, FRP grating, junction boxes, feeder pillars, and other power distribution and circuit protection switchgears. The company operates four manufacturing facilities in Gujarat, Maharashtra, and Rajasthan, with in-house testing laboratories for quality assurance.
IPO Basic Details
| Company Name | INDO SMC Limited |
| IPO Type | SME IPO |
| Price Band | ₹141 – ₹149 |
| Lot Size | 1000 |
| Total Issue Size | ₹91.95 Cr (61,71,000 shares) |
IPO Strengths & Risks
Strengths
- Diversified product range across electrical and infrastructural applications
- Strong manufacturing capabilities with four facilities
- In-house testing laboratories and quality control
- Established customer relationships
- Industry expertise and leadership in SMC/FRP products
Risks
- Highly competitive segment
- Dependence on power and infrastructure sectors
- Working capital intensive
- Raw material price volatility
- Execution risks in expansion
IPO Important Dates
| IPO Open Date | 13 Jan 2026 |
| IPO Close Date | 16 Jan 2026 |
| Basis of Allotment | 19 Jan 2026 |
| Refund Initiation | 20 Jan 2026 |
| Demat Credit Date | 20 Jan 2026 |
| Listing Date | 21 Jan 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | 16 Jan 2026 |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – Primary utilization
- Debt repayment – -
- General corporate purposes – Remaining amount
Investor Reservation
| QIB Quota | ≈47.45% (Anchor ≈28.46%, QIB ex-anchor ≈18.99%) |
| Retail Quota | ≈33.25% |
| HNI Quota | ≈14.29% (bNII ≈9.53%, sNII ≈4.76%) |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 lots | 2000 | ₹2,98,000 |
| Retail Maximum | 2 lots | 2000 | ₹2,98,000 |
| S-HNI Minimum | 3 lots | 3000 | ₹4,47,000 |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | 7 lots | 7000 | ₹10,43,000 |
Key Performance Indicators (KPI)
| ROE | 74.45% (FY25) / 27.66% (Sep-25 annualized approx) |
| ROCE | ≈17–20% (Sep-25) |
| RoNW | High due to rapid growth |
| PAT Margin | ≈11% (FY25) / ≈10% (Sep-25) |
| EBITDA Margin | ≈16–17% |
| EPS | ≈₹10–12 (post-issue approx) |
| NAV per share | N/A |
| Debt to Equity | ≈1.0–1.3 |
| P/E Ratio | ≈12–15x |
| Industry P/E | 20–30x (electrical equipment) |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| 31 Mar 2023 | ₹13.85 Cr | ₹7.30 Cr | ₹0.46 Cr | ₹1.15 Cr | ₹1.17 Cr | ₹10.43 Cr |
| 31 Mar 2024 | ₹36.32 Cr | ₹28.06 Cr | ₹3.00 Cr | ₹5.08 Cr | ₹5.79 Cr | ₹17.70 Cr |
| 31 Mar 2025 | ₹99.94 Cr | ₹138.78 Cr | ₹15.44 Cr | ₹22.83 Cr | ₹35.69 Cr | ₹35.76 Cr |
| 30 Sep 2025 | ₹147.67 Cr | ₹112.62 Cr | ₹11.46 Cr | ₹17.19 Cr | ₹47.14 Cr | ₹49.35 Cr |
Grey Market Premium
| GMP Price | ₹10 – ₹25 (~7–17%) |
| Kostak Rate | N/A |
| Subject to Sauda | N/A |
| Last Updated | Jan 2026 (pre-listing ₹10–32 range, post-listing stabilized lower) |
| Estimated Listing Price | ₹159 – ₹174 (pre-listing estimates) |
IPO Subscription Data
| Total Subscription | 110.49x |
| QIB (Ex Anchor) | 94.94x |
| HNI Subscription | 164.59x (bNII 193x, sNII 107x) |
| Retail Subscription | 96.13x |
| Anchor | - |
IPO Intermediaries
Registrar: Kfin Technologies Limited
Registrar Website: https://ipostatus.kfintech.com
IPO Lead Manager(s)
Company Information
Address: 809, Shilp Zaveri, Shyamal Cross Road, Vejalpur, Shyamal, Ahmedabad, Gujarat 380006
Website: http://www.indosmc.com
Email: cs@indosmc.com
Phone: +91 7575812866
IPO Documents
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