INDO SMC IPO
Bookbuilding IPO | ₹91.95 Cr | Listing at BSE SME
IPO Open
Tue, Jan 13, 2026
IPO Close
Thu, Jan 15, 2026
Price Band
₹141.00 to ₹149.00
Market Cap (Pre-IPO)
₹340.54 Cr
IPO Details
| IPO Date | Jan 13, 2026 to Jan 15, 2026 |
| Listing Date | Tentative: Jan 20, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹141.00 to ₹149.00 |
| Lot Size | 1000 Shares (Minimum: ₹149,000.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Issue Size | ₹91.95 Crores |
| Total Shares Offered | 6,171,000 shares |
| Fresh Issue | 6,171,000 shares |
INDO SMC IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 29,28,000 (47.45%) |
| Retail Shares Offered | 20,52,000 (33.25%) |
| NII Shares Offered | 8,82,000 (14.29%) |
INDO SMC IPO Lot Size
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹298,000 |
| Retail (Max) | 2 | 2,000 | ₹298,000 |
| S-HNI (Min) | 3 | 3,000 | ₹447,000 |
| S-HNI (Max) | 6 | 6,000 | ₹894,000 |
| B-HNI (Min) | 7 | 7,000 | ₹1,043,000 |
INDO SMC Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 147.67 | 99.94 | 36.32 | 13.85 |
| Total Income | 112.62 | 138.78 | 28.06 | 7.30 |
| Profit After Tax | 11.46 | 15.44 | 3.00 | 0.46 |
| EBITDA | 17.19 | 22.83 | 5.08 | 1.15 |
| NET Worth | 47.14 | 35.69 | 5.79 | 1.17 |
| Reserves and Surplus | 30.46 | 19.00 | 5.06 | 0.52 |
| Total Borrowing | 49.35 | 35.76 | 17.70 | 10.43 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 74.45% |
| ROCE (Return on Capital Employed) | 31.39% |
| Debt/Equity | 1.00 |
| RoNW (Return on Net Worth) | 43.27% |
| PAT Margin (Profit After Tax Margin) | 11.13% |
| EBITDA Margin | 16.45% |
| Price to Book Value | 6.97 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 9.25 | 10.02 |
| P/E (x) | 16.10 | 114.86 |
| Promoter Holding | 82.30% | 60.07% |
Company Promoters
- Mr. Nitin Jasvantbhai Patel
- Mr. Neel Niteshbhai Shah
- Mrs. Riktabahen Sonawala
- Mr. Chaitanya Patel and Mr. Rachit Jain are the promoters of the company.
Company Overview
INDO SMC Ltd is engaged in the design and manufacture of a diversified range of products catering to electrical, industrial, and infrastructural applications.
The company design and manufacturing of enclosure box for energy meters, high tension current transformer (“HTCT”), high tension potential transformer (“HTPT”), low tension current transformer (“LTCT”), LT/HT distribution boxes and panels, fiberglass reinforced plastic (“FRP”) Grating, junction boxes, feeder pillars and other power distribution and circuit protection switchgears.
The company has in-house testing laboratories to ensure products meet quality requirements and suitable material composition.
The company currently operate through four manufacturing facility, located at Gujarat, Maharashtra and Rajasthan. The manufacturing facility at Ahmedabad where they manufacture SMC and FRP products, comes equipped with a variety of machinery and other handling tools to guarantee appropriate product handling and efficient production.
Company Strengths
- Diverse Product Range
- Strong Manufacturing Capabilities
- Industry Expertise and Leadership
- Robust Quality Assurance and control
- Established relationship with customers
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding capital expenditure of the company to purchase Plant and Machinery | 25.71 |
| 2 | Funding the working capital requirements of the company | 52.00 |
INDO SMC IPO Peer Comparison
INDO SMC peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| INDO SMC Ltd | 9.61 | 9.61 | 21.39 | - | 43.27 | - | Consolidated |
| RMC Switch Gear | 29.81 | 29.81 | 101.39 | 25.28 | 29.40 | 4.35 | Consolidated |
| Aeron Composite Limited. | 7.84 | 7.84 | 59.33 | 13.34 | 13.21 | 1.73 | Consolidated |
Quick Info
| Sector | Energy |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹340.54 Cr |
Important Dates
| IPO Open | Jan 13, 2026 |
| IPO Close | Jan 15, 2026 |
| Allotment Date | Jan 16, 2026 |
| Credit to Demat | Jan 19, 2026 |
| Listing Date | Tentative: Jan 20, 2026 |
Lead Manager(s)
GYR Capital Advisors Pvt.Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
INDO SMC IPO is a book build issue of ₹91.95 crores. The issue is entirely a fresh issue of 0.62 crore shares of ₹91.95 crore.
INDO SMC IPO opens for subscription on Jan 13, 2026 and closes on Jan 15, 2026. The allotment for the INDO SMC IPO is expected to be finalized on Jan 16, 2026. INDO SMC IPO will list on BSE SME with a tentative listing date fixed as Jan 20, 2026.
INDO SMC IPO price band is set at ₹141 to ₹149 per share. The lot size for an application is 1,000. The minimum amount of investment required by an individual investor(retail) is ₹2,98,000 (2,000 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,000 shares), amounting to ₹4,47,000.
GYR Capital Advisors Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The Market Maker of the company are Giriraj Stock Broking Pvt.Ltd., Nikunj Stock Brokers Ltd..