INDO SMC IPO to open on Jan 13; GMP up 21%; check key details inside
INDO SMC IPO Open: The maiden share sale of INDO SMC comprises an entirely fresh issue of 6.2 million equity shares worth ₹91.95 crore
 "INDO SMC IPO to open on Jan 13; GMP up 21%; check key details inside")
Early grey market trends suggest favorable sentiment for the initial public offering (IPO) of INDO SMC, which is set to open for public subscription on Tuesday, January 13, 2025. Through its maiden share sale, the company seeks to raise ₹91.95 crore.
Meanwhile, sources tracking unofficial market activities revealed that the unlisted shares of INDO SMC were commanding a solid premium in the grey markets on Friday. According to the sources, the unlisted shares were trading at ₹180 per share. This translates to a grey market premium (GMP) of ₹31 per share, or 20.81 per cent over the upper end of the issue price of ₹149 per share.
INDO SMC IPO structure
The maiden share sale of INDO SMC comprises an entirely fresh issue of 6.2 million equity shares worth ₹91.95 crore. The offer does not consist of any offer-for-sale (OFS) component, as per the red herring prospectus (RHP) submitted by the company.
The company has allocated 2,928,000 shares (nearly 47.45 per cent) to qualified institutional buyers (QIBs), 1,172,000 shares (18.99 per cent) to QIBs (ex-anchor), 882,000 shares (14.29 per cent) to non-institutional investors (NIIs), 2,052,000 shares (33.25 per cent) to retail individual investors (RIIs), and 1,756,000 shares (28.46 per cent) to anchor investors.
INDO SMC IPO price band, lot size
The issue will be offered at a price band of ₹141 to ₹149 per share. The company has set the lot size at 1,000 shares. Thus, investors can bid for a minimum of 2,000 shares and in multiples of 100 shares thereafter.
A retail investor would require ₹2,98,000 to bid for the minimum 2,000 shares.
INDO SMC IPO timeline
The three-day subscription window for bids for the public issue is tentatively scheduled to conclude on Thursday, January 15, 2026. Following this, the basis of allotment is likely to be finalized on Friday, January 16, 2025. Successful allottees can expect the company’s shares to be credited to their demat accounts by Monday, January 19, 2026.
The company’s shares are slated to list on BSE SME tentatively on Tuesday, January 20, 2026.
INDO SMC IPO objectives
The company proposes to utilise the proceeds from the public offering for funding capital expenditure of the company to purchase plant and machinery. The company will redeploy the remaining proceeds to meet working capital requirements, as well as for general corporate purposes.
INDO SMC IPO registrar, lead manager
KFIN Technologies is the registrar of the issue, while GYR Capital Advisors is the sole book-running lead manager.
About INDO SMC
INDO SMC is primarily engaged in the design and manufacturing of enclosure boxes for energy meters, high-tension current transformers (HTCT), high-tension potential transformers (HTPT), low-tension current transformers (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’s products are manufactured using materials such as sheet molding compounds (SMC), fiberglass reinforced plastic (FRP), copper, mild steel, and stainless steel.
INDO SMC financial snapshot
According to the RHP, for the fiscal years 2022-23, 2023-24, 2024-25, and the nine months ended September 30, 2025, the company reported revenue from operations of ₹7.30 crore, ₹28.03 crore, ₹138.69 crore, and ₹112.54 crore, respectively. EBITDA for the same periods stood at ₹1.15 crore, ₹5.08 crore, ₹22.83 crore, and ₹17.19 crore, while profits after tax were ₹0.46 crore, ₹3 crore, ₹15.44 crore, and ₹11.46 crore, respectively.