INDO SMC IPO
smelistedAbout the company
INDO SMC is engaged in the design and production of enclosure boxes for energy meters, HTCT, HTPT, LTCT, LT/HT distribution boxes and panels, FRP gratings, junction boxes, feeder pillars, and power distribution and circuit protection switchgears. Its operations are organised into three divisions: the sheet moulding compound (SMC) division, manufacturing energy meter enclosure boxes, SMC sheets and chequered plates; the fibreglass reinforced plastic (FRP) division manufacturing gratings, pultruded products and storage tanks; and the electrical components division manufacturing transformers, feeder pillars and related equipment. The company operates four manufacturing facilities across Gujarat, Maharashtra and Rajasthan, with in-house testing laboratories. In terms of products, bus duct generated the most revenue, making up 65.12%. SMC box followed, contributing 21.86% as of September 2025. Maharashtra accounted for the largest share of revenue at 74.02%, with Gujarat coming next at 16.18%. In the period ending in September 2025, the company served 162 clients, 97 of whom were repeat clients. As of November 30, 2025, it has an order book of ₹ 283.19 crore.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 15 Jan | ₹32 | ₹181 | 0 |
| 14 Jan | ₹32 | ₹181 | 0 |
| 13 Jan | ₹32 | ₹181 | -4 |
| 12 Jan | ₹36 | ₹185 | +1 |
| 11 Jan | ₹35 | ₹184 | 0 |
| 10 Jan | ₹35 | ₹184 | +4 |
| 09 Jan | ₹31 | ₹180 | +6 |
| 08 Jan | ₹25 | ₹174 | 0 |
Strengths
- Serves power distribution and infrastructure-related sectors
- In-house manufacturing facilities with quality control systems
- Experienced promoters with industry knowledge
- Supplies products to government utilities and infrastructure projects
- Demand supported by power and infrastructure development activities
- Manufactures a wide range of SMC, FRP, and electrical components
Risks
- Working capital intensive operations may affect cash flows
- Dependence on suppliers for raw material availability
- Subject to regulatory approvals and compliance requirements
- Exposure to raw material price fluctuations
- Revenue concentration with limited customers and tender-based orders
- Intense competition from organised and unorganised players
- Business depends heavily on power and infrastructure sector demand
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed13 Jan 2026Bidding starts for all investor categories
IPO Closes
Completed16 Jan 2026Last day to place your bid
Basis of Allotment
Completed19 Jan 2026Share allotment finalised
Refund Initiation
Completed20 Jan 2026Refunds credited for non-allottees
Credit to Demat
Completed20 Jan 2026Allotted shares credited to demat account
Listing on Exchange
Completed21 Jan 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1000 | ₹149,000 | 1 | ₹149,000 | 1 lot only |
| HNI | 2 | 2000 | ₹298,000 | 2 | ₹298,000 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 3,172,414 | 46 | 0 | 0.00x | 100% |
| NII | 15% | 951,724 | 13.8 | 0 | 0.00x | 100% |
| Retail | 35% | 2,220,690 | 32.2 | 0 | 0.00x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
