The INDO SMC IPO open date is January 13, 2026, and the IPO will close on January 15, 2026. The INDO SMC IPO is a book-build issue. The company will raise approximately ₹92 crore through the IPO, which includes a fresh issue of ₹92 crore and an offer for sale of up to [.] equity shares with a face value of ₹10.
The INDO SMC IPO price band is ₹141 to ₹149 per share. The retail quota is 35%, QIB 50%, and HNI 15%. The INDO SMC IPO will be listed on BSE SME on January 20, 2026. The allotment date for the INDO SMC IPO is January 16, 2026.
The company reported revenue of ₹138.78 crore in 2025, compared to ₹28.06 crore in 2024. The company reported a profit of ₹15.44 crore in 2025, compared to a profit of ₹3.00 crore in 2024. According to the financials, IPO investors should apply for the IPO for the long term.
About the Company
INDO SMC Ltd designs and manufactures a diverse range of electrical, industrial, and infrastructure products.
Its core offerings include SMC enclosure boxes for energy meters, HTCT/HTPT/LTCT transformers, LT/HT distribution boxes and panels, FRP gratings, junction boxes, feeder pillars, and power distribution and circuit protection switchgear.
It maintains an in-house testing lab to ensure quality standards and correct material composition.
It operates four manufacturing facilities in Gujarat, Maharashtra, and Rajasthan; the Ahmedabad plant is equipped with specialized machinery for SMC and FRP products, ensuring efficient and safe production.
The proceeds from the IPO will be used for plant and machinery capex (₹25.71 crore), working capital requirements (₹52.00 crore), and general corporate purposes.
Strengths
Diverse product range – caters to multiple electrical and infrastructure applications, reducing single-product dependence.
Strong manufacturing capabilities – Multi-location facilities with specialized equipment support scale and efficiency.
Industry knowledge and leadership – Experienced management and technical knowledge improve performance and quality.
Weaknesses
Risk of regulatory/documentation gaps – Resolving discrepancies in factory licenses, CTE/CTO, and lease deeds at the Pirana (Ahmedabad) plant could have legal and operational implications.
Raw material price fluctuations – Rising input costs could pressure margins and profits.
Dependence on orders through competitive bidding – Revenues are largely dependent on winning tenders; pricing pressure and bid losses could impact growth.
INDO SMC IPO Details
| IPO Open Date | January 13, 2026 |
| IPO Close Date | January 15, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹141 to ₹149 Per Share |
| Issue Size | Approx ₹92 Crores |
| Fresh Issue | Approx ₹92 Crores |
| Issue Type | Book Build Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
INDO SMC IPO Market Lot
The INDO SMC IPO minimum market lot is 2,000 shares with ₹2,98,000 application amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 2,000 | ₹2,98,000 |
| Retail Maximum | 2 | 2,000 | ₹2,98,000 |
| S-HNI Minimum | 3 | 3,000 | ₹4,47,000 |
| S-HNI Maximum | 6 | 6,000 | ₹8,94,000 |
| B-HNI Minimum | 7 | 7,000 | ₹10,43,000 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 17,56,000 Shares | 28.46% |
| QIB (Ex. Anchor) | 11,72,000 Shares | 18.99% |
| NII Shares Offered | 8,82,000 Shares | 14.29% |
| Retail Shares Offered | 20,52,000 Shares | 33.25% |
INDO SMC IPO Anchor Investors
| Anchor Bidding Date | January 12, 2026 |
| Anchor Investors List | |
| Shares Offered | 17,56,000 Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | February 15, 2026 |
| lock-in period end date 50% shares (90 Days) | April 16, 2026 |
INDO SMC IPO Dates
The INDO SMC IPO date is January 13 and the close date is January 15. The INDO SMC IPO allotment will be finalized on January 16 and the IPO listing on January 20.
| IPO Open Date: | January 13, 2026 |
| IPO Close Date: | January 15, 2026 |
| Basis of Allotment: | January 16, 2026 |
| Refunds: | January 19, 2026 |
| Credit to Demat Account: | January 19, 2026 |
| IPO Listing Date: | January 20, 2026 |
| IPO Bidding Cut-off Time: | January 15, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Mr. Nitin Jasvantbhai Patel, Mr. Neel Niteshbhai Shah, Mrs. Riktabahen Sonawala, Mr. Chaitanya Patel and Mr. Rachit Jain.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,66,84,350 | 82.30% |
| Promoter Holding Post Issue | 2,28,55,350 | 60.07% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Funding capital expenditure of the company to purchase Plant and Machinery | ₹25.71 |
| Funding the working capital requirements of the company | ₹52.00 |
| General Corporate Purposes | ₹- |
INDO SMC IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹7.30 | ₹6.66 | ₹0.46 | ₹99.94 |
| 2024 | ₹28.06 | ₹24.37 | ₹3.00 | ₹99.94 |
| 2025 | ₹138.78 | ₹119.67 | ₹15.44 | ₹13.85 |
| September 2025 | ₹112.62 | ₹98.58 | ₹11.46 | ₹147.67 |
INDO SMC IPO Valuation – FY2025
Check INDO SMC IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 74.45% |
| ROCE: | 31.39% |
| EBITDA Margin: | 16.45% |
| PAT Margin: | 11.13% |
| Debt to equity ratio: | 1.00 |
| Earning Per Share (EPS): | ₹9.61 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 43.27% |
| Net Asset Value (NAV): | ₹21.39 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Aeron composite limited | 7.84 | 13.01 | 13.21% | 59.33 | 220.76 Cr. |
| RMC switch gear limited | 29.81 | 14.75 | 29.40% | 101.39 | 319.42 Cr. |
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IPO Lead Managers aka Merchant Bankers
- GYR Capital Advisors Pvt.Ltd.
Company Address
INDO SMC Ltd Address
809,
Shilp Zaveri Shyamal Cross Road,
Vejalpur, Shyamal,
Ahmedabad, Gujarat, 380006
Phone: +91 7575812866
Email: cs@indosmc.com
Website: https://indosmc.com/
IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: austere.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/