Indo SMC was incorporated on September, 27, 2021. The company is primarily engaged in designing and manufacturing enclosure boxes for energy meters, transformers, distribution boxes, panels, and other power distribution and protection equipment. Its products are made using materials such as SMC, FRP, copper, mild steel, and stainless steel
| Bidding Dates |
|---|
| 13 Jan 2026 - 16 Jan 2026 |
| Subscription |
|---|
| 102.83x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,82,000 | 2 | 2 | 1000 | 6.2 M | ₹141 - ₹149 | 60.09 % | ₹870.1 M - ₹919.5 M | RHP DOC |
Indo Smc IPO SUBSCRIPTION STATUS
16 Jan '26Indo Smc IPO overall subscription rate was 102.83 times the total available shares
Indo Smc IPO retail subscription rate was 127.65 times in the retail segment
Indo Smc IPO non-institutional investor subscription rate was 219.67 times in the non-institutional investor category
Indo Smc IPO Qualified Institutional Bidder subscription rate was 50.4 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
16 Jan 2026 (Day 4) | 127.65x | 219.67x | 50.4x |
15 Jan 2026 (Day 3) | 4.4x | 3.49x | 0x |
14 Jan 2026 (Day 2) | 4.16x | 3.46x | 0x |
13 Jan 2026 (Day 1) | 2.12x | 1.33x | 0x |
Indo Smc FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 112.5 | 11.5 | -7.0 | -11.3 | 15.3% |
| FY25 | 138.7 | 15.4 | -13.7 | -30.7 | 16.5% |
| FY24 | 28.0 | 3.0 | -5.8 | -8.3 | 18.1% |
| FY23 | 7.3 | 0.5 | -2.9 | -6.3 | 15.8% |
Indo Smc IPO SUBSCRIPTION STATUS DETAILS
Indo Smc had 6.2 M shares on offer
Indo Smc IPO offer price was in the range ₹141 - ₹149
Indo Smc IPO minimum Investment was ₹282000
Indo Smc IPO issue size was ₹ 870.1 M - ₹ 919.5 M
Indo Smc had a minimum lot size of 1000 Shares per application
Indo Smc NUMBER OF SHARES ON OFFER
Indo Smc IPO IMPORTANT DATES
| Issue Open Date | 13 Jan 2026 |
| Issue close Date | 16 Jan 2026 |
| Allotment Date | 19 Jan 2026 |
| Refund Date | 20 Jan 2026 |
| Demat Account Credit Date | 20 Jan 2026 |
| Listing Date | 21 Jan 2026 |
| Listing on Exchange(s) | BSE |
| Indo Smc Allotment Status | Exchange/ Registrar |
Indo Smc IPO subscription opened on 13 Jan 2026, and closed on 16 Jan 2026
IPO allotment for Indo Smc was finalized on Monday, 19 Jan 2026
IPO listing for Indo Smc was on BSE on Wednesday, 21 Jan 2026
Indo Smc IPO LISTING GAINS
| Issue Price (adjusted) | 149.0 |
| Listing Open Price | 149.0 |
| Listing Close Price | 154.8 |
| Listing Gain% | 0.0% |
| Current Gain% | 213.2% |
Indo Smc Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| INDO SMC Ltd. | 466.6 | 1066.5 | 32.9 | 0.3 | 3.4 | 21 | 14.4 | 310.5 | 123.7 | 32.4 | 109.7 | 14.2 | 109.7 |
| Havells India Ltd. | 1288 | 80750.1 | 49.4 | 3.2 | 3.4 | 17.9 | 11.5 | 23022.2 | 4.3 | 1690.6 | 14.8 | 26.1 | 15.7 |
| Waaree Energies Ltd. | 2717 | 78154.9 | 20.5 | 0.3 | 2.6 | 25.7 | 12.3 | 27244.9 | 83.5 | 3711.3 | 98.7 | 132.7 | 72 |
| Apar Industries Ltd. | 16631 | 66829.5 | 56.6 | 1.7 | 2.7 | 18.1 | 7.1 | 22966.9 | 22.9 | 976.9 | 18.9 | 294 | 34 |
| Premier Energies Ltd. | 1047.2 | 47537.8 | 28.6 | 0.5 | 5.6 | 35 | 13.9 | 8025.9 | 20.7 | 1509.8 | 61.1 | 36.7 | 59.1 |
| Honeywell Automation India Ltd. | 37900 | 33509.3 | 60.8 | 7.9 | 7.1 | 11.8 | 8.4 | 4860.9 | 11.2 | 525 | 0.3 | 623.3 | 7.7 |
Indo Smc INFORMATION ON IPO ISSUE
About Indo Smc
Indo SMC was incorporated on September, 27, 2021. The company is primarily engaged in designing and manufacturing enclosure boxes for energy meters, transformers, distribution boxes, panels, and other power distribution and protection equipment. Its products are made using materials such as SMC, FRP, copper, mild steel, and stainless steel
Object of the Issue
- Funding capital expenditure of the company to purchase plant and machinery
- Funding the working capital requirements of the company
- General corporate purposes
Indo Smc - PROMOTERS
| Name |
|---|
| Nitin Jasvantbhai Patel |
| Neel Niteshbhai Shah |
| Chaitanya Patel |
| Riktaben Pranay Sonawala |
| Rachit Jain |
Indo Smc - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Neel Niteshbhai Shah | Managing Director & CFO |
| Nitin Jasvantbhai Patel | Chairman & Non- Executive Director |
| Chaitanya Patel | Executive Director |
| Riktabahen Sonawala | Non- Executive Director |
| Shashwat Yatishkumar Shah | Non-Executive Independent Director |
| Chintan Umeshbhai Bhatt | Non-Executive Independent Director |
Indo Smc Book Running Lead Manager
GYR Capital Advisors Private Limited
indosmc.ipo@gyrcapitaladvisors.in
Indo Smc Registrar to the issue
KFin Technologies Limited
indo.ipo@kfintech.com
Indo Smc Strengths
Diversified Product portfolio
The company’s diverse product portfolio strengthens its market position by serving multiple industries through durable and versatile SMC-based solutions. Its offerings—including electricity meter boxes, FRP materials, and high- and low-tension capacitors—support reliable power infrastructure, energy efficiency, and long-lasting performance across utility, industrial, construction, automotive, and energy sectors
Quality assurance
Quality assurance and control form a core pillar of the company’s operations, ensuring the delivery of reliable and high-performance products. Stringent quality standards, advanced testing facilities, and continuous monitoring across all production stages are supported by a skilled QA/QC team
Manufacturing capabilities
The company’s strong manufacturing capabilities underpin its competitive advantage, enabling it to meet large-scale demand while maintaining high quality standards. Advanced production processes and SMC-enabled machinery support efficient, scalable manufacturing of precision-engineered products for utility, infrastructure, and industrial clients
Indo Smc Risks
Hazardous risks
The company’s manufacturing activities, including hazardous operations, may pose risks of injury to people or property. Although safety systems, regulatory compliance, and insurance coverage are in place, accidents at manufacturing facilities cannot be completely ruled out
Labour intensive
The company’s labour-intensive operations may face risks such as unionization, work stoppages, or rising labour costs, which could impact business performance. Although no strikes have occurred to date, future labour disruptions cannot be ruled out, making workforce availability and strong employee relations critical to operations
Fraud or theft risks
The company may face risks from fraud, theft, employee negligence, or administrative errors that could lead to inventory losses and adversely affect financial performance. During contract execution and the defect liability period, it remains fully liable for losses or damages to work, property, or third parties arising from causes attributable to the company
IPO FAQs
The promoters of the company are Nitin Jasvantbhai Patel, Neel Niteshbhai Shah, Chaitanya Patel, Riktaben Pranay Sonawala and Rachit Jain.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 141.0 - 149.0.
The IPO application opens on Jan 13, 2026 and closes on Jan 16, 2026.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 282,000.0, the maximum value for this IPO is Rs 298,000.0.
This IPO will be allotted on Jan 19, 2026.
The refund will be credited to your account on Jan 20, 2026.
The allotted shares will be credited to your demat on Jan 20, 2026.
Indo SMC Ltd.’s shares listed on the stock exchanges on Jan 21, 2026.