INDO SMC IPO opens with 24% GMP. Check price range, plan and other details

INDO SMC’s Rs 92 crore IPO opens for subscription on Tuesday, with early signals from the gray market pointing to solid investor appetite despite a cautious broader equity backdrop. The book-built SME IPO carries a gray market premium of around 24%, indicating expectations of healthy listing gains ahead of its proposed debut on the BSE SME platform on January 21. The issue will remain open for bids until January 16.

Issuance structure and prices

The IPO is entirely a fresh issue of 61.71 lakh shares, aimed at raising Rs 91.95 crore. Shares are offered in a price range of Rs 141 to Rs 149 each. At the higher end of the range, INDO SMC is valued at a pre-IPO market capitalization of around Rs 340.5 crore.Retail investors are required to bid for a minimum of 2,000 shares, which translates to an investment of Rs 2.98 lakh in the higher price bracket. For high net worth individuals, the minimum application size is 3,000 shares, or Rs 4.47 lakh.

Allocation and investor mix

Of the total issue size, 47.45% is reserved for qualified institutional buyers, including anchor investors. Retail investors have been allocated 33.25% of the issue, while non-institutional investors will be allocated 14.29%. About 5% of the issuance is reserved for market makers.

What the company does

INDO SMC is engaged in the design and manufacture of products used in electrical, industrial and infrastructure applications. The portfolio includes housing boxes for energy meters, current and potential transformers, distribution boxes and panels, FRP grids, power supply columns and switchgear for power distribution.

The company operates four manufacturing facilities across Gujarat, Maharashtra and Rajasthan, with the Ahmedabad unit specializing in SMC and FRP products. It also has in-house testing laboratories to ensure quality control and compliance with technical standards.

Financial performance

The company has shown strong growth in recent years. For the six months ended September 30, 2025, INDO SMC posted a total income of Rs 112.62 crore and a profit after tax of Rs 11.46 crore. For FY25, revenue stood at Rs 138.78 crore, with a net profit of Rs 15.44 crore.

Use of revenues and forecasts

The company plans to use the IPO proceeds mainly for capital expenditure on plant and machinery, which will absorb around Rs 25.7 crore. A larger portion, Rs 52 crore, will be used to fund working capital needs, underscoring the growth-driven and execution-intensive nature of the company. The balance will be used for general corporate purposes.GYR Capital Advisors is the lead manager of the issue, while KFin Technologies has been appointed as registrar. Giriraj Stock Broking and Nikunj Stock Brokers act as market makers.

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