- Price band
- To be announcedNot in this filing
- Issue size
- 61,71,000 sharesFresh issue · amount set with price
- Face value
- ₹10per equity share
- Lot size
- To be announcedMin. investment shown once set
- Anchor biddingMon, 2026
- OpensTue, 2026
- ClosesThu, 2026
- AllotmentMon, 2026Refunds and Demat credit same day
- ListingTue, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue
- Fresh issue
- 61,71,000 shares
- Offer for sale
- None
- Total issue
- 61,71,000 shares
- Market maker portion
- 3,09,000 shares
- Face value
- ₹10
- Listing at
- BSE SME
- RHP date
- 6 Jan 2026
Source: Red Herring Prospectus dated 6 Jan 2026Updated
Reservation
Share of the total issue- Retail33.3%
- Anchor28.5%
- QIB ex-anchor19.0%
- Big NII9.5%
- Small NII4.8%
- Market maker5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 20,52,000 | 35.01% | 35% |
| Non-institutional investors (NII) | 8,82,000 | 15.05% | 15% |
| Small NII (₹2–10 lakh) | 2,94,000 | 5.02% | — |
| Big NII (above ₹10 lakh) | 5,88,000 | 10.03% | — |
| Qualified institutional buyers (QIB) | 29,28,000 | 49.95% | 50% |
| QIB, excluding anchor | 11,72,000 | 19.99% | — |
| Anchor investors | 17,56,000 | 29.96% | — |
| Market maker | 3,09,000 | — | — |
Source: Red Herring Prospectus dated 6 Jan 2026Updated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25- EPS (basic)
- ₹9.61
- EPS (basic) (Half year ended September 30, 2025 (not annualised))
- ₹6.87
- RoNW
- 43.27%
- RoNW (Half year ended September 30, 2025 (not annualised))
- 24.30%
- NAV per share
- ₹21.39
- NAV per share (As on September 30, 2025)
- ₹28.25
- ROCE
- 31.39%
- Debt to equity
- 1.00
- EBITDA margin
- 16.45%
- PAT margin
- 11.13%
P/E and market cap are calculated once the price band is announced.
Source: Red Herring Prospectus dated 6 Jan 2026Updated
Financials
Standalone, restated · ₹ crore| Period ended | 30 Sep 20256 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 112.54 | 138.69 | 28.03 | 7.30 |
| Total income | 112.62 | 138.78 | 28.06 | 7.30 |
| EBITDA | 17.19 | 22.83 | 5.08 | 1.15 |
| Profit after tax | 11.46 | 15.44 | 3.00 | 0.46 |
| Net worth | 47.14 | 35.69 | 5.79 | 1.17 |
| Reserves and surplus | 30.46 | 19.00 | 5.06 | 0.52 |
| Total assets | 147.67 | 99.94 | 36.32 | 13.85 |
FY 2024-25 vs FY 2023-24: revenue +394.7%, profit after tax +414.1%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: Red Herring Prospectus dated 6 Jan 2026Updated
About the company
The company designs and manufactures enclosures, distribution boxes and current/potential transformers for electrical utilities, using sheet moulding compound (SMC) and fibre reinforced plastic (FRP) materials. It operates manufacturing units in Gujarat, Maharashtra and Rajasthan and sells to power utilities, government programmes and private customers.
- Incorporated
- 2021
- Industry
- Electrical Equipment Manufacturing
- CIN
- U71100GJ2021PLC125904
- Website
- indosmc.com
Source: Red Herring Prospectus dated 6 Jan 2026Updated
Promoters and shareholders
| Name | Before issue | After issue |
|---|---|---|
| Promoters (aggregate, five promoters) | 81.81% | — |
| Nitin Jasvantbhai Patel | 16.36% | — |
| Neel Niteshbhai Shah | 16.36% | — |
| Chaitanya Patel | 16.36% | — |
| Riktaben Pranay Sonawala | 16.36% | — |
Source: Red Herring Prospectus dated 6 Jan 2026Updated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Capital expenditure to purchase plant and machinery | 25.71 |
| Funding working capital requirements | 52.00 |
| General corporate purposes | Set with price |
Source: Red Herring Prospectus dated 6 Jan 2026Updated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Indo SMC LimitedIssuer | ₹9.61 | — | 43.27% | ₹21.39 |
| Aeron Composite Limited | ₹7.84 | 13.01× | 13.21% | ₹59.33 |
| RMC Switchgears Limited | ₹29.81 | 14.75× | 29.40% | ₹101.39 |
Source: Red Herring Prospectus dated 6 Jan 2026Updated
Strengths and risks
Our summary of what the offer document statesStrengths
- Product range spans SMC enclosures, FRP gratings and current/potential transformers for electrical and infrastructure uses.
- In-house design team and testing laboratories support tailor-made products.
- Revenue grew sharply from FY 2022-23 to FY 2024-25, with installed capacity expanded across segments.
- Order book includes government and utility programmes such as the Smart Meter National Program and RDSS.
- Founder-led management with promoters holding about 81.81% of pre-issue capital.
Risks
- Discrepancies in factory licence, CTE and CTO addresses versus the lease deeds for the Pirana, Ahmedabad plant may lead to regulatory delays or penalties.
- Raw material costs were high relative to revenue in several periods and are subject to price volatility, with no long-term supply contracts.
- Working capital needs are large, with inventories and trade receivables rising sharply in the half year ended September 30, 2025.
- The company has substantial short-term borrowings and relies on debt financing alongside the issue proceeds.
- No prior public market exists for the shares, so the post-listing price and liquidity are uncertain.
Source: Red Herring Prospectus dated 6 Jan 2026Updated
Contacts
Source: Red Herring Prospectus dated 6 Jan 2026Updated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: Red Herring Prospectus dated 6 Jan 2026Updated
After listing
Listing price, day-one high and low, and the change from the issue price (set at allotment) appear here after the shares list on BSE SME.
Frequently asked questions
When does the Indo SMC IPO open and close?
According to the Red Herring Prospectus, the issue opens on Tuesday, 13 January 2026 and closes on Thursday, 15 January 2026. These dates are tentative.
What is the Indo SMC IPO price band?
The Red Herring Prospectus does not include a price band. The company announces it by advertisement before the issue opens, and this page is updated when it is filed.
Where will Indo SMC shares list?
On BSE SME. The tentative listing date is Tuesday, 20 January 2026.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Indo SMC IPO allotment status?
The basis of allotment is expected to be finalised on Monday, 19 January 2026. After that, search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited) or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹25.71 Cr for capital expenditure to purchase plant and machinery, ₹52 Cr for funding working capital requirements, and the rest for the other stated purposes.
Related IPOs
Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.