INDO SMC Limited IPO: The SME segment is buzzing with the arrival of INDO SMC Limited, a fast-growing manufacturer of electrical and composite products. Backed by veteran investor Ashish Kacholia, this IPO is garnering significant attention from the D-Street community. The IPO is scheduled to open for subscription on January 13, 2026.
In this comprehensive guide, we analyze the company’s financials, business model, and the potential listing gains to help you decide whether to apply.
INDO SMC Limited IPO Overview
The INDO SMC IPO is a book-built issue valued at approximately ₹91.95 Crore. The entire issue consists of a fresh issue of 61.71 lakh shares, aimed at funding capacity expansion and working capital.
| Key Feature | Details |
| IPO Opening Date | January 13, 2026 |
| IPO Closing Date | January 15, 2026 |
| Price Band | ₹141 to ₹149 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,000 Shares |
| Total Issue Size | ₹91.95 Cr (Fresh Issue) |
| Listing At | BSE SME |
| Registrar | Kfin Technologies Limited |
Important Dates & Timeline
Stay ahead of the schedule with these critical dates for the INDO SMC IPO:
- IPO Open Date: Tuesday, January 13, 2026
- IPO Close Date: Thursday, January 15, 2026
- Basis of Allotment: Friday, January 16, 2026
- Initiation of Refunds: Monday, January 19, 2026
- Credit of Shares to Demat: Monday, January 19, 2026
- Listing Date: Tuesday, January 20, 2026
Investment Lot Size
Retail investors must apply for a minimum of 2 lots. Below is the breakdown of the investment required:
| Application Category | Lots | Shares | Amount (at ₹149) |
| Retail (Minimum/Maximum) | 2 | 2,000 | ₹2,98,000 |
| S-HNI (Minimum) | 3 | 3,000 | ₹4,47,000 |
| B-HNI (Minimum) | 7 | 7,000 | ₹10,43,000 |
Financial Highlights & Performance
INDO SMC has shown explosive growth in the last few fiscal years, specifically in its Sheet Moulding Compound (SMC) and Electrical Components divisions.
(Figures in ₹ Crores) | Period Ended | Total Assets | Revenue | Profit After Tax (PAT) | Net Worth | | :— | :— | :— | :— | :— | | 31-Mar-2023 | 13.85 | 7.30 | 0.46 | 1.17 | | 31-Mar-2024 | 36.32 | 28.06 | 3.00 | 5.79 | | 31-Mar-2025 | 99.94 | 139.00 | 15.44 | 36.00 | | 30-Sep-2025 (6M)| 147.67 | 112.62 | 11.46 | 47.14 |
Key Performance Indicators (KPIs):
- ROE: 74.45%
- ROCE: 31.39%
- PAT Margin: 11.13%
- Debt/Equity: 1.05
INDO SMC IPO Review: Pros & Cons
The Strengths (Pros)
- Investor Confidence: Renowned investor Ashish Kacholia holds a pre-IPO stake (approx 3.36%), which often boosts retail sentiment.
- High Growth Sector: The company serves the power and infrastructure sectors, which are currently seeing massive government spending through schemes like RDSS.
- Stellar Financials: A nearly 5x jump in revenue from FY24 to FY25 indicates strong scalability.
The Risks (Cons)
- Negative Cash Flow: The company has reported negative operating cash flows recently due to heavy working capital needs.
- SME Platform: As an SME IPO, the minimum ticket size is high (₹2.98 Lakh), and liquidity post-listing may be lower than mainboard stocks.
INDO SMC IPO GMP (Grey Market Premium)
- As of today, January 12, 2026, the INDO SMC IPO GMP is ₹35.
- Estimated Listing Price: ₹149 + ₹35 = ₹184
- Expected Listing Gain: ~23.5%
How to Check Allotment Status
The allotment will be finalized by Kfin Technologies Limited. Once live, you can check it here:
- Visit the Kfintech IPO Status Page.
- Select “INDO SMC Limited” from the list of IPOs.
- Enter your PAN Card Number, Application Number, or DP ID.
- Click on Submit to see if you have been allotted shares.
Disclaimer: IPO investments involve market risks. The data provided here is for informational purposes. Always read the Red Herring Prospectus (RHP) and consult a certified financial advisor before investing.
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