- Price band
- ₹141 – ₹149
- Issue size
- ₹91.95 Cr
- Lot size
- 1000 sh
- Bidding
- 13 – 16 Jan
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 21 Jan 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for INDO SMC, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2021 · Ahmedabad, Gujarat · 74 employees
INDO SMC designs and manufactures the enclosures and switchgear that sit between a power distribution network and the meters on it. Its sheet moulding compound (SMC) division moulds energy-meter boxes, distribution and junction boxes, SMC sheets and chequered plates. An FRP division makes gratings, pultruded sections and storage tanks for industrial walkways and platforms. An electrical components division builds 11 kV and 33 kV current and potential transformers, feeder pillars, distribution boxes and metering cubicles. The prospectus describes an order book from government and private-sector buyers, with FY25 growth driven by the Smart Meter National Programme, the Revamped Distribution Sector Scheme and private orders for SMC boxes. Four plants run at Pirana (Ahmedabad), Nashik and Ghiloth. Staff on 30 November 2025 was 74 employees plus about 258 contract workers.
Revenue is manufacturing sales, nearly all of it: Rs 138.69 crore in FY25 and Rs 112.54 crore in the six months to 30 September 2025, against Rs 28.03 crore in FY24. Raw material is the cost base — consumption ran 71.32% of revenue in FY25, 88.56% in FY24 and 106.36% in FY23 — and EBITDA margin was 16.45% in FY25 and 15.27% in the stub half. The structural constraint is concentration. One customer was 65.12% of revenue in the six months to September 2025 and the top ten were 82.94%; bus ducts alone were Rs 73.28 crore of the Rs 112.54 crore, and Maharashtra 74.02%. SMC capacity at Pirana ran 33.03% utilised in the same half.
The company on paper
- Legal name
- INDO SMC Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 27 Sep 2021
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U71100GJ2021PLC125904
- Sector
- Industrials · SMC and FRP enclosures, gratings and current/potential transformers for power distribution
- Employees
- 74
- Registered office
- Ahmedabad, Gujarat
- Promoters
- Nitin Jasvantbhai Patel, Neel Niteshbhai Shah, Riktabahen Sonawala, Chaitanya Patel, Rachit Jain
- Promoter holding, pre-issue
- 82.3%
- Promoter holding, post-issue
- 60.1%
- Website
- indosmc.com
The numbers
Financial performance
Revenue has compounded at 335.9% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹91.95 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹91.95 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 3,09,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 22.2% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹149.00
- Listed at
- ₹149.00
- Listing gain
- unchanged 0.0%
- Since listing
- up 176.4%
- Against the issue price
- up 176.4%
Trading at ₹411.85 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,000
- At cut-off price
- ₹149.00
- Amount blocked
- ₹2,98,000
One lot is 1000 shares at ₹1,49,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,98,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~1%
chance of one lot, per application
- Retail subscription
- 96.13×
- Applicants per share available
- 96.1× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹149.00
listed at, 0.0% against the issue price
- Issue price
- ₹149.00
- Premium said
- —
- If allotted 1000 shares
- ₹0
Listing-day figures are as reported by the exchanges.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- H1 FY26 is a six-month stub (1 April to 30 September 2025), not an annual period. Its revenue of Rs 112.54 Cr, EBITDA of Rs 17.19 Cr and PAT of Rs 11.46 Cr are not comparable to the full years shown beside them, so the series looks flat between FY25 and FY26 when the half-year run-rate is higher.
- FY23 shows a positive EBITDA of Rs 1.15 Cr and a 15.83% EBITDA margin alongside raw-material consumption the prospectus puts at 106.36% of that year's revenue. Both figures are from the prospectus; reconciling them needs the restated statements' inventory movement, which the summary tables do not break out. Do not read FY23 margins against later years without it.
- Equity share capital jumps from Rs 73.10 lakh at 31 March 2024 to Rs 1,668.44 lakh at 31 March 2025, so per-share figures (EPS, NAV) are not comparable across that break even though revenue and profit are.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- GYR Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to INDO SMC's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Prospectus, INDO SMC Limited (filed with RoC; hosted by BRLM GYR Capital Advisors) - 323pp PDF, read in full text · read 16 Oct 2026
- BSE equity bhavcopy, 21 January 2026 (listing day) - ISIN, ticker, series MT, NewBrdLotQty and OHLC for scrip 544681 · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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