INDO SMC IPO
Market Sentiment
IPO Details
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | September 2025 |
|---|---|---|---|---|
| Revenue | 7.30 | 28.06 | 138.78 | 112.62 |
| Expense | 6.66 | 24.37 | 119.67 | 98.58 |
| Profit (PAT) | 0.46 | 3.00 | 15.44 | 11.46 |
| Total Assets | 99.94 | 99.94 | 13.85 | 147.67 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Aeron composite limited | 13.01 | 7.84 | 13 |
| RMC switch gear limited | 14.75 | 29.81 | 29 |
Promoters: Mr. Nitin Jasvantbhai Patel, Mr. Neel Niteshbhai Shah, Mrs. Riktabahen Sonawala, Mr. Chaitanya Patel and Mr. Rachit Jain
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,66,84,350 | 82.30% |
| Promoter Holding Post Issue | 2,28,55,350 | 60.07% |
Company Information
Indo SMC Limited designs and manufactures a variety of electrical enclosures and switchgear products. These include energy meter boxes, high-tension and low-tension current and potential transformers (HTCT, HTPT, LTCT), distribution boxes and panels, junction boxes, feeder pillars, and fiberglass grating. Its products are made from materials like sheet moulding compounds (“SMC”), fiberglass reinforced plastic (“FRP”), copper, mild steel, and stainless steel, etc. The company runs its operations through its 4 manufacturing facilities situated in Gujarat, Maharashtra, and Rajasthan. The business designs a wide range of products serving electrical, industrial, and infrastructure applications. Indo SMC incorporates advanced machinery and equipment to ensure timely delivery and offer high-quality products to meet the requirements of clients.
| Purpose | Amount (Cr) |
|---|---|
| Funding capital expenditure of the company to purchase Plant and Machinery | 25.71 |
| Funding the working capital requirements of the company | 52.00 |
| General Corporate Purposes | - |
Resources & Documents
INDO SMC Ltd Address, 809,, Shilp Zaveri Shyamal Cross Road,, Vejalpur, Shyamal,, Ahmedabad, Gujarat, 380006
INDO SMC has set a price band of Rs 142–Rs 149 per share in the manufacturing sector. The stock listed with a 3.89% gain versus its issue price on January 21, 2026.
Indo SMC Limited designs and manufactures a variety of electrical enclosures and switchgear products. These include energy meter boxes, high-tension and low-tension current and potential transformers (HTCT, HTPT, LTCT), distribution boxes and panels, junction boxes, feeder pillars, and fiberglass grating. The company operates in the manufacturing space.
The issue is promoted by Mr. Nitin Jasvantbhai Patel, Mr. Neel Niteshbhai Shah, Mrs. Riktabahen Sonawala, Mr. Chaitanya Patel and Mr. Rachit Jain with GYR Capital Advisors Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards Funding capital expenditure of the company to purchase Plant and Machinery (Rs 26 crore) and Funding the working capital requirements of the company (Rs 52 crore).
Grey market is quoting a premium of +Rs 10 (+6.7% over issue price), down Rs 25 from the previous session. Final subscription data records overall subscription at 110.57x, retail at 96.13x, QIB at 94.94x, NII at 164.94x.
On fundamentals, the company is posting revenue growth of 394.6%, a profit margin of 11.1%, return on equity of 74.5% in its most recent reported period. Listed peers in this segment include RMC switch gear limited (P/E 14.75x, market cap Rs 29 crore) and Aeron composite limited (P/E 13.01x, market cap Rs 13 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as a Subscribe call — the composite picture tilts favourable, though not without some caveats. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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