Indo SMC Limited, an Ahmedabad-based company specializing in Sheet Moulding Compound (SMC) and Fiberglass Reinforced Plastic (FRP) products, has finalized its IPO details. The anchor investor bidding window opened today, January 12, 2026, ahead of the public issue opening tomorrow.
The company has seen an explosive financial trajectory, with revenue growing from ₹28 crore in FY24 to ₹139 crore in FY25—a nearly 400% increase. The issue is a 100% fresh offering of 61.71 lakh shares. Proceeds will be primarily used for capital expenditure (₹25.71 crore) to purchase new plant and machinery and to meet working capital requirements (₹52 crore) to support its massive order book of ₹283 crore as of late 2025.
Market sentiment is highly positive. The Grey Market Premium (GMP) is currently trading at ₹35, indicating a potential listing gain of approximately 23% over the upper price band of ₹149.
Key IPO Details & Timetable
| Feature | Details |
| Price Band | ₹141 – ₹149 per share |
| Lot Size | 1,000 Shares (Min. Investment ₹2,98,000 for Retail*) |
| Issue Size | ₹91.95 Crore (Entirely Fresh Issue) |
| Listing Platform | BSE SME |
| Open Date | January 13, 2026 (Tomorrow) |
| Close Date | January 15, 2026 |
| Basis of Allotment | January 16, 2026 |
| Tentative Listing | January 20, 2026 |
*Note: Retail investors must apply for a minimum of 2 lots (2,000 shares) as per standard SME guidelines for this issue size.
Important Note for Investors
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Marquee Backing: Renowned investor Ashish Kacholia holds a 3.36% stake in the company, which has boosted market confidence significantly.
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Sector Growth: The company caters to the power distribution and infrastructure sectors, which are currently seeing high government spending. Its products like meter boxes and transformers are essential for grid expansion.
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Financial Health: While revenue and PAT have surged, the company operates with a Debt-to-Equity ratio of 1.05, and it reported negative operating cash flows in the recent half-year due to heavy investment in inventory and scaling.
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Order Book Visibility: A strong order book of over ₹280 crore provides revenue visibility for the next 18–24 months, making it a "growth" play for long-term investors.
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