Indo SMC Ltd IPO
Status: Closed
Overview
IPO date
13 Jan 2026 to 16 Jan 2026
Face value
₹ 10 per share
Price
₹ 141 to ₹149 per share
Issue Size
6,171,000 shares
(aggregating up to ₹ 91.95 Cr)
(aggregating up to ₹ 91.95 Cr)
Allotment Date
19 Jan 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Capital Goods - Electrical Equipment
Objectives of Indo SMC Ltd IPO
Indo SMC Ltd IPO Strategy
About Indo SMC Ltd
Unlock Stock of the Month
T&C*
Strengths vs Risks of Indo SMC Ltd
Know the pros & cons
Strengths
We possess a highly skilled and experienced team with strong engineering expertise. This talent pool allows
us to conceptualize and deliver innovative fixture solutions tailored to our clients' needs.- We have in-house designing team which enables us to manufacture tailor-made products for fulfilment of
the client requirements.
- We are equipped with hi-tech, advanced machinery that enhances our production capabilities and ensures
precision in manufacturing.
- We have strong order book from government representing a greater revenue growth enabling us to apply for
tenders of greater value in future.
- We have wide range of products catering to different sectors like electric utilities, constructions.
Risks
- Discrepancy in the address mentioned in Factory License, Consents To Establish ("CTE") and Consents to Operate ("CTO")
and the Lease Deeds of the INDO SMC Limited (Company) Pirana, Ahmedabad Plant Could have legal implications and
could impact the company's Operations.
- Increase in the prices of raw materials could have an adverse effect on its business, results of operations and financial condition.
- The company's revenue is largely dependent on the orders received from the customers through competitive bidding process.
- The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and
regulations to operate the company's business, any failures to obtain, retain and renew such approvals and licenses or comply with such
rules and regulations may adversely affect its operations.
- The company is primarily dependent upon few key suppliers for procurement of raw materials. Any disruption in the supply of raw
materials from such selective suppliers and geographical location could have a material adverse effect on its business operations
and financial conditions.
- The company may be unable to sufficiently obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
- The Company is party to certain legal proceeding. Any adverse decision in such proceedings may have a material adverse effect
on its business, results of operations and financial condition.
- The Company is yet to place orders for the machinery for the expansion of the manufacturing unit. Any delay in placing orders
or procurement of such machinery may delay the schedule of implementation and possibly increase the cost of operations.
- If there are delays in setting up and the proposed expansion or if the costs of setting up and the possible time or cost overruns
related to the proposed facilities or the purchase of plant and machinery for the proposed facilities are higher than expected, it
could have a material adverse effect on its financial condition, results of operations and growth prospects.
- The Company had negative cash flows during certain fiscal years in relation to its operating, investing and financing activities.
Sustained negative cash flows in the future would adversely affect the company's results of operations and financial condition.
- The company's business is working capital intensive. Any insufficient cash flows from its operations or inability to borrow to meet the company's
working capital requirements, it may materially and adversely affect the company's business and results of operations.
- Under-utilization of the company's manufacturing capacities and an inability to effectively utilize the company's expanded manufacturing capacities
could have an adverse effect on its business, future prospects and future financial performance.
- There have been certain instances of delay in filing of statutory forms with ROC and inadvertent inaccuracies and noncompliances
with respect to provision of the Companies Act, 2013 by our Company in the past.
- The Company had entered into various transactions with its Promoters, Promoter Group, Directors and their Relatives and
Group Companies.
- The Company has Significant Geographical Concentration of Revenue in the State of Gujarat and Maharashtra.
- If the company fails to manage its growth effectively, the company may be unable to execute its business plan or maintain high levels of service
and satisfaction, and the company's business, results of operations, cash flows and financial condition could be adversely affected.
- Most of its Directors do not have any prior experience of being a director in any other listed company in India
- The company is dependent on a few customers for a portion of its revenues. Further the company generally do not enter into long-term
arrangements with its customers and any failures to continue the company's existing arrangements could adversely affect its business and
results of operations.
- The company's Promoters have extended personal guarantees with respect to various loan facilities availed by the Company. Revocation of
any or all of these personal guarantees may adversely affect its business operations and financial condition.
- The activities carried out at the company's manufacturing facilities, including any hazardous activity, can cause injury to people or property
in certain circumstances.
- Excessive dependence on HDFC Bank Limited and Standard Chartered Bank in respect of loan facilities obtained by the
Company.
- The company's Business is dependent on its manufacturing unit. Any disruption, breakdown or failures of machinery, disruption to power
sources or any temporary shutdown of the company's manufacturing unit, may have a material adverse effect on its business, results of
operations, financial condition and cash flows.
- The company's operating results could be materially harmed if the company is unable to accurately forecast customer demand for its products or
manage our inventory.
- The company operates its manufacturing facilities and storage facilities that are held by it on leasehold basis. In the event the company lose or are
unable to renew such leasehold rights, the company's business, results of operations, financial condition, cash flows and prospects may be
adversely affected.
- The company is heavily dependent on its Promoters and Key Managerial Personnel for the continued success of the company's business through
their continuing services and strategic guidance and support.
- The company's operations are labour intensive and its manufacturing operations may be subject to unionization, work stoppages or
increased labour costs, which could adversely affect the company's business and results of operations.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and financial condition.
- Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- The company's operations are subject to environmental and health and safety laws and other government regulations which could result in
increased liabilities and increased capital expenditures.
- The company has incurred borrowings from commercial banks and any non-compliance with repayment and other covenants in the company's
financing agreements could adversely affect its business and financial condition. The Company has availed unsecured loans
from its Related Parties, which may be recalled at any time and could adversely impact its financial position.
- The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve
conflicts of interest with its Shareholders.
- The average cost of acquisition of Equity Shares for its Promoters may be lower than the Issue Price.
- The deployment of funds raised through this Issue shall be subject to any Monitoring Agency and shall also be dependent on the
discretion of the management of the Company.
- Industry sensitive to general economic downturn.
- The company operates in a competitive and fragmented industry with low barriers to entry and may be unable to compete with a range of
unorganized sector.
- The company is dependents on third-party transportation providers for the supply of raw materials and delivery of its finished products
and any failures to maintain a continuous supply of raw materials or to deliver its products to the company's customers in an efficient and
reliable manner could have a material and adverse effect on its business, financial condition and results of operations.
- The company engages contract workers for carrying out certain functions of its business operations. In the event of non-availability of such
contract workers at reasonable cost, any adverse regulatory orders or any default on payments to them by the agencies could lead
to disruption of the manufacturing facilities and the company's business operations.
- The company's overall margins may fluctuate as a result of the product manufactured by it.
- Unplanned slowdowns or shutdowns of the company's operations could have an adverse effect on its business, results of
operations, financial condition, cash flows and future prospects.
- The Company may not be successful in penetrating new export markets.
- The company may not have adequate insurance coverage for protecting it against any material hazards.
- Significant failures or disruption of its information technology systems could adversely impact its business, results of operations
and financial condition.
- Significant failures or disruption of its information technology systems could adversely impact the company's business, results of operations
and financial condition.
- In addition to normal remuneration or benefits and reimbursement of expenses, some of the company's Directors and key managerial
personnel are interested in the Company to the extent of their shareholding in the Company.
- The company has issued Equity Shares during the last one year at a price that may be below the Issue Price.
- The company has not independently verified certain data in this Red Herring Prospectus.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- There is no guarantee that the company's Equity Shares will be listed on the Stock Exchanges in a timely manner or at all.
Indo SMC Ltd Peer Comparison
Understand the company’s industry standing
Indo SMC Ltd
Aeron composite limited
RMC switch gear limited
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
138.78
220.76
319.42
EPS-Basis
9.61
7.84
29.81
EPS-Diluted
9.61
7.84
29.81
NAV Per Share
21.39
59.33
21.39
P/E-Basic EPS
---
13.01
14.75
P/E-Diluted EPS
---
---
---
RONW(%)
43.27
13.21
29.4
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 13 Jan 2026 & closes on 16 Jan 2026.
Indo SMC Limited was originally incorporated as Indo SMC Private Limited' a Private Limited Company at Ahmedabad, Gujarat, dated September, 27, 2021, issued by the Registrar of Companies, Ahmedabad. Thereafter, name of the Company was changed from Indo Private Limited' to Indo SMC Limited', w.e.f. August 07, 2024. A fresh Certificate of Incorporation was issued by the Registrar of Companies, Ahmedabad. Company is an established manufacturer of Sheet Moulding Compound (SMC) boxes, Fiber-Reinforced Polymer (FRP), and Pultrusion products.
The Company's business mainly comprises of sheet moulding compound division, under which it manufacture enclosure box for energy
meters, SMC sheet and SMC chequered plates, fiberglass reinforced plastic in which it manufacture grating plates and electrical component division where it manufacture HTCT, HTPT, LTCT, feeder pillars and other power distribution and circuit protection switchgears. In FRP, products such as FRP pultruded products, FRP moulded gratings and FRP storage tanks, these products are customized to a variety of industrial applications. FRP is a composite material made of polymer resins reinforced with fibres like fibreglass, carbon, or aramid. The Company currently operate through four manufacturing facility, located at Gujarat, Maharashtra and Rajasthan.
The diverse range of products strengthens Company's market position to multiple industries, leveraging the versatility and durability of Sheet Moulding Compound (SMC) technology. These products include electricity meter boxes, FRP (Fiber-Reinforced-Polymer) materials, and high- and low-tension capacitors, each designed to meet specific industry needs. The SMC-based electricity meter boxes offer durability and resistance to corrosion, moisture and UV radiation, making them ideal for India's expanding electrical grid and harsh environmental conditions. In addition, the FRP materials provides high-strength to weight ratio, serving sectors like construction, automotive, and energy with materials that require less maintenance and boast superior longevity compared to metal alternatives.
Company is planning the fresh issue via its initial public offering of 62,00,000 equity shares of face value of Rs 10 each.
Indo SMC Ltd IPO will close on 16 Jan 2026.
- We possess a highly skilled and experienced team with strong engineering expertise. This talent pool allows us to conceptualize and deliver innovative fixture solutions tailored to our clients' needs.
- We have in-house designing team which enables us to manufacture tailor-made products for fulfilment of the client requirements.
- We are equipped with hi-tech, advanced machinery that enhances our production capabilities and ensures precision in manufacturing.
- We have strong order book from government representing a greater revenue growth enabling us to apply for tenders of greater value in future.
- We have wide range of products catering to different sectors like electric utilities, constructions.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Nitin Jasvantbhai Patel | 2730000 | 16.36 | 2730000 | 11.94 |
| 2 | Neel Niteshbhai Shah | 2730000 | 16.36 | 2730000 | 11.94 |
| 3 | Riktabahen Pranay Sonawala | 2730000 | 16.36 | 2730000 | 11.94 |
| 4 | Chaitanya Patel | 2730000 | 16.36 | 2730000 | 11.94 |
| 5 | Rachit Jain | 2730000 | 16.36 | 2730000 | 11.94 |
| 6 | Reema Gupta | 73500 | 0.44 | 73500 | 0.32 |
| 7 | Bhaveshkumar Kiritbhai Patel | 10500 | 0.06 | 10500 | 0.05 |
- Discrepancy in the address mentioned in Factory License, Consents To Establish ("CTE") and Consents to Operate ("CTO") and the Lease Deeds of the INDO SMC Limited (Company) Pirana, Ahmedabad Plant Could have legal implications and could impact the company's Operations.
- Increase in the prices of raw materials could have an adverse effect on its business, results of operations and financial condition.
- The company's revenue is largely dependent on the orders received from the customers through competitive bidding process.
- The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operate the company's business, any failures to obtain, retain and renew such approvals and licenses or comply with such rules and regulations may adversely affect its operations.
- The company is primarily dependent upon few key suppliers for procurement of raw materials. Any disruption in the supply of raw materials from such selective suppliers and geographical location could have a material adverse effect on its business operations and financial conditions.
- The company may be unable to sufficiently obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
- The Company is party to certain legal proceeding. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
- The Company is yet to place orders for the machinery for the expansion of the manufacturing unit. Any delay in placing orders or procurement of such machinery may delay the schedule of implementation and possibly increase the cost of operations.
- If there are delays in setting up and the proposed expansion or if the costs of setting up and the possible time or cost overruns related to the proposed facilities or the purchase of plant and machinery for the proposed facilities are higher than expected, it could have a material adverse effect on its financial condition, results of operations and growth prospects.
- The Company had negative cash flows during certain fiscal years in relation to its operating, investing and financing activities. Sustained negative cash flows in the future would adversely affect the company's results of operations and financial condition.
- The company's business is working capital intensive. Any insufficient cash flows from its operations or inability to borrow to meet the company's working capital requirements, it may materially and adversely affect the company's business and results of operations.
- Under-utilization of the company's manufacturing capacities and an inability to effectively utilize the company's expanded manufacturing capacities could have an adverse effect on its business, future prospects and future financial performance.
- There have been certain instances of delay in filing of statutory forms with ROC and inadvertent inaccuracies and noncompliances with respect to provision of the Companies Act, 2013 by our Company in the past.
- The Company had entered into various transactions with its Promoters, Promoter Group, Directors and their Relatives and Group Companies.
- The Company has Significant Geographical Concentration of Revenue in the State of Gujarat and Maharashtra.
- If the company fails to manage its growth effectively, the company may be unable to execute its business plan or maintain high levels of service and satisfaction, and the company's business, results of operations, cash flows and financial condition could be adversely affected.
- Most of its Directors do not have any prior experience of being a director in any other listed company in India
- The company is dependent on a few customers for a portion of its revenues. Further the company generally do not enter into long-term arrangements with its customers and any failures to continue the company's existing arrangements could adversely affect its business and results of operations.
- The company's Promoters have extended personal guarantees with respect to various loan facilities availed by the Company. Revocation of any or all of these personal guarantees may adversely affect its business operations and financial condition.
- The activities carried out at the company's manufacturing facilities, including any hazardous activity, can cause injury to people or property in certain circumstances.
- Excessive dependence on HDFC Bank Limited and Standard Chartered Bank in respect of loan facilities obtained by the Company.
- The company's Business is dependent on its manufacturing unit. Any disruption, breakdown or failures of machinery, disruption to power sources or any temporary shutdown of the company's manufacturing unit, may have a material adverse effect on its business, results of operations, financial condition and cash flows.
- The company's operating results could be materially harmed if the company is unable to accurately forecast customer demand for its products or manage our inventory.
- The company operates its manufacturing facilities and storage facilities that are held by it on leasehold basis. In the event the company lose or are unable to renew such leasehold rights, the company's business, results of operations, financial condition, cash flows and prospects may be adversely affected.
- The company is heavily dependent on its Promoters and Key Managerial Personnel for the continued success of the company's business through their continuing services and strategic guidance and support.
- The company's operations are labour intensive and its manufacturing operations may be subject to unionization, work stoppages or increased labour costs, which could adversely affect the company's business and results of operations.
- Fraud, theft, employee negligence or similar incidents may adversely affect the company's results of operations and financial condition.
- Any Penalty or demand raised by statutory authorities in future will affect its financial position of the Company.
- The company's operations are subject to environmental and health and safety laws and other government regulations which could result in increased liabilities and increased capital expenditures.
- The company has incurred borrowings from commercial banks and any non-compliance with repayment and other covenants in the company's financing agreements could adversely affect its business and financial condition. The Company has availed unsecured loans from its Related Parties, which may be recalled at any time and could adversely impact its financial position.
- The company has in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with its Shareholders.
- The average cost of acquisition of Equity Shares for its Promoters may be lower than the Issue Price.
- The deployment of funds raised through this Issue shall be subject to any Monitoring Agency and shall also be dependent on the discretion of the management of the Company.
- Industry sensitive to general economic downturn.
- The company operates in a competitive and fragmented industry with low barriers to entry and may be unable to compete with a range of unorganized sector.
- The company is dependents on third-party transportation providers for the supply of raw materials and delivery of its finished products and any failures to maintain a continuous supply of raw materials or to deliver its products to the company's customers in an efficient and reliable manner could have a material and adverse effect on its business, financial condition and results of operations.
- The company engages contract workers for carrying out certain functions of its business operations. In the event of non-availability of such contract workers at reasonable cost, any adverse regulatory orders or any default on payments to them by the agencies could lead to disruption of the manufacturing facilities and the company's business operations.
- The company's overall margins may fluctuate as a result of the product manufactured by it.
- Unplanned slowdowns or shutdowns of the company's operations could have an adverse effect on its business, results of operations, financial condition, cash flows and future prospects.
- The Company may not be successful in penetrating new export markets.
- The company may not have adequate insurance coverage for protecting it against any material hazards.
- Significant failures or disruption of its information technology systems could adversely impact its business, results of operations and financial condition.
- Significant failures or disruption of its information technology systems could adversely impact the company's business, results of operations and financial condition.
- In addition to normal remuneration or benefits and reimbursement of expenses, some of the company's Directors and key managerial personnel are interested in the Company to the extent of their shareholding in the Company.
- The company has issued Equity Shares during the last one year at a price that may be below the Issue Price.
- The company has not independently verified certain data in this Red Herring Prospectus.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- There is no guarantee that the company's Equity Shares will be listed on the Stock Exchanges in a timely manner or at all.
The Issue type of Indo SMC Ltd is Book Building - SME.
The minimum application for shares of Indo SMC Ltd is 2000.
The total shares issue of Indo SMC Ltd is 6171000.
Initial public offer of up to 61,71,000 equity shares of face value Rs. 10/- each (the "Equity Shares") of Indo SMC Limited ("the Company" or the "Issuer") for cash at an issue price of Rs.149 per equity share (Including a Securities Premium of Rs.139 per Equity Share) ("Issue Price"), aggregating up to Rs. 91.95 crores (the "Issue") of which 3,09,000 equity shares aggregating to Rs. 4.60 crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. issue of 58,62,000 equity shares of face value of Rs. 10/- each at an issue price of Rs.149 per equity share aggregating up to Rs. 87.34 crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 27.00% and 25.65% respectively of the post-issue paid-up equity share capital of the company.
Price Band: Rs. 149 per equity share of face value Rs.10/- each.
The floor price is 14.9 times of the face value of the equity shares.
Bids can be made for a minimum of 2000 equity shares and in multiples of 1000 equity shares thereafter.