Indo SMC's Rs 91.9 cr SME IPO fully subscribed on day 1

New Delhi, Jan 13 (PTI) The initial public offering of Indo SMC, a manufacturer of infrastructural applications, was fully subscribed on the first day of the offer on Tuesday.

The SME initial public offering (IPO) received bids for 41.65 lakh equity shares against 41.06 lakh shares on offer, according to the BSE data.

Individual investors received 1.60 times subscription, while the non-institutional investors subscribed 100 per cent. The qualified institutional buyers (QIBs) category did not see any participation so far.

On Monday, Indo SMC raised Rs 26.16 crore from anchor investors, including HDFC Bank, 360 ONE Group and Ashish Kacholia's investment firm Bengal Finance and Investment.

Kacholia also holds a 3.36 per cent stake in the company.

The IPO will conclude on January 16. The price band for the issue has been fixed at Rs 141-149 per share.

The Ahmedabad-based company's public issue is entirely a fresh issue of 61.71 lakh equity shares, aggregating to Rs 91.95 crore.

Proceeds from the IPO will be utilised to meet the capital expenditure of the company to purchase plant and machinery, fund working capital requirements and the balance for general corporate purposes.

Established in 2021, Indo SMC Ltd operates across three key verticals: sheet moulding compound (SMC) products, fibreglass reinforced plastic products, and electrical components, including current and potential transformers.

It had an orderbook of Rs 111.66 crore as on November 30, 2025.

The Ahmedabad-based Indo SMC reported a total income of Rs 138.78 crore and profit after tax of Rs 15.44 crore in FY 25.

The company's shares will be listed on the BSE SME, with a tentative listing date on January 21.

GYR Capital Advisors is the sole book-running lead manager for the IPO. PTI HG HG BAL BAL