Indo SMC IPO smashes records with 102.8x oversubscription
Indo SMC's IPO was oversubscribed 102.83 times on its final day. The offer closed January 16.
How big was the demand?
Investors applied for 45.39 crore shares, while only 44.15 lakh were up for grabs— so yeah, demand was wild.
Non-institutional investors led the pack (122x), with retail (96x) and institutional buyers (95x) not far behind.
If you applied, allotment happens January 19 and trading starts January 21 on BSE SME.
What does Indo SMC actually do?
Based in Ahmedabad, Indo SMC makes electrical gear like SMC enclosures and FRP grating—basically stuff that keeps power distribution running smoothly.
In 2025, they pulled in ₹138.78 crore revenue and ₹15.44 crore profit after tax; their order book hit ₹111.67 crore by November 2025.
Where's the money going?
Most of the IPO funds will boost working capital (57%) and upgrade equipment (28%), with the rest for general use.
Big names like HDFC Bank and investor Ashish Kacholia are backing them too—Kacholia holds about a 3% stake in the company.