Mumbai: Indo SMC’s IPO was oversubscribed 2.05 times on Day 2, as the ₹92 crore IPO continued to draw interest from investors. Backed by veteran investor Ashish Kacholia, the power equipment manufacturing company is aiming to raise funds to expand its manufacturing facilities and meet working capital requirements.
Incorporated in 2021, the company primarily manufactures Sheet Mounding Compounds (SMC), which are glass fibre-infused polyester compounds that are designed to be fire-resistant, long-lasting and meet the technical requirements for power equipment infrastructure. Besides that, it also manufactures tarpaulin sheets, transformers and Fiberglass Reinforced Plastic (FRP) products
The company operates four manufacturing units across Gujarat, Maharashtra and Rajasthan, and is has earned the ISO 9001:2015 certification. It counts Discoms like DGVCL, UGVCL and BESCOM as its clients, and is also looking to boost its emerging transformer business.
The company’s revenues have jumped from ₹7.30 crore in FY23 to ₹138.78 crore in FY25, with its PAT rising from ₹0.46 crore in FY23 to ₹15.44 crore in FY25.
Indo SMC’s IPO closes today, January 15, 2026 even as investor interest has peaked in the first two days. The Grey Market Premium (GMP), an indicator of the issue’s popularity, is at 21.48% premium on the issue price, as per Investorgain.
Out of the total issue, the retail investors’ portion has been oversubscribed 3.13x, for the NII portion it is 2.25x.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions.
