Ashish Kacholia-backed Indo SMC IPO Opens January 13 with Strong Grey Market Premium
Indo SMC's ₹91.95 crore SME IPO opens January 13-15 with Ashish Kacholia holding 3.36% stake. The company operates in SMC products, FRP products, and electrical transformers across 20+ Indian states. Strong financials show ₹138.78 crore revenue and ₹15.44 crore PAT in FY25 with ₹111.67 crore order book. Grey market premium of ₹31 indicates 21% premium over ₹149 upper price band.
*this image is generated using AI for illustrative purposes only.
Indo SMC's ₹91.95 crore SME initial public offering will open for subscription on January 13 and close on January 15, featuring backing from ace investor Ashish Kacholia. The issue represents a pure fresh offering of 62 lakh shares, with the stock scheduled to list on the BSE SME platform on January 20. Kacholia holds a 3.36% stake in the company, adding credibility to the public offering.
Business Operations and Market Position
Indo SMC operates across key verticals including sheet moulding compound (SMC) products, fiberglass reinforced plastic (FRP) products, and electrical components such as current and potential transformers. The company caters to power distribution, infrastructure, and industrial applications, with operations spanning more than 20 Indian states and a growing export footprint. Indo SMC serves as an approved vendor for multiple customers, including state electricity boards, DISCOMs, and government utilities.
The company operates manufacturing facilities in three strategic locations:
| Parameter: | Details |
|---|---|
| Manufacturing Locations: | Ahmedabad, Nashik, and Rajasthan |
| Capabilities: | In-house R&D, testing facilities |
| Additional Features: | Internal mould development and tooling facilities |
Grey Market Premium and Listing Expectations
The latest grey market premium for Indo SMC stands at ₹31, implying a premium of approximately 21% over the upper price band of ₹149. Based on this GMP, the IPO is expected to list at around ₹180 per share. The healthy GMP indicates positive sentiment in the unofficial market and suggests that investors are anticipating strong listing performance.
Financial Performance and Growth Trajectory
Indo SMC demonstrated robust financial performance across recent periods. The company reported strong operating leverage and profitability metrics:
| Period: | Total Income | Profit After Tax |
|---|---|---|
| FY25: | ₹138.78 crore | ₹15.44 crore |
| H1 FY26 (Sep 30, 2025): | ₹112.62 crore | ₹11.46 crore |
As of November 30, 2025, the company maintained a healthy order book of ₹111.67 crore, providing strong revenue visibility for future periods. This order book reflects sustained growth momentum and stable margins across the business.
IPO Timeline and Fund Utilization
The allotment for the Indo SMC IPO is expected to be finalized on January 16, 2026, while shares are likely to be credited to demat accounts of successful applicants on January 19, 2026. The proceeds from the issue will be strategically deployed across multiple growth initiatives:
- Capital expenditure for purchase of plant and machinery
- Meeting working capital requirements
- Supporting general corporate purposes
The company's diversified business model, strong financial metrics, and healthy order book position it well for continued growth in the power distribution and industrial segments.
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