Primary market investors are closely monitoring two SME IPOs that opened for subscription on January 13, 2025. The combined issue size of ₹131.51 crore has generated significant interest, with grey market premiums indicating potential listing gains for early investors.

INDO SMC IPO Performance and Grey Market Trends

INDO SMC IPO demonstrates strong grey market activity with current premium trends suggesting substantial listing gains. According to InvestorGain, the grey market premium stands at ₹36 on January 13.

INDO SMC Ltd designs and manufactures diversified products serving electrical, industrial and infrastructure sectors. The company's ₹91.95 crore book-built issue comprises entirely fresh equity of 62.00 lakh shares. The price band ranges from ₹141.00 to ₹149.00 per share, with minimum application lot of 1,000 shares requiring retail investors to invest at least ₹2,98,000 for 2,000 shares at upper price.

GRE Renew Enertech IPO Details and Market Response

GRE Renew Enertech IPO shows moderate grey market activity with ₹7.00 premium as of January 13. The estimated listing price reaches ₹112.00 per share, combining the cap price with current grey market premium.

The company operates as an emerging player in rooftop and ground-mounted solar solutions and LED manufacturing. The ₹39.56 crore book-built issue consists entirely of fresh equity comprising 38.00 lakh shares. Each application lot contains 1,200 shares, requiring minimum retail investment of ₹2,52,000 for 2,400 shares at upper price.

IPO Timeline and Key Intermediaries

Both IPOs follow identical timeline schedules for subscription and listing processes. The subscription period runs from January 13 to January 16, 2025.

INDO SMC IPO has GYR Capital Advisors Pvt. Ltd. as lead manager and KFin Technologies Ltd. as registrar. GRE Renew Enertech IPO engages Share India Capital Services Pvt. Ltd. as book running lead manager and Maashitla Securities Pvt. Ltd. as registrar.

Investment Considerations

Grey market premiums provide unofficial indicators of potential listing performance but do not represent guaranteed returns. INDO SMC's higher premium suggests stronger investor sentiment compared to GRE Renew Enertech's moderate premium. Current subscription levels show GRE Renew Enertech achieving full subscription while INDO SMC remains partially subscribed on the opening day.

INDO SMC's initial public offering opened for public subscription on January 13, 2025, marking the company's entry into the capital markets through the BSE SME platform. The issue has generated decent buying interest from investors, while grey market indicators suggest strong listing potential for the power equipment manufacturer.

Anchor Investment and Grey Market Performance

Prior to the public issue, INDO SMC successfully raised ₹26.20 crore from anchor investors through the allocation of 17.56 lakh shares at ₹149 per share. This anchor investment demonstrates institutional confidence in the company's prospects.

The grey market premium for INDO SMC shares stood at ₹36 on Tuesday, indicating potential listing gains of 24.2% at ₹185 on the BSE SME platform.

Subscription Status and Issue Details

By 10:35 am on Tuesday, the SME IPO recorded an overall subscription of 0.15 times. The retail portion was booked 0.21 times, while the segment reserved for non-institutional investors achieved 0.17 times subscription. The qualified institutional buyers portion had not received any subscriptions at that time.

Allocation and Key Dates

The issue allocation favors institutional investors, with qualified institutional buyers receiving the largest portion at 29.28 lakh shares (47.45% of the net issue). Retail investors have been allocated 20.52 lakh shares (33.25%), while non-institutional investors receive 8.82 lakh shares (14.29%). The minimum and maximum bid size for retail investors is set at 2,000 shares.

Business Overview and Financial Performance

INDO SMC operates in the power equipment sector, specializing in the design and manufacturing of enclosure boxes for energy meters, high tension current and potential transformers, distribution boxes and panels, fiberglass reinforced plastic grating, junction boxes, and feeder pillars for power distribution and circuit protection applications.

The company has demonstrated remarkable financial growth across recent fiscal years:

Use of Proceeds and Market Intermediaries

According to the Red Herring Prospectus, the company plans to utilize the net proceeds for purchasing plant and machinery, meeting working capital requirements, and general corporate purposes. GYR Capital Advisors Private Limited serves as the book-running lead manager, while KFIN Technologies Limited acts as the registrar for the issue.