INDO SMC's initial public offering has concluded its subscription period with encouraging investor response across multiple categories. The issue received an overall subscription of 2.12 times, reflecting positive market sentiment toward the company's public debut.

Subscription Performance by Category

The retail investor segment led the subscription drive, demonstrating strong grassroots interest in the offering. Different investor categories showed varying levels of participation, with institutional and non-institutional buyers contributing to the overall subscription numbers.

Investor Response Analysis

Retail investors emerged as the most enthusiastic participants, subscribing to 3.13 times their allocated portion. This strong retail participation often indicates confidence among individual investors in the company's business prospects and growth potential.

The non-institutional buyer categories showed differentiated interest levels. Big HNIs (high net worth individuals) subscribed to 2.95 times their allocation, while small HNIs recorded 1.90 times subscription. This pattern suggests selective interest among affluent individual investors.

Notably, the Qualified Institutional Buyers (QIB) category and employee quota remained unsubscribed during this period. The absence of QIB participation may reflect institutional investors' cautious approach or specific evaluation criteria for this particular offering.

Market Reception

The overall subscription of 2.12 times indicates moderate to positive market reception for INDO SMC's public offering. The retail-driven subscription pattern demonstrates grassroots investor confidence, which often serves as a positive indicator for post-listing performance expectations among market participants.

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.