INDO SMC IPO Day 1: Check subscription status, price band, objectives, lot size and key dates

INDO SMC IPO: The initial public offering of INDO SMC opened for subscription on Tuesday, January 13. The issue, which has set a price band of ₹141 to ₹149 per share, will conclude on Friday, January 16.

The ₹91.95 crore initial share sale is only a fresh issuance of 61,71,000 shares, with no offer for sale (OFS) component.

The company intends to utilise the fresh issue proceeds for funding capital expenditure towards the purchase of plant and machinery, working capital needs and general corporate purposes.

"We believe that listing will enhance our corporate image and visibility of brand name of our company. We also believe that our company will receive the benefits from listing of equity shares on the SME Platform of BSE Limited. It will also provide liquidity to the existing shareholders and will also create a public trading market for the equity shares of our company," the company said in its red herring prospectus.

INDO SMC IPO Day 1: Subscription status

INDO SMC IPO: Lot size

A lot consists of 1,000 shares. The minimum investment requirement for an individual investor is two lots or 2,000 shares.

Before the IPO, the company raised ₹26.16 crore from 17 anchor investors, including HDFC Bank, Bengal Finance and Investment, Mastergrowth 369 Alternative Investment Trust - Mastergrowth 369 Focused Equity Fund, 360 One Prime, Venturex Fund I, and Visionary Value Fund, among others.

GYR Capital Advisors is the IPO's sole book-running lead manager, while KFin Technologies is the registrar.

INDO SMC is engaged in the design and manufacturing of enclosure boxes for energy meters, low-tension current transformers, high-tension current transformers, high-tension potential transformers, fibreglass-reinforced plastic grating, LT/HT distribution boxes and panels, junction boxes, feeder pillars and other power distribution and circuit protection switchgear. Its products are crafted from materials like sheet moulding compounds (SMC), fibreglass-reinforced plastic, mild steel, stainless steel and copper.

INDO SMC IPO GMP

According to media reports and investorgain.com, unlisted shares of INDO SMC are trading at ₹185, reflecting a grey market premium of 24.16%, or ₹36, over the upper price band of ₹149.