Mumbai, January 17, 2026 – Indo SMC Limited (BSE SME: INDOSMC) saw extraordinary demand on the final day of bidding, with its SME IPO closing on Friday at an overall subscription of 102.83 times, driven by aggressive participation across all investor categories.
The issue, which was open from January 13 to January 16, 2026, was priced in the band of ₹141 to ₹149 per share, with bids pouring in sharply during the final hours.
Final Subscription Status (as of 6:59 PM, January 16)
According to BSE data, the IPO received bids for 45.40 crore shares against an offer size of 44.15 lakh shares, translating into a 102.83x overall subscription.Category-wise Subscription Breakdown
| Investor Category | Shares Reserved | Applications Received | Shares Bid For | Subscription (Times) |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 11,72,000 | 92 | 11,12,65,000 | 94.94 |
| Non-Institutional Investors (Total) | 11,91,000 | 25,612 | 14,54,74,000 | 122.14 |
| NII – Above ₹10 lakh | 5,88,000 | 15,623 | 11,40,09,000 | 193.89 |
| NII – Up to ₹10 lakh | 2,94,000 | 9,989 | 3,14,65,000 | 107.02 |
| Retail Individual Investors | 20,52,000 | 98,627 | 19,72,54,000 | 96.13 |
| Total | 44,15,000 | 1,24,331 | 45,39,93,000 | 102.83 |
Price-wise Bid Distribution
Bidding remained consistently strong across the entire price band, with maximum demand seen at the cut-off and upper price levels.| Bid Price (₹) | Quantity Bid |
|---|---|
| 141 | 45,39,93,000 |
| 142 | 45,36,47,000 |
| 143 | 45,36,10,000 |
| 144 | 45,35,91,000 |
| 145 | 45,35,83,000 |
| 146 | 45,34,91,000 |
| 147 | 45,34,75,000 |
| 148 | 45,34,38,000 |
| 149 | 45,33,48,000 |
Grey Market Premium Holds Firm
The grey market premium (GMP) for the Indo SMC SME IPO stood at ₹32 per share on January 17, unchanged from the previous session.At the upper price band of ₹149, the GMP implies an estimated listing price of ₹181, indicating a potential upside of about 21.5 percent.
Indo SMC SME IPO GMP Trend
| Date | IPO Price (₹) | GMP (₹) | Subscription |
|---|---|---|---|
| Jan 17 | 149 | 32 | 102.83x |
| Jan 16 (Close) | 149 | 32 | 102.83x |
| Jan 15 | 149 | 32 | 2.05x |
| Jan 14 | 149 | 32 | 2.05x |
| Jan 13 (Open) | 149 | 32 | 1.01x |
What Happens Next
With bidding now closed, the focus shifts to allotment and listing timelines on the BSE SME platform. The sharp oversubscription and stable GMP have kept market attention firmly on the stock ahead of listing.About the Company
Indo SMC Limited is engaged in manufacturing activities with operational facilities in Gujarat and Maharashtra. The company is listed on the BSE SME platform, and the IPO marks its entry into the public markets to broaden its investor base and support future growth initiatives.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.