Indo SMC SME IPO Lists at Issue Price of ₹149 on BSE SME, Stock Slips 3% on Debut

Mumbai, January 21, 2026 – Indo SMC Limited (BSE SME: INDOSMC) made its stock market debut on Wednesday, listing at ₹149 per share, exactly in line with its IPO issue price, on the BSE SME platform.
Despite a flat listing, the stock came under selling pressure soon after listing and was trading 3.15 percent lower at ₹144.30 by mid-morning trade, reflecting profit booking after the exceptionally strong subscription response during the IPO phase.

Listing Snapshot​

The stock touched the lower circuit level of ₹141.55 during intraday trade, while the upper price band for the session was ₹156.45, as per SME price band norms.

Trading and Market Capitalisation​

IPO Recap: Massive Demand Across Categories​

Indo SMC’s SME IPO, which was open from January 13 to January 16, 2026, witnessed extraordinary investor demand, closing with an overall subscription of 102.83 times.
The IPO was priced in a band of ₹141 to ₹149 per share, with the company raising capital through the issue of 61.71 lakh equity shares.

Grey Market Signal vs Listing Outcome​

Ahead of listing, the IPO was commanding a grey market premium of around ₹32 per share, indicating expectations of a strong debut. However, the stock opened flat at the issue price and slipped thereafter, highlighting the divergence that can occur between unofficial grey market indicators and actual market performance.

Stock Details​

About the Company​

Indo SMC Limited operates in the electrical equipment manufacturing segment and is listed on the BSE SME platform. The company entered the public markets through its SME IPO to broaden its investor base and support its long-term business growth objectives.