58  Total SME IPOs listed in 2025

2,593.84 Crs.  Total funds raised in 2025

40  SME IPOs listed with Gain in 2025

18  SME IPOs listed with loss in 2025

58  Total SME IPOs listed in 2025

2593.84 Crs.  Total funds raised in 2025

40  SME IPOs listed with Gain in 2025

18  SME IPOs listed with loss in 2025

58  Total SME IPOs listed in 2025

2593.84 Crs.  Total funds raised in 2025

40  SME IPOs listed with Gain in 2025

18  SME IPOs listed with loss in 2025

58  Total SME IPOs listed in 2025

2593.84 Crs.  Total funds raised in 2025

40  SME IPOs listed with Gain in 2025

18  SME IPOs listed with loss in 2025

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Summary

PE Ratio*
Highest 50.00
Median 19.36
Lowest 4.00
IPO Size (Cr.)
Highest 58.50
Median 13.32
Lowest 1.54
  1. *IPOs with Extreme PE (50+) are excluded from the above calculations.
  2. Above summary is for reference only as the same is based on the limited data set.

SME IPOs in 2017

This feature on IPOPlatform.com provides detailed insights into SME IPO listings and funds raised in India on platforms like BSE SME and NSE Emerge. It offers year-wise SME IPO analysis, highlighting the number of IPO SMEs, funds raised, and the role of BRLMs (Book Running Lead Managers), also referred to as merchant bankers in India. The report covers current SME IPOs, recent SME IPOs, and tracks IPO performance based on listing gains and market trends. This data helps businesses and investors stay informed about key developments in the growing IPO SME market.

Company Name IPO Year (Listed) IPO Size (Cr.) Sector PE Ratio City Merchant Banker
SMVD Ploy Pack Limited Dec 2017 9.02 Packaging & Disposables 15.00 Kolkata Corporate Capital Ventures Private Limited -->
Diggi Multitrade Limited Dec 2017 3.38 Banking and Finance 26.00 Mumbai Gretex Corporate Services Limited -->
Kids Medical Systems Limited Dec 2017 6.00 Healthcare - Hospitals and Clinic 31.00 Ahmedabad Gretex Corporate Services Limited -->
Touchwood Entertainment Limited Dec 2017 4.21 Advertising and Media - Events 19.00 New Delhi Corporate Capital Ventures Private Limited -->
MRC Exim Limited Dec 2017 4.50 Steel 150.00 Mumbai Inventure Merchant Banker Services Private Limited -->
Ratnabhumi Developers Limited Dec 2017 23.31 Real Estate 315.00 Ahmedabad Corporate Capital Ventures Private Limited -->
Dynamic Cables Limited Dec 2017 23.38 Ceramic and Stone - Marble, Tiles and Granite 11.00 Jaipur Hem Securities Limited -->
Innovana Thinklabs Limited Dec 2017 7.70 Information Technology - Data Solutions 25.00 Jaipur Swastika Investmart Limited -->
Shradha Infraprojects (Nagpur) Limited Dec 2017 18.93 Real Estate 11.00 Nagpur Aryaman Financial Services Limited -->
ICE Make Refrigeration Limited Dec 2017 23.71 Electric Equipments 15.00 Ahmedabad Vivro Financial Services Private Limited -->
Zodiac Energy Limited Dec 2017 10.14 Power and Energy 19.00 Ahmedabad Swastika Investmart Limited -->
Felix Industries Limited Dec 2017 4.79 Recycling - Waste 45.00 Ahmedabad Monarch Networth Capital Limited -->
Silver Touch Technologies Limited Dec 2017 40.22 Information Technology - Data Solutions 18.00 Ahmedabad Chartered Capital And Investment Limited -->
Ambition Mica Limited Nov 2017 12.60 Furniture 37.00 Ahmedabad Pantomath Capital Advisors Private Limited -->
Sharika Enterprises Limited Nov 2017 13.87 Engineering - EPC 16.00 New Delhi Skyline Financial Services Private Limited -->
Vertoz Advertising Limited Nov 2017 17.11 Advertising and Media 16.00 Mumbai Guiness Corporate Advisors Private Limited -->
Pulz Electronics Limited Nov 2017 3.92 Electric Equipments 9.22 Mumbai Sarthi Capital Advisors Private Limited -->
Sanghvi Brands Limited Nov 2017 18.96 Healthcare - Personal Care 0.00 Pune Sarthi Capital Advisors Private Limited -->
ANI Integrated Services Limited Nov 2017 25.66 Human Resources and Manpower 12.00 Mumbai Hem Securities Limited -->
SecUR Credentials Limited Nov 2017 30.07 Corporate Solutions 20.00 Mumbai Inventure Merchant Banker Services Private Limited -->
Sheetal Cool Products Limited Oct 2017 24.00 Agro - Food Products 36.00 Amreli Guiness Corporate Advisors Private Limited -->
Kaarya Facilities & Services Limited Oct 2017 6.40 Corporate Solutions 23.00 Mumbai First Overseas Capital Limited -->
DP Abhushan Limited Oct 2017 16.61 Jewellery 7.00 Ratlam Hem Securities Limited -->
Milton Industries Limited Oct 2017 14.28 Furniture 12.00 Ahmedabad Swastika Investmart Limited -->
Omfurn India Limited Oct 2017 4.17 Furniture 9.70 Mumbai Sarthi Capital Advisors Private Limited -->
Shree Ganesh Remedies Limited Oct 2017 8.55 Chemical 12.00 Ankleshwar Fedex Securities Private Limited -->
Shreeji Translogistics Limited Oct 2017 12.40 Logistics 28.70 Mumbai Aryaman Financial Services Limited -->
CMM Infraprojects Limited Oct 2017 18.18 Infrastructure 10.00 Indore Systematix Corporate Services Limited -->
Siddharth Education Services Limited Oct 2017 10.88 Banking and Finance 39.00 Mumbai Gretex Corporate Services Limited -->
Tirupati Forge Limited Oct 2017 5.22 Engineering - Automotive 33.00 Rajkot Pantomath Capital Advisors Private Limited -->
Beta Drugs Limited Oct 2017 19.52 Pharmaceutical 14.00 Baddi Pantomath Capital Advisors Private Limited -->
Jash Engineering Limited Oct 2017 48.01 Engineering - EPC 14.00 Indore Systematix Corporate Services Limited -->
IRIS Business Services Limited Oct 2017 16.01 Information Technology - Data Solutions 0.00 Mumbai Pantomath Capital Advisors Private Limited -->
Reliable Data Services Limited Oct 2017 14.82 Information Technology - Data Solutions 30.00 New Delhi Swastika Investmart Limited -->
Goldstar Power Limited Oct 2017 7.25 Electric Equipments 29.00 Jamnagar Pantomath Capital Advisors Private Limited -->
RKEC Projects Limited Oct 2017 28.70 Infrastructure 8.20 Visakhapatnam Hem Securities Limited -->
Mehai Technology Limited Oct 2017 6.00 Electric Equipments 44.00 Chennai Spa Capital Advisors Limited -->
Airo Lam Limited Oct 2017 15.20 Furniture 22.00 Prantij Pantomath Capital Advisors Private Limited -->
Vanta Bioscience Limited Oct 2017 7.56 Pharmaceutical 0.00 Hyderabad Inventure Merchant Banker Services Private Limited -->
Trident Texofab Limited Oct 2017 3.53 Textiles 35.00 Surat Guiness Corporate Advisors Private Limited -->
Share India Securities Limited Oct 2017 26.37 Banking and Finance 12.00 Ghaziabad Hem Securities Limited -->
DP Wires Limited Oct 2017 26.88 Plastic and Polymer 20.00 Ratlam Sarthi Capital Advisors Private Limited -->
Innovative Tyres & Tubes Limited Oct 2017 28.34 Engineering - Automotive 19.00 Panchmahals Pantomath Capital Advisors Private Limited -->
Aarvi Encon Limited Oct 2017 21.24 Human Resources and Manpower 15.00 Mumbai Sarthi Capital Advisors Private Limited -->
Shree Tirupati Balajee FIBC Limited Oct 2017 10.80 Plastic and Polymer 14.00 Pithampur Pantomath Capital Advisors Private Limited -->
Cadsys (India) Limited Oct 2017 14.70 Information Technology 4.80 Hyderabad Saffron Capital Advisors Private Limited -->
RM Drip & Sprinklers Systems Limited Oct 2017 11.46 Engineering 28.00 Nashik Pantomath Capital Advisors Private Limited -->
Madhya Pradesh Today Media Limited Sep 2017 14.17 Advertising and Media 12.90 Bhopal Mark Corporate Advisors Private Limited -->
AKM Lace & Embrotex Limited Sep 2017 4.76 Textiles 53.00 New Delhi Aryaman Financial Services Limited -->
Worth Peripherals Limited Sep 2017 18.28 Packaging & Disposables 9.00 Indore Pantomath Capital Advisors Private Limited -->
Sri Krishna Metcom Limited Sep 2017 19.25 Agro - Food Products 70.00 Ranchi Microsec Capital Limited -->
Manav infra projects Limited Sep 2017 5.51 Infrastructure 20.00 Mumbai Navigant Corporate Advisors Limited -->
Nouritrans Exim Limited Sep 2017 6.12 Agro 61.00 Ahmedabad First Overseas Capital Limited -->
A&M Febcon Limited Sep 2017 6.68 Engineering 36.00 Ahmedabad Gretex Corporate Services Limited -->
Dhruv Wellness Limited Sep 2017 5.57 Pharmaceutical 52.00 Mumbai Gretex Corporate Services Limited -->
Pashupati Cotspin Limited Sep 2017 1.54 Textiles 5.70 Mahesana Hem Securities Limited -->
ANG Lifesciences India Limited Sep 2017 12.01 Pharmaceutical 14.00 Amritsar Guiness Corporate Advisors Private Limited -->
Shish Industries Limited Sep 2017 4.06 Packaging & Disposables 150.00 Surat Corporate Capital Ventures Private Limited -->
Servotech Power Systems Limited Aug 2017 15.13 Electric Equipments 11.00 New Delhi Sarthi Capital Advisors Private Limited -->
Geekay Wires Limited Aug 2017 11.00 Cables and Wires 42.00 Hyderabad Aryaman Financial Services Limited -->
Lexus Granito (India) Limited Aug 2017 25.92 Ceramic and Stone - Marble, Tiles and Granite 17.00 Rajkot Pantomath Capital Advisors Private Limited -->
Ashok Masala Mart Limited Aug 2017 2.01 Agro 43.00 Mumbai Navigant Corporate Advisors Limited -->
Vaishali Pharma Limited Aug 2017 14.23 Pharmaceutical 72.00 Mumbai Pantomath Capital Advisors Private Limited -->
Surevin BPO Services Limited Aug 2017 3.65 Outsourcing - BPO 6.51 Bhopal Hem Securities Limited -->
Total Transport Systems Limited Aug 2017 17.01 Logistics 11.00 Mumbai Sarthi Capital Advisors Private Limited -->
Keerti Knowledge And Skills Limited Aug 2017 4.06 Information Technology 30.00 Mumbai Navigant Corporate Advisors Limited -->
Global Space Technologies Limited Aug 2017 20.02 Information Technology - SaaS 74.00 Mumbai Choice Capital Advisors Private Limited -->
Shanti Overseas (India) Limited Aug 2017 10.02 Agro - Food Products 9.70 Indore Hem Securities Limited -->
Captain Technocast Limited Aug 2017 5.70 Metal 15.00 Rajkot Hem Securities Limited -->
Jigar Cables Limited Jul 2017 5.59 Cables and Wires 0.00 Rajkot Pantomath Capital Advisors Private Limited -->
Univastu India Limited Jul 2017 5.99 Engineering - EPC 17.00 Pune Inventure Merchant Banker Services Private Limited -->
7NR Retails Limited Jul 2017 5.12 Textiles 50.00 Ahmedabad Guiness Corporate Advisors Private Limited -->
Shrenik Limited Jul 2017 21.60 Retail 19.00 Ahmedabad Pantomath Capital Advisors Private Limited -->
GG Engineering Limited Jul 2017 2.23 Engineering 285.00 Mumbai Navigant Corporate Advisors Limited -->
Ace Integrated Solutions Limited Jul 2017 7.20 Corporate Solutions 25.00 New Delhi D And A Financial Services Private Limited -->
Transwind Infrastructures Limited Jul 2017 7.29 Infrastructure 30.00 Ahmedabad Swastika Investmart Limited -->
Bansal Multiflex Limited Jul 2017 6.20 Textiles 44.00 Ahmedabad Pantomath Capital Advisors Private Limited -->
Gautam Exim Limited Jul 2017 3.32 Retail 14.00 Vapi Pantomath Capital Advisors Private Limited -->
Pushpanjali Realms & Infratech Limited Jul 2017 14.55 Real Estate 35.00 Haridwar Sarthi Capital Advisors Private Limited -->
Accord Synergy Limited Jul 2017 5.83 Telecom 7.00 Vadodara Hem Securities Limited -->
Globe Textiles (India) Limited Jun 2017 13.71 Textiles 15.00 Ahmedabad Hem Securities Limited -->
Riddhi Corporate Services Limited Jun 2017 12.35 Telecom 16.00 Ahmedabad Gretex Corporate Services Limited -->
Shri Ram Switchgears Limited Jun 2017 5.07 Electric Equipments 9.80 Ratlam Sarthi Capital Advisors Private Limited -->
Vadivarhe Speciality Chemicals Limited Jun 2017 14.46 Chemical - Speciality 9.00 Nashik Hem Securities Limited -->
Yug Decor Limited May 2017 2.88 Plastic and Polymer 44.00 Ahmedabad Gretex Corporate Services Limited -->
Jalan Transolutions (India) Limited May 2017 17.71 Logistics 16.00 New Delhi Navigant Corporate Advisors Limited and Sarthi Capital Advisors Private Limited -->
Bhakti Gems and Jewellery Limited May 2017 3.92 Jewellery 25.00 Ahmedabad Guiness Corporate Advisors Private Limited -->
Meera Industries Limited May 2017 3.89 Textiles 12.00 Surat Guiness Corporate Advisors Private Limited -->
Zota Health Care Limited May 2017 58.50 Pharmaceutical 40.00 Surat Pantomath Capital Advisors Private Limited -->
CKP Products Limited May 2017 6.24 Agro - Food Products 11.00 Mumbai Aryaman Financial Services Limited -->
Pure Giftcarat Limited May 2017 7.45 Jewellery 185.00 Surat Navigant Corporate Advisors Limited -->
InfoBeans Technologies Limited May 2017 36.78 Information Technology 13.00 Indore Sarthi Capital Advisors Private Limited -->
Panache Digilife Limited Apr 2017 14.58 Information Technology 25.00 Mumbai Pantomath Capital Advisors Private Limited -->
KMS Medisurgi Limited Apr 2017 2.70 Healthcare 60.00 Mumbai Navigant Corporate Advisors Limited -->
Sikko Industries Ltd Apr 2017 5.12 Chemical 17.00 Ahmedabad Swastika Investmart Limited -->
MK Proteins Limited Apr 2017 10.23 Agro - Food Products 53.00 Ambala Sarthi Capital Advisors Private Limited -->
ASL Industries Limited Apr 2017 9.80 Automobile - Forging and Casting 140.00 Kolkata Guiness Corporate Advisors Private Limited -->
Dev Information Technology Limited Apr 2017 6.25 Information Technology 10.00 Ahmedabad Hem Securities Limited -->
Escorp Asset Management Limited Apr 2017 3.24 Banking and Finance 166.00 Mumbai Aryaman Financial Services Limited -->
Focus Lighting And Fixtures Limited Apr 2017 4.05 Electric Equipments 5.00 Mumbai Sarthi Capital Advisors Private Limited -->
Creative Peripherals & Distribution Limited Apr 2017 13.50 Electric Equipments 46.00 Mumbai Pantomath Capital Advisors Private Limited -->
Bohra Industries Limited Apr 2017 25.15 Chemical 16.00 Udaipur Pantomath Capital Advisors Private Limited -->
Relstruct Buildcon Limited Apr 2017 23.36 Real Estate 16600.00 Mumbai Monarch Networth Capital Limited -->
Octaware Technologies Limited Apr 2017 8.60 Information Technology - Data Solutions 14.00 Mumbai Aryaman Financial Services Limited -->
Prime Customer Services Limited Mar 2017 7.28 Corporate Solutions 41.00 Ahmedabad Aryaman Financial Services Limited -->
Oceanic Foods Limited Mar 2017 6.50 Agro - Food Products 32.00 Jamnagar Pantomath Capital Advisors Private Limited -->
Euro India Fresh Foods Limited Mar 2017 51.26 FMCG - Snacks and Beverages 0.00 Surat Pantomath Capital Advisors Private Limited -->
Laxmi Cotspin Limited Mar 2017 9.60 Textiles 8.00 Jalna Hem Securities Limited -->
Maximus International Limited Mar 2017 3.77 Chemical 34.00 Vadodara Aryaman Financial Services Limited -->
Manas Properties Limited Mar 2017 39.96 Real Estate 79.00 Mumbai Aryaman Financial Services Limited -->
Chemcrux Enterprises Limited Mar 2017 2.40 Chemical 4.00 Vadodara Pantomath Capital Advisors Private Limited -->
Manomay Tex India Limited Mar 2017 11.41 Textiles 11.00 Bhilwara Pantomath Capital Advisors Private Limited -->
Jash Dealmark Limited Mar 2017 5.40 FMCG 71.00 Mumbai Gretex Corporate Services Limited -->
Sarthak Metals Limited Mar 2017 10.91 Metal 8.00 Bhilai Guiness Corporate Advisors Private Limited -->
Airan Limited Mar 2017 14.85 Information Technology - Data Solutions 25.00 Ahmedabad Swastika Investmart Limited -->
IFL Enterprises Limited Mar 2017 3.25 Banking and Finance 11.00 New Delhi Aryaman Financial Services Limited -->
Akash Infra Projects Limited Mar 2017 25.50 Infrastructure 34.00 Gandhinagar Tipsons Consultancy Services Private Limited -->
RMC Switchgears Limited Mar 2017 4.15 Electric Equipments 8.00 Jaipur Hem Securities Limited -->
Sanginita Chemicals Limited Mar 2017 10.05 Chemical 26.00 Gandhinagar Swastika Investmart Limited -->
Nitiraj Engineers Limited Mar 2017 22.01 Electric Equipments 9.00 Mumbai Arihant Capital Markets Limited -->
Global Education Limited Mar 2017 10.25 Education - Edtech 6.00 Nagpur Hem Securities Limited -->
Tanvi Foods (India) Limited Mar 2017 6.60 FMCG - Snacks and Beverages 24.00 Hyderabad Aryaman Financial Services Limited -->
Krishana Phoschem Limited Feb 2017 19.73 Chemical 12.00 Bhilwara Hem Securities Limited -->
Steel City Securities Limited Feb 2017 26.99 Corporate Solutions 14.00 Visakhapatnam Keynote Financial Services Limited -->
Madhav Copper Limited Feb 2017 4.48 Cables and Wires 14.00 Bhavnagar Pantomath Capital Advisors Private Limited -->
Super Fine Knitters Limited Feb 2017 4.08 Textiles 14.00 Ludhiana Guiness Corporate Advisors Private Limited -->
Maheshwari Logistics Limited Jan 2017 27.17 Logistics 10.00 Vapi Pantomath Capital Advisors Private Limited -->
Prolife Industries Limited Jan 2017 4.22 Chemical 22.00 Ankleshwar Swastika Investmart Limited -->
Libas Designs Limited Jan 2017 13.60 Textiles 48.00 Mumbai Sarthi Capital Advisors Private Limited -->
Veeram Ornaments Limited Jan 2017 5.12 Jewellery 17.00 Ahmedabad Gretex Corporate Services Limited -->

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SME IPO

Upcoming SME IPOs in India

The below mentioned are the forthcoming SME IPOs for which DRHPs have been filed recently and are in process of approval by the BSE SME or NSE Emerge exchange.

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*The Revenue and PAT figures mentioned above are on the Annualised basis.

FAQs

Mainboard IPO

To list on the NSE for a Mainboard IPO, a company must have ₹10 crore paid-up capital, ₹25 crore market capitalization, a 3-year track record, and comply with legal requirements, with no insolvency or debt defaults.

To list on the BSE, the company must have ₹10 crore paid-up capital, raise at least ₹10 crore in the IPO, and have a ₹25 crore market capitalization post-issue.

For more details, please refer to Link https://www.ipoplatform.com/blogs/difference-between-mainboard-and-sme-ipo/127

SME IPO 

To list on NSE Emerge and BSE SME, a company’s post-issue capital should not exceed to Rs 25 crore a 3-year track record, and profit in 2 of the last 3 years. The company must have, ₹1 crore net worth, ₹3 crore net tangible assets, and at least 1 year of operating profit or a 3-year track record from its predecessor.

For details on NSE SME eligibility, refer to Link https://www.ipoplatform.com/blogs/nse-sme-eligibility-criteria/135

For details on BSE SME eligibility criteria, refer to link https://www.ipoplatform.com/blogs/bse-sme-eligibility-criteria/134

Valuation of a company for an IPO depends on several factors, including:

  • Revenue: Positive revenue often leads to positive profit (PAT), affecting the P/E ratio.
  • Growth Potential: A company’s ability to expand revenue and profits based on market demand and strategies.
  • Market Conditions: The overall market environment at the time of the IPO.
  • Industry: The company’s industry and its trends, which influence the P/E multiple and valuation.

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  • IPO process includes filing DRHP which gives details on the utilizations of the funds in its objects of offer section. Generally, the funds are utilized towards working capital, capital expansion and repayment of debt.

When a company raises funds through an IPO (Initial Public Offering), following things should be kept in mind;

  1. Separate Bank Account: All the money raised from the IPO must be kept in a separate bank account.
  2. Usage of Funds: The company must clearly show how the raised money was spent in its financial reports, including the purpose of each expenditure.
  3. Unutilized Funds: If any money from the IPO is not used, the company must disclose where and how those funds are being kept or invested.

The merchant banker must have to provide the details of utilization to SEBI. 

IPO advisors or SME IPO Consultants play a crucial role in guiding the company through the IPO process. They assist with structuring the offering, preparing necessary documentation, IPO pricing with fair valuations, ensuring regulatory compliance, due diligence activity, and helping market the IPO to potential investors. Their expertise ensures a smooth and successful public listing.

IPO platform in India provides information on upcoming IPOs on NSE Emerge and BSE SME and list of merchant bankers and anchor investors. Role of IPO advisor is important in the success of the listings. 

Understand the role of IPO Advisors

Pre IPO-Issue also has to comply with SEBI ICDR regulations.

A pre-IPO company might get eventually listed on NSE Emerge, BSE SME or mainboard platform of the stock exchanges by fulfilling the NSE/BSE eligibility criteria. Best Merchant Bankers in India have the role and responsibility for launching IPO.

For further details refer this link https://www.ipoplatform.com/blogs/what-is-pre-ipo-investment-and-role-of-ipo-advisors/142