49  Total SME IPOs listed in 2025

2,236.81 Crs.  Total funds raised in 2025

33  SME IPOs listed with Gain in 2025

16  SME IPOs listed with loss in 2025

49  Total SME IPOs listed in 2025

2236.81 Crs.  Total funds raised in 2025

33  SME IPOs listed with Gain in 2025

16  SME IPOs listed with loss in 2025

49  Total SME IPOs listed in 2025

2236.81 Crs.  Total funds raised in 2025

33  SME IPOs listed with Gain in 2025

16  SME IPOs listed with loss in 2025

49  Total SME IPOs listed in 2025

2236.81 Crs.  Total funds raised in 2025

33  SME IPOs listed with Gain in 2025

16  SME IPOs listed with loss in 2025

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Summary

PE Ratio*
Highest 50.00
Median 20.20
Lowest 4.00
IPO Size (Cr.)
Highest 92.74
Median 16.89
Lowest 1.17
  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 2018

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
Shankar Lal Rampal Dye-Chem Limited Dec 2018 7.29 Chemical 4.00 Bhilwara Finshore Management Services Limited -->
DRS Dilip Roadlines Limited Dec 2018 31.50 Logistics 20.00 Hyderabad Aryaman Financial Services Limited -->
Diksha Greens Limited Dec 2018 13.32 Furniture 36.00 Kolkata Finshore Management Services Limited -->
Shubhlaxmi Jewel Art Limited Dec 2018 6.51 Jewellery 24.00 Bhavnagar Pantomath Capital Advisors Private Limited -->
Shree Krishna Infrastructure Limited Dec 2018 1.17 Infrastructure 433.00 Narmada Finshore Management Services Limited -->
Roni Households Limited Dec 2018 3.00 Plastic and Polymer 181.00 Jalgaon Aryaman Financial Services Limited -->
BCPL Railway Infrastructure Limited (BRIL) Oct 2018 17.01 Infrastructure 10.00 Kolkata Gretex Corporate Services Limited -->
Ahlada Engineers Ltd Oct 2018 51.08 Furniture 24.00 Hyderabad Saffron Capital Advisors Private Limited -->
Ultra Wiring Connectivity Systems Limited Oct 2018 4.82 Automobile 13.00 Faridabad D And A Financial Services Private Limited -->
Veeram Infra Engineering Limited Limited (VIEL) Oct 2018 10.74 Real Estate 49.00 Ahmedabad First Overseas Capital Limited -->
Iris Clothings Limited Oct 2018 11.07 Textiles 9.00 Kolkata Vc Corporate Advisors Private Limited (Vcapl) -->
S. M. Gold Limited Oct 2018 7.50 Jewellery 23.00 Ahmedabad First Overseas Capital Limited -->
Sun Retail Limited Oct 2018 10.12 Agro 95.00 Ahmedabad Fedex Securities Private Limited -->
B&B Triplewall Containers Limited Oct 2018 19.99 Packaging & Disposables 16.00 Bangalore Gretex Corporate Services Limited -->
AKI India Limited Oct 2018 3.08 Retail 10.00 Kanpur Finshore Management Services Limited -->
Shubham Polyspin Limited Oct 2018 6.00 Textiles 15.00 Mahesana Beeline Capital Advisors Private Limited -->
Marine Electricals (India) Limited Oct 2018 42.87 Electric Equipments 10.00 Mumbai Aryaman Financial Services Limited -->
Vinny Overseas Limited Oct 2018 10.38 Textiles 12.00 Ahmedabad Pantomath Capital Advisors Private Limited -->
Silgo Retail Limited Oct 2018 4.88 Jewellery 19.00 Jaipur Aryaman Financial Services Limited -->
Dolfin Rubbers Limited Oct 2018 5.20 Rubber 15.00 Ludhiana Guiness Corporate Advisors Private Limited -->
A-1 Acid Limited Oct 2018 18.00 Chemical 24.00 Ahmedabad Guiness Corporate Advisors Private Limited -->
Kritika Wires Limited Oct 2018 15.40 Cables and Wires 12.00 Kolkata Hem Securities Limited -->
Parin Furniture Limited Oct 2018 18.90 Furniture 17.00 Rajkot Hem Securities Limited -->
Kshitij Polyline Limited Oct 2018 8.75 Plastic and Polymer 29.00 Mumbai Monarch Networth Capital Limited -->
Rajnandini Metal Limited Oct 2018 4.27 Metal 17.00 Faridabad Corporate Capital Ventures Private Limited -->
Innovative Ideals and Services (India) Limited Oct 2018 12.26 Electric Equipments 15.00 Mumbai Pantomath Capital Advisors Private Limited -->
Sky Gold Limited Oct 2018 25.56 Jewellery 37.00 Mumbai Aryaman Financial Services Limited -->
Mac Hotels Limited Oct 2018 1.94 Hotels and Resorts 18.00 Panaji Gretex Corporate Services Limited -->
Manorama Industries Limited Oct 2018 64.00 Agro 20.00 Mumbai Pantomath Capital Advisors Private Limited -->
Spectrum Electrical Industries Limited Oct 2018 25.87 Electric Equipments 17.00 Jalgaon Arihant Capital Markets Limited -->
Ranjeet Mechatronics Limited Sep 2018 4.50 Engineering 18.00 Ahmedabad Beeline Capital Advisors Private Limited -->
Akg Exim Limited Sep 2018 5.52 Agro 20.00 New Delhi Navigant Corporate Advisors Limited -->
Rajshree Polypack Limited Sep 2018 35.52 Plastic and Polymer 15.00 Mumbai PL Capital Markets Private Limited -->
Synergy Green Industries Limited Sep 2018 26.46 Steel 21.00 Kolhapur Swastika Investmart Limited -->
Lagnam Spintex Limited Sep 2018 24.60 Textiles 12.00 Bhilwara Boi Merchant Bankers Limited and Holani Consultants Private Limited -->
Add-Shop Promotions Limited Sep 2018 6.23 Healthcare - Ayurvedic 26.00 Rajkot Fedex Securities Private Limited -->
Sumit Woods Limited Sep 2018 18.24 Real Estate 9.00 Mumbai Mark Corporate Advisors Private Limited -->
Marshall Machines Limited Sep 2018 16.25 Engineering 12.00 Ludhiana Sarthi Capital Advisors Private Limited -->
Supreme Engineering Ltd Sep 2018 17.78 Cables and Wires 17.00 Mumbai Ckp Financial Services Private Limited -->
Aaron Industries Limited Sep 2018 4.78 Engineering 16.00 Surat Gretex Corporate Services Limited -->
Dangee Dums Limited Sep 2018 20.07 FMCG - Snacks and Beverages 49.00 Ahmedabad Monarch Networth Capital Limited -->
Powerful Technologies Limited Aug 2018 13.55 Electric Equipments 11.00 New Delhi Finshore Management Services Limited -->
Sungold Media and Entertainment Limited Aug 2018 1.35 Information Technology - Data Solutions 1515.00 Narmada Finshore Management Services Limited -->
Deep Polymers Limited Aug 2018 15.24 Plastic and Polymer 22.00 Gandhinagar Gretex Corporate Services Limited -->
Saketh Exim Limited Aug 2018 9.44 Steel 32.00 Mumbai Aryaman Financial Services Limited -->
Ushanti Colour Chem Limited Aug 2018 11.56 Chemical 18.00 Ahmedabad Pantomath Capital Advisors Private Limited -->
Ganesh Films India Limited Jul 2018 8.42 Advertising and Media 151.00 Mumbai Fedex Securities Private Limited -->
Supershakti Metaliks Limited Jul 2018 60.01 Steel 17.00 Kolkata Aryaman Financial Services Limited -->
Avon Moldplast Limited Jul 2018 4.51 Furniture 20.00 Ghaziabad Turnaround Corporate Advisors Private Limited -->
Raw Edge Industrial Solutions Ltd Jul 2018 16.50 Minerals 37.00 Mumbai Guiness Corporate Advisors Private Limited -->
Ambani Organics Limited Jul 2018 9.03 Chemical - Speciality 18.00 Mumbai Aryaman Financial Services Limited -->
Rudrabhishek Enterprises Limited Jul 2018 18.73 Infrastructure 27.00 New Delhi Corporate Capital Ventures Private Limited -->
Ganga Forging Limited Jul 2018 5.00 Automobile - Forging and Casting 32.00 Rajkot Pantomath Capital Advisors Private Limited -->
Jakharia Fabric Limited Jul 2018 19.66 Textiles 29.00 Mumbai Aryaman Financial Services Limited -->
Rajnish Wellness Limited Jul 2018 11.98 Healthcare - Personal Care 25.00 Mumbai Navigant Corporate Advisors Limited -->
Bright Solar Limited Jul 2018 19.44 Solar - Panels 11.00 Ahmedabad Swastika Investmart Limited -->
Accuracy Shipping Limited Jun 2018 35.76 Logistics 13.00 Kachchh Pantomath Capital Advisors Private Limited -->
Priti International Limited Jun 2018 5.26 Furniture 18.00 Jodhpur Pantomath Capital Advisors Private Limited -->
ShreeOswal Seeds & Chemicals Limited Jun 2018 11.90 Agro 17.00 Neemuch Pantomath Capital Advisors Private Limited -->
Sonam Clock Limited Jun 2018 10.11 Engineering 12.00 Morbi Hem Securities Limited -->
Waa Solar Limited Jun 2018 28.18 Solar 30.00 Vadodara Guiness Corporate Advisors Private Limited -->
Palm Jewels Limited Jun 2018 8.90 Jewellery 46.00 Ahmedabad First Overseas Capital Limited -->
Nakoda Group of Industries Limited Jun 2018 6.48 Agro 18.00 Nagpur Pantomath Capital Advisors Private Limited -->
Latteys Industries Limited Jun 2018 4.44 Engineering 102.00 Jaipur Gretex Corporate Services Limited -->
Debock Sales and Marketing Ltd Jun 2018 8.06 Engineering 53.00 Ahmedabad Pantomath Capital Advisors Private Limited -->
Arihant Institute Limited Jun 2018 7.50 Education - Edtech 200.00 Ahmedabad Monarch Networth Capital Limited -->
Suumaya Lifestyle Limited Jun 2018 3.40 Textiles 19.00 Mumbai Gretex Corporate Services Limited -->
Affordable Robotic & Automation Limited Jun 2018 31.17 Engineering - Automotive 17.00 Pune Pantomath Capital Advisors Private Limited -->
Shree Vasu Logistics Limited Jun 2018 9.29 Logistics 14.00 Raipur Pantomath Capital Advisors Private Limited -->
Sirca Paints India Limited May 2018 77.92 Chemical - Paint and Adhesives 15.00 New Delhi Navigant Corporate Advisors Limited -->
Innovators Facade Systems Limited May 2018 40.75 Home Decor 18.00 Mumbai Pantomath Capital Advisors Private Limited -->
Megastar Foods Limited May 2018 8.04 Agro - Food Products 25.00 Chandigarh Swastika Investmart Limited -->
U. H. Zaveri Limited May 2018 7.99 Jewellery 20.00 Ahmedabad First Overseas Capital Limited -->
Five Core Electronics Limited May 2018 46.66 Information Technology - Hardware 13.00 New Delhi Sarthi Capital Advisors Private Limited -->
Milestone Furniture Limited May 2018 14.84 Furniture 34.00 Mumbai Monarch Networth Capital Limited -->
E2E Networks Limited May 2018 21.99 Information Technology - Data Solutions 12.00 Faridabad Holani Consultants Private Limited -->
Godha Cabcon & Insulation Limited May 2018 9.90 Engineering 12.00 Indore Mark Corporate Advisors Private Limited -->
Indo US Bio-Tech Limited May 2018 7.29 Agro - Food Products 19.00 Ahmedabad Swastika Investmart Limited -->
Akshar Spintex Limited May 2018 26.99 Textiles 20.00 Jamnagar Pantomath Capital Advisors Private Limited -->
SoftTech Engineers Limited May 2018 22.81 Information Technology - SaaS 17.00 Pune Pantomath Capital Advisors Private Limited -->
Dhruv Consultancy Services Limited May 2018 23.19 Infrastructure 11.00 Mumbai Hem Securities Limited -->
Dr Lalchandani Labs Limited May 2018 4.20 Healthcare 10.00 New Delhi Navigant Corporate Advisors Limited -->
Aakash Exploration Services Limited Apr 2018 10.08 Oil and Gas 41.00 Ahmedabad Monarch Networth Capital Limited -->
Mahickra Chemicals Limited Apr 2018 5.25 Chemical 37.00 Ahmedabad Pantomath Capital Advisors Private Limited -->
Garv Industries Limited Apr 2018 3.20 Aluminium 161.00 New Delhi Aryaman Financial Services Limited -->
Bombay Super Hybrid Seeds Limited Apr 2018 10.39 Agro - Plantation 73.00 Rajkot Monarch Networth Capital Limited -->
Penta Gold Limited Apr 2018 13.32 Jewellery 18.00 Ahmedabad Inventure Merchant Banker Services Private Limited -->
Power & Instrumentation (Gujarat) Limited Apr 2018 6.15 Engineering - EPC 12.00 Ahmedabad Navigant Corporate Advisors Limited -->
Narmada Agrobase Limited Apr 2018 7.48 Agro 57.00 Ahmedabad Corporate Capital Ventures Private Limited -->
S.S. Infrastructure Development Consultants Limited Apr 2018 17.11 Infrastructure 10.00 Hyderabad Pantomath Capital Advisors Private Limited -->
MMP Industries Limited Apr 2018 84.60 Aluminium 20.00 Nagpur Guiness Corporate Advisors Private Limited -->
Vera Synthetic Limited Apr 2018 5.34 Plastic and Polymer Bhavnagar Pantomath Capital Advisors Private Limited -->
Soni Soya Products Limited Apr 2018 4.50 Agro - Food Products 9.00 Indore Pantomath Capital Advisors Private Limited -->
AVG Logistics Limited Apr 2018 33.06 Logistics 16.00 New Delhi Systematix Corporate Services Limited -->
Taylormade Renewables Limited Apr 2018 11.34 Solar 20.00 Ahmedabad Guiness Corporate Advisors Private Limited -->
Orissa Bengal Carrier Limited Apr 2018 16.69 Logistics 9.00 Raipur Guiness Corporate Advisors Private Limited -->
Continental Seeds and Chemicals Limited Apr 2018 4.21 Agro - Plantation 17.00 New Delhi Navigant Corporate Advisors Limited -->
Lex Nimble Solutions Limited Apr 2018 6.34 Information Technology - Data Solutions 114.00 Hyderabad Quintessence Enterprises Private Limited -->
Kapston Facilities Management Limited Apr 2018 21.20 Outsourcing 14.00 Hyderabad Ckp Financial Services Private Limited -->
Benara Bearings & Pistons Ltd Apr 2018 33.49 Engineering - Automotive 14.00 Agra Pantomath Capital Advisors Private Limited -->
Yasho Industries Limited Apr 2018 28.99 Chemical 28.00 Mumbai Aryaman Financial Services Limited -->
Mittal Life Style Ltd Apr 2018 4.41 Textiles 24.00 Mumbai Sarthi Capital Advisors Private Limited -->
Giriraj Civil Developers Limited Apr 2018 9.00 Infrastructure 18.00 Mumbai Aryaman Financial Services Limited -->
Uravi T and Wedge Lamps Limited Mar 2018 15.00 Engineering - Automotive 17.00 Mumbai Aryaman Financial Services Limited -->
Advitiya Trade India Limited Mar 2018 4.31 Aluminium 27.00 New Delhi Aryaman Financial Services Limited -->
Ridings Consulting Engineers India Limited Mar 2018 6.22 Corporate Solutions 25.00 New Delhi Swastika Investmart Limited -->
Active Clothing Co Limited Mar 2018 26.56 Textiles 26.00 Mohali Ajcon Global Services Limited -->
Marvel Decor Limited Mar 2018 26.26 Home Decor 34.00 Jamnagar Sarthi Capital Advisors Private Limited -->
Tara Chand Logistic Solutions Limited Mar 2018 20.46 Logistics 12.00 Chandigarh Hem Securities Limited -->
Macpower CNC Machines Limited Mar 2018 36.61 Engineering 11.00 Rajkot Pantomath Capital Advisors Private Limited -->
Shreeshay Engineers Limited Mar 2018 5.40 Real Estate 75.00 Mumbai Aryaman Financial Services Limited -->
Inflame Appliances Limited Mar 2018 6.48 Engineering 22.00 Solan Swastika Investmart Limited -->
Sarveshwar Foods Limited Mar 2018 54.97 Agro - Food Products 13.00 Jammu Asit C. Mehta Investment Interrmediates Limited and Keynote Financial Services Limited -->
Uniinfo Telecom Services Limited Mar 2018 20.01 Telecom 13.00 Indore Systematix Corporate Services Limited -->
East India Securities Limited Mar 2018 92.74 Banking and Finance 9.00 Kolkata Finshore Management Services Limited -->
Hindcon Chemicals Limited Mar 2018 7.73 Chemical 7.00 Kolkata Hem Securities Limited -->
CKP Leisure Limited Mar 2018 11.54 Hotels and Resorts 20.00 Mumbai Aryaman Financial Services Limited -->
Angel Fibers Limited Mar 2018 18.22 Textiles 13.00 Rajkot Guiness Corporate Advisors Private Limited -->
Banka BioLoo Limited Feb 2018 12.63 Recycling - Waste 74.00 Hyderabad Aryaman Financial Services Limited -->
Arvee Laboratories (India) Limited Feb 2018 8.91 Chemical - Speciality 52.00 Ahmedabad Sarthi Capital Advisors Private Limited -->
Tasty Dairy Specialities Limited Feb 2018 24.44 Agro - Food Products 19.00 Kanpur Mark Corporate Advisors Private Limited -->
Bhatia Communications & Retail (India) Limited Feb 2018 24.75 Retail 35.00 Surat Guiness Corporate Advisors Private Limited -->
South West Pinnacle Exploration Limited Feb 2018 35.86 Minerals 17.00 New Delhi Pantomath Capital Advisors Private Limited -->
Mohini Health & Hygiene Limited Feb 2018 20.71 Healthcare 11.00 Dhar Pantomath Capital Advisors Private Limited -->
Kenvi Jewels Limited Feb 2018 6.70 Jewellery 21.00 Ahmedabad First Overseas Capital Limited -->
Sintercom India Limited Feb 2018 42.55 Engineering - Automotive 27.00 Pune Pantomath Capital Advisors Private Limited -->
Lorenzini Apparels Limited Feb 2018 4.47 Textiles 12.00 New Delhi Fedex Securities Private Limited -->
A and M Jumbo Bags Limited Feb 2018 4.00 Packaging & Disposables 36.00 Ahmedabad Pantomath Capital Advisors Private Limited -->
Focus Suits Solutions & Services Limited Feb 2018 6.49 Corporate Solutions 14.00 Bangalore Pantomath Capital Advisors Private Limited -->
Medico Remedies Limited Feb 2018 10.99 Pharmaceutical 52.00 Mumbai Aryaman Financial Services Limited -->
Gujarat Hy-Spin Limited Feb 2018 4.45 Textiles 50.00 Rajkot Pantomath Capital Advisors Private Limited -->
Gautam Gems Limited Feb 2018 7.56 Jewellery 32.00 Surat First Overseas Capital Limited -->
Vasa Retail and Overseas Limited Feb 2018 4.80 Retail 12.00 Mumbai Hem Securities Limited -->
Ashoka Metcast Limited Feb 2018 12.00 Oil and Gas 26.00 Ahmedabad Aryaman Financial Services Limited -->
Shree Ram Protiens Ltd Feb 2018 19.90 Agro 86.00 Rajkot Pantomath Capital Advisors Private Limited -->
Solex Energy Limited Feb 2018 7.18 Solar 27.00 Anand Swastika Investmart Limited -->
CRP Risk Management Limited Jan 2018 30.82 Banking and Finance - FinTech 21.00 Mumbai Inventure Merchant Banker Services Private Limited -->
S K S Textiles Limited Jan 2018 13.32 Textiles 21.00 Mumbai Aryaman Financial Services Limited -->
Silly Monks Entertainment Limited Jan 2018 15.12 Advertising and Media 32.00 Hyderabad Aryaman Financial Services Limited -->
Jhandewalas Foods Limited Jan 2018 16.01 Agro - Food Products 24.00 Jaipur Guiness Corporate Advisors Private Limited -->
Rithwik Facility Management Services Limited Jan 2018 4.05 Real Estate 64.00 Chennai Inventure Merchant Banker Services Private Limited -->
Brand Concepts Limited Jan 2018 12.62 Retail Mumbai Sarthi Capital Advisors Private Limited -->
Moksh Ornaments Limited Jan 2018 11.03 Jewellery 12.00 Mumbai Guiness Corporate Advisors Private Limited -->
Ajooni Biotech Limited Jan 2018 6.59 Agro 45.00 Mohali Navigant Corporate Advisors Limited -->

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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.

See more >

*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.

Learn More

  • 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