51  Total SME IPOs listed in 2025

2,358.51 Crs.  Total funds raised in 2025

35  SME IPOs listed with Gain in 2025

16  SME IPOs listed with loss in 2025

51  Total SME IPOs listed in 2025

2358.51 Crs.  Total funds raised in 2025

35  SME IPOs listed with Gain in 2025

16  SME IPOs listed with loss in 2025

51  Total SME IPOs listed in 2025

2358.51 Crs.  Total funds raised in 2025

35  SME IPOs listed with Gain in 2025

16  SME IPOs listed with loss in 2025

51  Total SME IPOs listed in 2025

2358.51 Crs.  Total funds raised in 2025

35  SME IPOs listed with Gain in 2025

16  SME IPOs listed with loss in 2025

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Summary

PE Ratio*
Highest 30.00
Median 24.35
Lowest 20.10
IPO Size (Cr.)
Highest 186.16
Median 28.44
Lowest 1.12
  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 by PE Multiple

The total amount of funds that a company can raise through its IPO depends on the valuation of the company. For SME IPO in India, valuation is the most important step that decides the IPO Issue Size. IPO valuation determines the share price at which the shares would be issued to the investors. IPO valuation process is done with the expertise of SME Merchant Bankers along with the IPO Advisors. P/E multiple is used to arrive at the valuation which is a combination of factors like past performance, future profit generation and sector outlook. An appropriate and fair valuation is important for a successful IPO and long term market cap appreciation. Company peer comparison in the same sector indicates about the price of the IPO being relatively overpriced or underpriced. It is to be noted that Pre IPO valuation comes at a discount to IPO but Pre IPO funds are critical to fuel a company’s growth.

All
Low (1-10)
Average (10-20)
Moderately High (20-30)
Very High (30-50)
Extreme (50+)
Company Name IPO Year (Listed) IPO Size (Cr.) Sector PE Ratio City Merchant Banker
Active Infrastructures Limited Mar 2025 77.83 Infrastructure 24.48 Nagpur Kreo Capital Private Limited
Grand Continent Hotels Limited Mar 2025 74.46 Hotels and Resorts 20.67 Chennai Indorient Financial Services Limited
Divine Hira Jewellers Limited Mar 2025 31.84 Jewellery 23.50 Mumbai Horizon Management Private Limited
Shreenath Paper Products Limited Mar 2025 23.36 Paper and Stationery 26.97 Aurangabad Galactico Corporate Service Limited
Tejas Cargo India Limited Feb 2025 105.84 Logistics 22.95 New Delhi New Berry Capitals Private Limited
Royal Arc Electrodes Limited Feb 2025 36.00 Cables and Wires 20.98 Mumbai Fedex Securities Private Limited
Maxvolt Energy Industries Limited Feb 2025 54.00 Electric Equipments 20.57 New Delhi Smart Horizon Capital Advisors Private Limited
Voler Car Limited Feb 2025 27.00 Logistics 20.17 Kolkata GYR Capital Advisors Private Limited
Solarium Green Energy Limited Feb 2025 105.04 Solar 26.36 Ahmedabad Beeline Capital Advisors Private Limited
CLN Energy Limited Jan 2025 72.30 Engineering - Automotive 26.95 New Delhi Aryaman Financial Services Limited
Rexpro Enterprises Limited Jan 2025 53.65 Furniture 21.04 Mumbai Horizon Management Private Limited
Capital Numbers Infotech Limited Jan 2025 169.37 Information Technology - Data Solutions 23.50 Kolkata GYR Capital Advisors Private Limited
Ema Partners India Limited Jan 2025 76.01 Human Resources and Manpower 21.98 Mumbai Indorient Financial Services Limited
Sat Kartar Shopping Limited Jan 2025 33.80 Healthcare - Ayurvedic 20.23 New Delhi Narnolia Financial Services Limited
Delta Autocorp Limited Jan 2025 54.60 Electric Equipments 24.11 Bardhaman GYR Capital Advisors Private Limited
Technichem Organics Limited Jan 2025 25.25 Chemical 20.15 Ahmedabad Shreni Shares Limited
Agarwal Toughened Glass India Limited Dec 2024 62.64 Glass 21.03 Jaipur Cumulative Capital Private Limited
Paramount Dye Tec Limited Oct 2024 28.43 Textiles 22.94 Ludhiana Gretex Corporate Services Limited
Saj Hotels Limited Oct 2024 27.63 Hotels and Resorts 27.98 Satara Corpwis Advisors Private Limited
Nexxus Petro Industries Limited Oct 2024 19.43 Chemical 20.94 Ahmedabad Srujan Alpha Capital Advisors Llp
TechEra Engineering LImited Oct 2024 35.90 Defence 28.09 Pune SKI Capital Services Limited
Sahasra Electronics Solutions Limited Oct 2024 186.16 Information Technology - Hardware 21.68 New Delhi Hem Securities Limited
Rappid Valves (India) Limited Sep 2024 30.41 Valves 27.89 Mumbai Shreni Shares Limited
Avi Ansh Textile Limited Sep 2024 25.99 Textiles 26.16 New Delhi 3Dimesnion Capital Services Limited
Phoenix Overseas Limited Sep 2024 36.03 Agro 22.51 Kolkata Khandwala Securities Limited
Deccan Transcon Leasing Limited Sep 2024 65.06 Logistics 20.76 Hyderabad Unistone Capital Private Limited
Popular Foundations Limited Sep 2024 19.87 Infrastructure 21.68 Chennai Srujan Alpha Capital Advisors Llp
SPP Polymer Limited Sep 2024 24.49 Packaging & Disposables 24.86 New Delhi Interactive Financial Services Limited
Share Samadhan Limited Sep 2024 24.06 Banking and Finance - FinTech 23.22 New Delhi Narnolia Financial Services Limited
Namo eWaste Management Limited Sep 2024 51.20 ESG - Waste 28.46 New Delhi Hem Securities Limited
Naturewings Holidays Limited Sep 2024 7.03 Travel and Tourism 20.90 Kolkata Fedex Securities Private Limited
Boss Packaging Solutions Limited Sep 2024 8.41 Packaging & Disposables 29.04 Ahmedabad Fedex Securities Private Limited
Aeron Composite Limited Sep 2024 56.10 Plastic and Polymer 20.70 Ahmedabad Hem Securities Limited
Indian Phosphate Limited Sep 2024 67.36 Chemical 20.44 Udaipur Beeline Capital Advisors Private Limited
QVC Exports Limited Aug 2024 24.07 Metal 22.89 Kolkata Khandwala Securities Limited
Forcas Studio Limited Aug 2024 37.44 Textiles 25.08 Kolkata Horizon Management Private Limited
Broach Lifecare Hospital Aug 2024 4.02 Healthcare - Hospitals and Clinic 21.75 Bharuch Fedex Securities Private Limited
Solve Plastic Products Aug 2024 11.85 Plastic and Polymer 28.12 Kollam Finshore Management Services Limited
Positron Energy Limited Aug 2024 51.21 Oil and Gas 21.62 Gandhinagar Beeline Capital Advisors Private Limited
Picture Post Studios Limited Aug 2024 18.72 Film and Animation - VFX 20.47 Mumbai Shreni Shares Limited
Dhariwalcorp Limited Aug 2024 25.15 Chemical 21.06 Jodhpur Shreni Shares Limited
Utssav Cz Gold Jewels Limited Aug 2024 69.50 Jewellery 20.33 Mumbai Choice Capital Advisors Private Limited
Bulkcorp International Limited Aug 2024 20.78 Packaging & Disposables 22.17 Ahmedabad Swastika Investmart Limited
Kizi Apparels Limited Aug 2024 5.58 Textiles 22.74 Jaipur Interactive Financial Services Limited
RNFI Services Limited Jul 2024 70.81 Banking and Finance - FinTech 26.30 New Delhi Choice Capital Advisors Private Limited
Kataria Industries Limited Jul 2024 54.58 Cables and Wires 20.63 Vadodara Interactive Financial Services Limited
Tunwal E-Motors Limited Jul 2024 115.64 Engineering - Automotive 27.62 Pune Horizon Management Private Limited
Ganesh Green Bharat Limited Jul 2024 125.23 Electric Equipments 23.33 Ahmedabad Hem Securities Limited
Ambey Laboratories Limited Jul 2024 44.68 Chemical - Pesticides 23.54 New Delhi Fast Track Finsec Private Limited
Akiko Global Services Limited Jul 2024 23.11 Banking and Finance 21.50 New Delhi Fast Track Finsec Private Limited
Shivalic Power Control Limited Jul 2024 64.32 Power and Energy 23.79 Faridabad Corporate Capital Ventures Private Limited
Durlax Top Surface Limited Jun 2024 40.80 Furniture 22.39 Mumbai Expert Global Consultants Private Limited
Sattrix Information Security Limited Jun 2024 21.78 Information Technology - Data Solutions 22.18 Ahmedabad Isk Advisors Private Limited
Aimtron Electronics Limited Jun 2024 87.02 Electric Equipments 24.67 Vadodara Hem Securities Limited
Beacon Trusteeship Limited Jun 2024 32.52 Banking and Finance 20.99 Mumbai Beeline Capital Advisors Private Limited
GSM Foils Limited May 2024 11.01 Packaging & Disposables 24.64 Mumbai Shreni Shares Limited
Mandeep Auto Industries Limited May 2024 25.25 Engineering - Automotive 21.97 Faridabad Jawa Capital Services Private Limited
Emmforce Autotech Limited Apr 2024 53.90 Engineering - Automotive 22.90 Panchkula Beeline Capital Advisors Private Limited
Yash Optics & Lens Limited Apr 2024 53.15 Healthcare 23.74 Mumbai Shreni Shares Limited
Radiowalla Network Limited Apr 2024 14.25 Advertising and Media 27.41 Bangalore Narnolia Financial Services Limited
TAC Infosec Limited Apr 2024 29.99 Information Technology - SaaS 28.50 Mohali Beeline Capital Advisors Private Limited
Vruddhi Engineering Works Limited Apr 2024 4.76 Engineering 23.45 Mumbai Fedex Securities Private Limited
Enfuse Solutions Limited Mar 2024 22.44 Information Technology - Data Solutions 23.80 Mumbai Hem Securities Limited
Royal Sense Limited Mar 2024 9.86 Healthcare 23.69 New Delhi Expert Global Consultants Private Limited
Signoria Creation Limited Mar 2024 9.28 Textiles 23.99 Jaipur Holani Consultants Private Limited
Sona Machinery Limited Mar 2024 51.82 Engineering 20.19 New Delhi Hem Securities Limited
M.V.K. Agro Food Product Ltd Mar 2024 65.88 Agro - Food Products 21.61 Nanded Horizon Management Private Limited
Polysil Irrigation Systems Limited Feb 2024 17.44 Plastic and Polymer 23.13 Vadodara Fedex Securities Private Limited
DelaPlex Limited Feb 2024 46.08 Information Technology - Data Solutions 20.55 Nagpur Shreni Shares Limited
Addictive Learning Technology Limited Jan 2024 60.16 Education - Edtech 29.37 New Delhi Narnolia Financial Services Limited
Euphoria Infotech India Limited Jan 2024 9.60 Agro - Food Products 23.99 Kolkata Khandwala Securities Limited
Benchmark Computer Solutions Limited Dec 2023 12.24 Information Technology - Data Solutions 23.66 Mumbai Beeline Capital Advisors Private Limited
Shree OSFM E-Mobility Limited Dec 2023 24.60 Logistics 20.83 Mumbai First Overseas Capital Limited
Graphisads Limited Dec 2023 53.41 Advertising and Media 24.56 New Delhi First Overseas Capital Limited
Vrundavan Plantation Limited Nov 2023 15.29 Agro - Plantation 27.69 Ahmedabad Interactive Financial Services Limited
Sunita Tools limited Oct 2023 22.04 Engineering 24.17 Mumbai Aryaman Financial Services Limited
OneClick Logistics Limited Oct 2023 9.91 Logistics 24.30 Mumbai Fedex Securities Private Limited
Canary Automations Limited Oct 2023 47.03 Information Technology - Data Solutions 20.39 Bangalore Indorient Financial Services Limited
Vinyas Innovative Technologies Limited Oct 2023 54.66 Electric Equipments - OEM 28.30 Mysore Sarthi Capital Advisors Private Limited
Newjaisa Technologies Limited Oct 2023 39.93 Information Technology - Hardware 22.38 New Delhi Indorient Financial Services Limited
Cellecor Gadgets Limited Sep 2023 50.77 Electric Equipments 24.21 New Delhi Narnolia Financial Services Limited
Marco Cables & Conductors Limited Sep 2023 18.73 Cables and Wires 24.00 Mumbai Shreni Shares Limited
Unihealth Consultancy Limited Sep 2023 56.55 Healthcare 26.56 Mumbai Unistone Capital Private Limited
Meson Valves India Limited Sep 2023 31.09 Valves 22.92 Goa Shreni Shares Limited
Kahan Packaging Limited Sep 2023 5.76 Packaging & Disposables 21.10 Mumbai Hem Securities Limited
Saroja Pharma Industries India Limited Sep 2023 9.11 Chemical - Speciality 23.27 Mumbai Swastika Investmart Limited
Pramara Promotions Limited Sep 2023 15.27 Corporate Solutions - Gifts 25.61 Mumbai Fedex Securities Private Limited
Sungarner Energies Limited Aug 2023 5.31 Electric Equipments 25.94 New Delhi Fast Track Finsec Private Limited
Oriana Power Limited Aug 2023 59.66 Solar - Panels 20.70 New Delhi Corporate Capital Ventures Private Limited
Yasons Chemex Care Limited Aug 2023 20.57 Chemical 22.47 Ahmedabad Fedex Securities Private Limited
Service Care Limited Jul 2023 20.68 Corporate Solutions 21.20 Bangalore Swastika Investmart Limited
Ahasolar Technologies Limited Jul 2023 12.85 Solar - Panels 27.45 Ahmedabad Beeline Capital Advisors Private Limited
AccelerateBS India Limited Jul 2023 5.69 Information Technology - Data Solutions 27.27 Mumbai Shreni Shares Limited
Alphalogic Industries Limited Jul 2023 12.88 Furniture - Industrial Storage 22.30 Pune Finshore Management Services Limited
Tridhya Tech Limited Jul 2023 26.41 Information Technology - Data Solutions 26.09 Ahmedabad Interactive Financial Services Limited
Synoptics Technologies Limited Jul 2023 54.03 Information Technology - Data Solutions 25.32 Mumbai First Overseas Capital Limited
Global Pet Industries Limited Jul 2023 13.23 Engineering - Heavy Machinery 23.00 Palghar Shreni Shares Limited
Magson Retail And Distribution Limited Jul 2023 13.74 FMCG - Snacks and Beverages 20.25 Ahmedabad Isk Advisors Private Limited
Vilin Bio Med Limited Jun 2023 12.00 Pharmaceutical 24.59 Secunderabad Inventure Merchant Banker Services Private Limited
Cell Point (India) Limited Jun 2023 50.34 Electric Equipments 24.10 Visakhapatnam First Overseas Capital Limited
Comrade Appliances Limited Jun 2023 12.30 Electric Equipments 24.88 Mumbai Gretex Corporate Services Limited
Remus Pharmaceuticals Limited May 2023 47.69 Pharmaceutical 21.09 Ahmedabad Beeline Capital Advisors Private Limited
Bright Outdoor Media Limited Mar 2023 55.48 Advertising and Media 24.21 Mumbai Shreni Shares Limited
Sudarshan Pharma Industries Limited Mar 2023 50.10 Pharmaceutical 24.33 Mumbai Gretex Corporate Services Limited
Vertexplus Technologies Limited Mar 2023 14.20 Information Technology - Data Solutions 28.83 Jaipur Beeline Capital Advisors Private Limited
ResGen Limited Mar 2023 28.20 Chemical 27.33 Mumbai Gretex Corporate Services Limited
Patron Exim Limited Mar 2023 16.69 Pharmaceutical 28.72 Ahmedabad Interactive Financial Services Limited
Viaz Tyres Limited Mar 2023 20.00 Rubber 24.90 Ahmedabad Beeline Capital Advisors Private Limited
Lead Reclaim and Rubber Products Limited Feb 2023 4.88 Rubber 25.77 Bharuch Fedex Securities Private Limited
Gayatri Rubbers and Chemicals Limited Feb 2023 4.58 Rubber 23.62 Faridabad Khambatta Securities Limited
Eastern Logica Infoway Limited Jan 2023 16.94 Retail 24.09 Kolkata Oneview Corporate Advisors Private Limited
QMS Medical Allied Services Limited Oct 2022 56.87 Healthcare 20.10 Mumbai First Overseas Capital Limited
Steelman Telecom Limited Oct 2022 26.02 Telecom 23.41 Kolkata Gretex Corporate Services Limited
Kandarp Digi Smart BPO Limited Sep 2022 8.10 Outsourcing - BPO 28.57 New Delhi Beeline Capital Advisors Private Limited
Annapurna Swadisht Limited Sep 2022 30.25 FMCG - Snacks and Beverages 21.94 Kolkata Corporate Capital Ventures Private Limited
EP Biocomposites Limited Sep 2022 6.35 Plastic and Polymer 26.20 Goa Aryaman Financial Services Limited
JFL Life Sciences Limited Sep 2022 18.17 Pharmaceutical 26.52 Ahmedabad GYR Capital Advisors Private Limited
Naturo Indiabull Limited Sep 2022 10.92 FMCG 28.03 Jaipur Finshore Management Services Limited
Upsurge Seeds of Agriculture Limited Aug 2022 22.81 Agro - Food Products 21.35 Rajkot Finshore Management Services Limited
Healthy Life Agritec Limited Jul 2022 10.00 FMCG 26.31 Mumbai Finshore Management Services Limited
Mangalam Worldwide Limited Jul 2022 65.58 Steel 20.12 Ahmedabad Beeline Capital Advisors Private Limited
Eighty Jewellers Limited Apr 2022 11.07 Jewellery 25.15 Chattisgarh Hem Securities Limited
Empyrean Cashews Limited Mar 2022 19.41 Agro - Food Products 25.69 Mumbai Systematix Corporate Services Limited
Vaidya Sane Ayurved Laboratories Limited Feb 2022 20.23 Healthcare - Ayurvedic 28.29 Pune First Overseas Capital Limited
Safa Systems & Technologies Limited Feb 2022 4.00 Electric Equipments 29.41 Ernakulam Finshore Management Services Limited
Euro Panel Products Limited Dec 2021 45.50 Aluminium 22.80 Mumbai Fedex Securities Private Limited
Kotyark Industries Limited Nov 2021 11.26 Power and Energy - Bio 27.00 Vadodara Beeline Capital Advisors Private Limited
Jainam Ferro Alloys (I) Limited Oct 2021 19.61 Steel - Iron 23.73 Chattisgarh Hem Securities Limited
Naapbooks Limited Sep 2021 3.99 Information Technology - Data Solutions 29.25 Ahmedabad GYR Capital Advisors Private Limited
Gretex Corporate Services Limited Aug 2021 5.13 Banking and Finance 27.29 Mumbai Aryaman Financial Services Limited
Kuberan Global Edu Solutions Limited May 2021 1.12 Education - Edtech 28.00 Coimbatore Fedex Securities Private Limited
Ksolves India Limited Jul 2020 4.02 Information Technology - SaaS 21.80 New Delhi Shreni Shares Limited
Cospower Engineering Ltd Mar 2020 2.04 Electric Equipments 23.00 Mumbai Shreni Shares Limited
Salasar Exteriors and Contour Ltd Sep 2019 8.50 Real Estate 26.00 Mumbai Navigant Corporate Advisors Limited
SBC Exports Limited Jul 2019 6.56 Textiles 25.00 Mirzapur Navigant Corporate Advisors Limited
Cian Healthcare Limited May 2019 37.92 Pharmaceutical 21.66 Pune Fedex Securities Private Limited
Jinaams Dress Limited Apr 2019 42.48 Textiles 21.00 Surat Smc Capitals Limited
Osia Hyper Retail Limited Apr 2019 39.78 Retail 21.00 Ahmedabad Monarch Networth Capital Limited
Axita Cotton Limited Jan 2019 10.51 Agro 30.00 Mahesana Beeline Capital Advisors Private Limited
Shubhlaxmi Jewel Art Limited Dec 2018 6.51 Jewellery 24.00 Bhavnagar Pantomath Capital Advisors Private Limited
Ahlada Engineers Ltd Oct 2018 51.08 Furniture 24.00 Hyderabad Saffron Capital Advisors Private Limited
S. M. Gold Limited Oct 2018 7.50 Jewellery 23.00 Ahmedabad First Overseas Capital Limited
A-1 Acid Limited Oct 2018 18.00 Chemical 24.00 Ahmedabad Guiness Corporate Advisors Private Limited
Kshitij Polyline Limited Oct 2018 8.75 Plastic and Polymer 29.00 Mumbai Monarch Networth Capital Limited
Synergy Green Industries Limited Sep 2018 26.46 Steel 21.00 Kolhapur Swastika Investmart Limited
Add-Shop Promotions Limited Sep 2018 6.23 Healthcare - Ayurvedic 26.00 Rajkot Fedex Securities Private Limited
Deep Polymers Limited Aug 2018 15.24 Plastic and Polymer 22.00 Gandhinagar Gretex Corporate Services Limited
Rudrabhishek Enterprises Limited Jul 2018 18.73 Infrastructure 27.00 New Delhi Corporate Capital Ventures 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
Waa Solar Limited Jun 2018 28.18 Solar 30.00 Vadodara Guiness Corporate Advisors Private Limited
Megastar Foods Limited May 2018 8.04 Agro - Food Products 25.00 Chandigarh Swastika Investmart 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
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
Inflame Appliances Limited Mar 2018 6.48 Engineering 22.00 Solan Swastika Investmart 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
Ashoka Metcast Limited Feb 2018 12.00 Oil and Gas 26.00 Ahmedabad Aryaman Financial Services 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
Jhandewalas Foods Limited Jan 2018 16.01 Agro - Food Products 24.00 Jaipur Guiness Corporate Advisors Private Limited
One Point One Solutions Limited Dec 2017 44.38 Education 23.00 Mumbai Pantomath Capital Advisors Private Limited
Diggi Multitrade Limited Dec 2017 3.38 Banking and Finance 26.00 Mumbai Gretex Corporate Services Limited
Innovana Thinklabs Limited Dec 2017 7.70 Information Technology - Data Solutions 25.00 Jaipur Swastika Investmart Limited
Kaarya Facilities & Services Limited Oct 2017 6.40 Corporate Solutions 23.00 Mumbai First Overseas Capital Limited
Shreeji Translogistics Limited Oct 2017 12.40 Logistics 28.70 Mumbai Aryaman Financial Services 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
Airo Lam Limited Oct 2017 15.20 Furniture 22.00 Prantij Pantomath Capital Advisors Private Limited
R M Drip & Sprinklers Systems Limited Oct 2017 11.46 Engineering 28.00 Nashik Pantomath Capital Advisors Private Limited
Keerti Knowledge And Skills Limited Aug 2017 4.06 Information Technology 30.00 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
Bhakti Gems and Jewellery Limited May 2017 3.92 Jewellery 25.00 Ahmedabad Guiness Corporate Advisors Private Limited
Panache Digilife Limited Apr 2017 14.58 Information Technology 25.00 Mumbai Pantomath Capital Advisors Private Limited
Airan Limited Mar 2017 14.85 Information Technology - Data Solutions 25.00 Ahmedabad Swastika Investmart Limited
Sanginita Chemicals Limited Mar 2017 10.05 Chemical 26.00 Gandhinagar Swastika Investmart Limited
Tanvi Foods (India) Limited Mar 2017 6.60 FMCG - Snacks and Beverages 24.00 Hyderabad Aryaman Financial Services Limited
Prolife Industries Limited Jan 2017 4.22 Chemical 22.00 Ankleshwar Swastika Investmart Limited
Dhanuka Realty Limited Oct 2016 4.22 Real Estate 24.00 Jaipur Hem Securities Limited
Gretex Industries Limted Oct 2016 2.10 Textiles 28.00 Kolkata Pantomath Capital Advisors Private Limited
Sakar Healthcare Limited Oct 2016 14.81 Pharmaceutical 23.00 Ahmedabad Pantomath Capital Advisors Private Limited
Narayani Steels Limited Sep 2016 11.52 Steel 25.00 Kolkata Pantomath Capital Advisors Private Limited
United Polyfab Gujarat Limited Jul 2016 7.65 Textiles 26.00 Ahmedabad Corporate Strategic Allianz Limited
Zeal Aqua Limited Jul 2016 14.76 Agro 30.00 Surat Corporate Strategic Allianz Limited
Wealth First Portfolio Managers Limited Mar 2016 8.40 Banking and Finance 24.00 Ahmedabad Sarthi Capital Advisors Private Limited
Junction Fabrics and Apparels Limited Jul 2015 1.60 Textiles 28.00 Tamil Nadu Hem Securities Limited
Captain Pipes Limited Dec 2014 4.40 Steel - Tubes and Pipes 24.00 Rajkot Hem Securities Limited
Vibrant Global Capital Limited Oct 2014 11.48 Banking and Finance 25.00 Mumbai Hem Securities Limited
Vishal Fabrics Limited Aug 2014 15.63 Textiles 21.00 Ahmedabad Aryaman Financial Services Limited
Oasis Tradelink Limited Jul 2014 6.00 Retail 26.00 Ahmedabad Guiness Corporate Advisors Private Limited
Ashapura Intimates Fashion Limited Apr 2013 21.00 Textiles 22.00 Mumbai Kjmc Corporate Advisors (India) Limited

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IPOs by PE Multiple >> Top 10 SME IPOs with High PE ratio >>
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Sector wise PE Multiple >> Top 10 IPOs with Low PE ratio >>

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.

Galaxy Medicare Limited

   Bhubaneswar

   Healthcare

Date of DRHP : 13 Mar 2025
Revenue* : 35.56
PAT* : 3.42
Exchange : NSE EMERGE
Read DRHP
Detailed Review

NSB BPO Solutions Limited

   Bhopal

   Outsourcing - BPO

Date of DRHP : 11 Mar 2025
Revenue* : 140.52
PAT* : 8.44
Exchange : BSE SME
Read DRHP
Detailed Review

B. D. Industries (Pune) Limited

   Mumbai

   Plastic and Polymer

Date of DRHP : 06 Mar 2025
Revenue* : 76.57
PAT* : 5.77
Exchange : BSE SME
Read DRHP
Detailed Review

Indicosmic Infotech Limited

   Mumbai

   Information Technology

Date of DRHP : 06 Mar 2025
Revenue* : 40.20
PAT* : 2.84
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Novavente Limited

   Mumbai

   Information Technology

Date of DRHP : 06 Mar 2025
Revenue* : 13.18
PAT* : 3.88
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Yajur Fibres Limited

   Kolkata

   Textiles

Date of DRHP : 05 Mar 2025
Revenue* : 127.98
PAT* : 14.48
Exchange : BSE SME
Read DRHP
Detailed Review

Cash Ur Drive Marketing Limited

   Chandigarh

   Advertising and Media - Events

Date of DRHP : 05 Mar 2025
Revenue* : 129.26
PAT* : 16.64
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Game Changers Texfab Limited

   New Delhi

   Textiles - Fabrics

Date of DRHP : 03 Mar 2025
Revenue* : 114.51
PAT* : 12.18
Exchange : BSE SME
Read DRHP
Detailed Review

Armour Security (India) Limited

   New Delhi

   Human Resources and Manpower

Date of DRHP : 03 Mar 2025
Revenue* : 34.64
PAT* : 4.98
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Solvex Edibles Limited

   Bilaspur

   FMCG

Date of DRHP : 28 Feb 2025
Revenue* : 53.18
PAT* : 1.89
Exchange : BSE SME
Read DRHP
Detailed Review

United Techfab Limited

   Ahmedabad

   Textiles - Fabrics

Date of DRHP : 28 Feb 2025
Revenue* : 469.80
PAT* : 6.94
Exchange : BSE SME
Read DRHP
Detailed Review

Aakaar Medical Technologies Limited

   Mumbai

   Cosmetic

Date of DRHP : 28 Feb 2025
Revenue* : 51.31
PAT* : -1.01
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Taurian MPS Limited

   Mumbai

   Engineering

Date of DRHP : 28 Feb 2025
Revenue* : 63.50
PAT* : 8.76
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Multiplier Ai Limited

   Hyderabad

   Information Technology - Data Solutions

Date of DRHP : 27 Feb 2025
Revenue* : 14.04
PAT* : 6.48
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Mahamaya Lifesciences Limited

   New Delhi

   Chemical - Pesticides

Date of DRHP : 27 Feb 2025
Revenue* : 294.30
PAT* : 14.82
Exchange : BSE SME
Read DRHP
Detailed Review

Vivekanand Cotspin Limited

   Ahmedabad

   Textiles - Fabrics

Date of DRHP : 25 Feb 2025
Revenue* : 187.44
PAT* : 3.38
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Ecofuel Systems (India) Limited

   Mumbai

   Automobile

Date of DRHP : 25 Feb 2025
Revenue* : 97.92
PAT* : 12.98
Exchange : NSE EMERGE
Read DRHP
Detailed Review

LGT Business Connextions Limited

   Chennai

   Travel and Tourism

Date of DRHP : 24 Feb 2025
Revenue* : 110.54
PAT* : 5.16
Exchange : BSE SME
Read DRHP
Detailed Review

Neptune Holidays Limited

   Kolkata

   Travel and Tourism

Date of DRHP : 22 Feb 2025
Revenue* : 127.96
PAT* : 19.02
Exchange : BSE SME
Read DRHP
Detailed Review

Chatterbox Technologies Limited

   Mumbai

   Advertising and Media

Date of DRHP : 22 Feb 2025
Revenue* : 60.00
PAT* : 8.56
Exchange : BSE SME
Read DRHP
Detailed Review
See more >

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

FAQs

The Price-to-Earnings (P/E) multiple helps investors evaluate whether an SME IPO is fairly priced by comparing its valuation to industry peers. A high P/E suggests growth potential but may indicate overvaluation, while a low P/E signals affordability or weaker earnings prospects. 

The P/E ratio is calculated as: 

P/E Ratio = Issue Price ÷ Earnings Per Share (EPS) 

It measures how much investors are willing to pay for each rupee of earnings, helping assess IPO attractiveness compared to industry benchmarks and financial performance. 

Understand Importance of PE ratio in Detail. 

A good P/E ratio depends on industry standards and growth prospects. Generally, a lower P/E (5-15x) suggests affordability, while a higher P/E (20x+) may indicate growth potential but could also signal overvaluation, requiring further analysis. 

The Price-to-Earnings (P/E) ratio is a valuation metric showing how much investors are willing to pay per rupee of earnings. It helps compare a company’s market price to its profits, guiding investment decisions in IPOs and stock market investments. 

IPO valuation considers financial performance, P/E ratio, industry comparison, revenue growth, debt levels, and market demand. Other factors include management quality, economic conditions, and investor sentiment, influencing whether an IPO is attractively priced for potential investors. 

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