35  Total SME IPOs listed in 2025

1636.98 Crs.  Total funds raised in 2025

27  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

35  Total SME IPOs listed in 2025

1636.98 Crs.  Total funds raised in 2025

27  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

35  Total SME IPOs listed in 2025

1636.98 Crs.  Total funds raised in 2025

27  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

35  Total SME IPOs listed in 2025

1636.98 Crs.  Total funds raised in 2025

27  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

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Summary

PE Ratio*
Highest 83.00
Median 24.24
Lowest 7.07
IPO Size (Cr.)
Highest 5000.00
Median 2,075.64
Lowest 1000.73
  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.

IPOs by Fund Raise

The size of an IPO is calculated by the number of shares offered to the public, multiplied by the IPO price. IPO by Size gives crucial data on IPOs with the highest fundraise and insights into the average IPO size in different sectors. It also showcases the best Merchant Bankers in India handling these large IPOs.

Company Name IPO Year (Listed) IPO Size (Cr.) Sector PE Ratio City Offer price CMP (BSE)
Nuvoco Vistas Corporation Ltd Aug 2021 5000.00 Cement 0.00 Mumbai 570.00 322.05
Embassy Office Parks Apr 2019 4750.00 Real Estate - REIT 0.00 Bangalore 300.00 352.46
Indian Railway Finance Corporation Limited Jan 2021 4633.38 Banking and Finance 9.00 New Delhi 26.00 124.27
Power Finance Corporation Limited May 2011 4578.20 Banking and Finance 14.44 New Delhi 203.00 384.45
Mindspace Business Parks Aug 2020 4500.00 Real Estate 0.00 Mumbai 275.00 357.09
Bandhan Bank Limited Mar 2018 4473.02 Banking and Finance 35.00 Kolkata 375.00 133.48
Mankind Pharma Limited May 2023 4326.36 Pharmaceutical 0.00 New Delhi 1080.00 2364.55
Waaree Energies Limited Oct 2024 4321.44 Solar 26.76 Mumbai 1503.00 2220.30
Ruchi Soya Industries Limited Apr 2022 4300.00 FMCG 30.86 Mumbai 650.00 1824.40
Bharti Hexacom Limited Apr 2024 4275.00 Telecom 75.85 New Delhi 570.00 1365.90
International Gemmological Institute (India) Limited Dec 2024 4225.00 Jewellery 82.90 Mumbai 417.00 430.45
Brainbees Solutions Limited Aug 2024 4193.73 Textiles 0.00 Pune 465.00 392.85
Bharti Infratel Limited Dec 2012 4155.80 Telecom 14.44 New Delhi 220.00 341.40
Hindustan Aeronautics Limited Mar 2018 4144.06 Defence 53.00 Bangalore 1215.00 3363.75
ICICI Securities Limited Apr 2018 4016.97 Banking and Finance 31.00 Mumbai 520.00 837.10
Chemplast Sanmar Limited Aug 2021 3850.00 Chemical 20.85 Chennai 541.00 423.20
Brookfield India Real Estate Trust Feb 2021 3800.00 Real Estate 0.00 New Delhi 275.00 286.08
Adani Wilmar Limited Feb 2022 3600.00 FMCG 44.66 Ahmedabad 230.00 253.70
Rural Electrification Corporation Limited Mar 2010 3530.04 Power and Energy 0.00 New Delhi 203.00 395.65
Tata Steel Limited Feb 2011 3477.00 Steel 22.02 Mumbai 610.00 135.76
Nexus Select Trust- REIT May 2023 3200.00 Real Estate - REIT 0.00 Mumbai 100.00 132.82
Vedant Fashions Limited Feb 2022 3149.19 Textiles 106.78 Kolkata 866.00 869.85
Sterling and Wilson Solar Limited Aug 2019 3145.16 Solar 19.60 Mumbai 780.00 267.50
Sai Life Sciences Limited Dec 2024 3042.62 Chemical 203.82 Hyderabad 549.00 670.40
Tata Technologies Limited Nov 2023 3042.51 Information Technology 43.78 Pune 500.00 729.65
Dr Agarwals Health Care Limited Feb 2025 3027.26 Healthcare - Hospitals and Clinic 160.48 Chennai 402.00 421.95
InterGlobe Aviation Limited Nov 2015 3018.24 Aviation 10.00 New Delhi 765.00 4399.90
Adani Power Limited Aug 2009 3016.52 Power and Energy 0.00 Ahmedabad 100.00 482.55
PNB Housing Finance Limited Nov 2016 3000.75 Banking and Finance 33.00 New Delhi 775.00 810.90
Aadhar Housing Finance Limited May 2024 3000.00 Banking and Finance 18.39 Bangalore 315.00 385.15
CarTrade Tech Limited Aug 2021 2998.51 Online Service Provider 73.38 Mumbai 1618.00 1547.15
Power Grid Corporation of India Limited Oct 2007 2984.45 Electric Equipments - Transformers 15.40 New Delhi 52.00 263.05
ACME Solar Holdings Limited Nov 2024 2900.00 Solar 3147.37 New Delhi 289.00 190.76
Premier Energies Limited Sep 2024 2830.40 Solar - Panels 25.59 Hyderabad 450.00 999.90
HDFC Asset Management Company Limited Aug 2018 2800.33 Banking and Finance 32.00 Mumbai 1100.00 3791.75
JSW Infrastructure Limited Oct 2023 2800.00 Logistics 0.00 Mumbai 119.00 225.35
Aptus Value Housing Finance India Ltd Aug 2021 2780.05 Banking and Finance 65.49 Chennai 353.00 302.55
Oil India Limited Sep 2009 2777.25 Oil and Gas 10.10 Dibrugarh 1050.00 396.35
Aditya Birla Sun Life AMC Limited Oct 2021 2768.26 Banking and Finance 33.09 Mumbai 712.00 653.80
JSW Energy Limited Jan 2010 2700.00 Power and Energy 49.02 Mumbai 95.00 454.85
Go Digit General Insurance Limited May 2024 2614.65 Insurance 145.03 Pune 272.00 307.50
Bharat Highways Infrastructure Investment Trust Mar 2024 2500.00 Infrastructure 0.00 New Delhi 100.00 110.99
Macrotech Developers Limited Apr 2021 2500.00 Real Estate 0.00 Mumbai 486.00 1181.75
Standard Chartered PLC IDR Jun 2010 2486.35 Banking and Finance 14.67 London 104.00
IndiGrid InvIT Fund Jun 2017 2250.00 Power and Energy 0.00 New Delhi 100.00 141.88
Computer Age Management Services Limited Oct 2020 2244.33 Banking and Finance 36.81 Chennai 1230.00 3371.05
Global Health Limited Nov 2022 2205.57 Healthcare - Hospitals and Clinic 38.36 New Delhi 336.00 1149.35
Niva Bupa Health Insurance Company Limited Nov 2024 2200.00 Insurance -177.74 New Delhi 74.00 75.08
Equitas Holdings Limited Apr 2016 2175.00 Banking and Finance 22.00 Chennai 110.00
UTI Asset Management Company Limited Oct 2020 2159.88 Banking and Finance 17.37 Mumbai 554.00 949.10
Indian Renewable Energy Development Agency Ltd Nov 2023 2150.21 Power and Energy 127.00 New Delhi 32.00 170.20
Krishna Institute of Medical Sciences Limited Jun 2021 2143.74 Healthcare 32.13 Secunderabad 825.00 537.25
Idea Cellular Limited Mar 2007 2125.00 Telecom 105.63 Gandhinagar 75.00 8.30
Sagility India Limited Nov 2024 2106.60 Healthcare 61.52 Bangalore 30.00 47.22
Sapphire Foods India Limited Nov 2021 2073.25 Hotels and Resorts - QSR 0.00 Mumbai 1180.00 308.85
R R Kabel Limited Sep 2023 1964.01 Cables and Wires 0.00 Mumbai 1035.00 1132.70
Emcure Pharmaceuticals Limited Jul 2024 1952.03 Pharmaceutical 36.07 Pune 1008.00 996.05
Varroc Engineering Limited Jul 2018 1945.77 Engineering - Automotive 30.00 Aurangabad 967.00 448.05
Au Financiers (India) Limited Jul 2017 1912.51 Banking and Finance 30.00 Jaipur 358.00 525.65
Cello World Limited Nov 2023 1900.00 Paper and Stationery 41.69 Nani Daman 648.00 605.45
Vijaya Diagnostic Centre Limited Sep 2021 1895.04 Healthcare - Hospitals and Clinic 41.10 Hyderabad 531.00 927.70
Avenue Supermarts Limited Mar 2017 1870.00 Retail - Supermarket 36.00 Mumbai 299.00 3685.00
Akums Drugs and Pharmaceuticals Limited Aug 2024 1856.74 Pharmaceutical 29.79 New Delhi 679.00 494.95
IndoStar Capital Finance Limited May 2018 1844.00 Banking and Finance 24.00 Mumbai 572.00 237.75
Indegene Limited May 2024 1841.76 Pharmaceutical 33.53 Bangalore 452.00 568.70
Devyani International Limited Aug 2021 1838.00 FMCG - Snacks and Beverages 0.00 New Delhi 90.00 168.56
Juniper Hotels Limited Feb 2024 1800.00 Hotels and Resorts 0.00 Mumbai 360.00 233.05
Mundra Port and Special Economic Zone Limited Nov 2007 1771.00 Logistics 82.60 Ahmedabad 440.00 1082.85
Eris Lifesciences Limited Jun 2017 1741.16 Pharmaceutical 34.00 Ahmedabad 603.00 1283.20
Aavas Financiers Limited Oct 2018 1734.07 Banking and Finance 56.00 Jaipur 821.00 1683.70
Honasa Consumer Limited Nov 2023 1701.44 Healthcare - Personal Care 25.03 New Delhi 324.00 225.40
Jaypee Infratech Limited May 2010 1650.00 Infrastructure 68.40 New Delhi 102.00
Chalet Hotels Limited Feb 2019 1641.18 Hotels and Resorts 0.00 Mumbai 280.00 701.70
Rural Electrification Corporation Limited Mar 2008 1639.26 Power and Energy 10.55 New Delhi 105.00 395.65
Entero Healthcare Solutions Limited Feb 2024 1600.00 Healthcare 9.84 New Delhi 1258.00 1260.25
Ventive Hospitality Limited Dec 2024 1600.00 Hotels and Resorts 0.00 Pune 643.00 645.30
Five Star Business Finance Limited Nov 2022 1593.45 Banking and Finance 24.76 Chennai 474.00 677.65
Rainbow Children's Medicare Limited May 2022 1580.85 Healthcare 43.53 Hyderabad 542.00 1284.00
Capital Infra Trust InvIT Jan 2025 1578.00 Infrastructure Gurugram 100.00 99.28
Concord Biotech Limited Aug 2023 1551.00 Pharmaceutical 0.00 Ahmedabad 741.00 1678.85
TBO Tek Limited May 2024 1550.81 Travel and Tourism 48.60 New Delhi 920.00 1479.45
Clean Science and Technology Limited Jul 2021 1546.62 Chemical - Speciality 48.18 Pune 900.00 1325.15
Reliance Nippon Life Asset Management Limited Nov 2017 1542.24 Banking and Finance 43.90 Mumbai 252.00 521.90
Indiabulls Power Limited Oct 2009 1529.10 Power and Energy 71.43 New Delhi 45.00 9.84
Glenmark Life Sciences Limited Aug 2021 1513.60 Pharmaceutical 25.09 Solapur 720.00 1013.15
Paradeep Phosphates Limited May 2022 1501.73 Chemical - Pesticides 7.07 Bhubaneswar 42.00 91.09
KFin Technologies Limited Dec 2022 1500.00 Banking and Finance 35.92 Hyderabad 366.00 853.00
D B Realty Limited Feb 2010 1500.00 Real Estate 168.95 Mumbai 468.00 134.00
Allied Blenders and Distillers Limited Jul 2024 1500.00 FMCG - Snacks and Beverages 1000.00 Mumbai 281.00 336.65
Archean Chemical Industries Limited Nov 2022 1462.31 Chemical - Speciality 16.78 Chennai 407.00 417.20
Archean Chemical Industries Limited Nov 2022 1462.31 Chemical 16.78 Chennai 407.00 417.20
Inox India Limited Dec 2023 1459.32 Engineering - Heavy Machinery 14.31 Vadodara 660.00 908.35
Cochin Shipyard Limited Aug 2017 1442.01 Engineering - Heavy Machinery 18.80 Kochi 432.00 1299.15
Campus Activewear Limited May 2022 1400.14 Footwear 78.49 New Delhi 292.00 271.60
Medplus Health Services Limited Dec 2021 1398.30 Pharmaceutical 71.52 Hyderabad 796.00 751.25
SAMHI Hotels Limited Sep 2023 1370.10 Hotels and Resorts 0.00 New Delhi 126.00 151.96
Metro Brands Limited Dec 2021 1367.51 Footwear 157.23 Mumbai 500.00 1158.10
Alkem Laboratories Limited Dec 2015 1349.61 Pharmaceutical 28.00 Mumbai 1050.00 4741.70
Polycab India Limited Apr 2019 1346.00 Cables and Wires 16.75 New Delhi 538.00 5600.10
Rategain Travel Technologies Limited Dec 2021 1335.74 Information Technology - SaaS 0.00 New Delhi 425.00 495.90
Laurus Labs Limited Dec 2016 1331.80 Pharmaceutical 30.00 Visakhapatnam 428.00 546.75
Sansera Engineering Limited Sep 2021 1282.98 Engineering 40.39 Bangalore 744.00 1179.25
Ajax Engineering Limited Feb 2025 1269.35 Infrastructure 35.62 Bangalore 629.00 600.75
Ceigall India Limited Aug 2024 1252.66 Infrastructure 22.91 Ludhiana 401.00 255.45
Carraro India Limited Dec 2024 1250.00 Engineering - Automotive 40.24 Pune 704.00 351.35
L&T Finance Holdings Limited Aug 2011 1245.00 Banking and Finance 24.80 Mumbai 52.00 135.25
BSE Limited Feb 2017 1243.43 Banking and Finance 17.00 Mumbai 806.00 5631.00
MOIL Limited Dec 2010 1237.51 Minerals 0.00 Nagpur 375.00 313.30
L&T Infotech Limited Jul 2016 1236.00 Information Technology 13.00 Mumbai 710.00 5470.10
Housing and Urban Development Corporation Limited May 2017 1224.35 Real Estate 14.00 New Delhi 60.00 183.68
Krsnaa Diagnostics Limited Aug 2021 1213.33 Healthcare - Hospitals and Clinic 80.91 Pune 954.00 735.95
RBL Bank Limited Aug 2016 1212.97 Banking and Finance 28.00 Kolhapur 225.00 161.08
Metropolis Healthcare Limited Apr 2019 1204.29 Healthcare 37.30 Mumbai 880.00 1648.40
Spandana Sphoorty Financial Limited Aug 2019 1202.34 Banking and Finance 17.60 Hyderabad 856.00 294.15
Sai Silks (Kalamandir) Limited Sep 2023 1201.00 Textiles 0.00 Hyderabad 222.00 154.09
Fino Payments Bank Limited Nov 2021 1200.29 Banking and Finance 382.12 Mumbai 577.00 227.95
India Shelter Finance Corporation Limited Dec 2023 1200.00 Banking and Finance 8.96 New Delhi 493.00 670.05
DOMS Industries Limited Dec 2023 1200.00 Paper and Stationery 0.00 Umbergaon 790.00 2595.05
Prestige Estates Projects Limited Oct 2010 1200.00 Real Estate 43.78 Bangalore 183.00 1230.05
Indigo Paints Limited Feb 2021 1176.00 Chemical - Paint and Adhesives 130.00 Pune 1490.00 1069.75
Kalyan Jewellers India Limited Mar 2021 1175.00 Jewellery 0.00 Thrissur 87.00 483.15
Medi Assist Healthcare Services Limited Jan 2024 1171.58 Insurance 21.86 Bangalore 418.00 485.30
Shipping Corporation of India Limited Dec 2010 1164.73 Logistics 15.33 Mumbai 140.00 160.82
Endurance Technologies Limited Oct 2016 1161.73 Engineering - Automotive 20.00 Aurangabad 472.00 1876.30
Godrej Agrovet Limited Oct 2017 1157.31 Agro 30.00 Mumbai 460.00 729.05
Home First Finance Company India Limited Feb 2021 1153.72 Banking and Finance 42.75 Mumbai 518.00 926.45
Coffee Day Enterprises Limited Nov 2015 1150.00 Hotels and Resorts - QSR 0.00 Bangalore 328.00 25.95
CreditAccess Grameen Limited Aug 2018 1131.19 Banking and Finance 48.00 Bangalore 422.00 893.10
TCNS Clothing Co. Limited Jul 2018 1125.13 Textiles 44.00 New Delhi 716.00
Zinka Logistics Solution Limited Nov 2024 1114.72 Online Service Provider 37.21 Bangalore 273.00 421.15
Varun Beverages Limited Nov 2016 1112.50 FMCG - Snacks and Beverages 83.00 New Delhi 445.00 475.90
Fusion Micro Finance Limited Nov 2022 1103.99 Banking and Finance 12.33 New Delhi 368.00 162.55
CMS Info Systems Limited Dec 2021 1100.00 Corporate Solutions 18.96 Mumbai 216.00 451.40
P N Gadgil Jewellers Limited Sep 2024 1100.00 Jewellery 42.20 Pune 480.00 543.30
Fedbank Financial Services Limited Nov 2023 1092.26 Banking and Finance 16.66 Mumbai 140.00 91.23
SJVN Limited (Satluj Jal Vidyut Nigam Limited) May 2010 1062.74 Power and Energy - Hydro 0.00 Shimla 26.00 89.98
Mahanagar Gas Limited Jul 2016 1039.64 Oil and Gas 13.40 Mumbai 421.00 1293.65
C.E. Info systems limited Dec 2021 1039.61 Information Technology - SaaS 58.79 New Delhi 1033.00 1680.55
Lemon Tree Hotels Limited Apr 2018 1038.68 Hotels and Resorts 0.00 New Delhi 56.00 133.21
Oberoi Realty Limited Oct 2010 1028.61 Real Estate 16.66 Mumbai 260.00 1602.15
SBFC Finance Limited Aug 2023 1025.00 Banking and Finance 0.00 Mumbai 57.00 84.12
Tarsons Products Limited Nov 2021 1023.47 Engineering 35.46 Kolkata 662.00 296.85
Inox Wind Limited Apr 2015 1020.52 Power and Energy - Wind 30.00 Una 325.00 169.49
Go Fashion (India) Limited Nov 2021 1013.61 Textiles 0.00 Chennai 690.00 831.70
Happy Forgings Limited Dec 2023 1008.59 Automobile - Forging and Casting 9.87 Ludhiana 850.00 899.75
Indian Energy Exchange Limited Oct 2017 1000.73 Online Service Provider 40.00 New Delhi 1650.00 169.45

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Upcoming IPOs in India

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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.

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