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 96.00
Median 24.78
Lowest 4.49
IPO Size (Cr.)
Highest 500.00
Median 396.24
Lowest 251.15
  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)
Utkarsh Small Finance Bank Limited Jul 2023 500.00 Banking and Finance 0.00 Varanasi 25.00 25.96
Electronics Mart India Limited Oct 2022 500.00 Retail 13.95 Hyderabad 59.00 130.42
Prince Pipes and Fittings Limited Dec 2019 500.00 Plastic and Polymer 18.35 Goa 178.00 265.00
Unimech Aerospace And Manufacturing Limited Dec 2024 500.00 Defence 51.61 Bangalore 785.00 1029.95
Tatva Chintan Pharma Chem Limited Jul 2021 500.00 Chemical - Speciality 45.95 Bharuch 1083.00 668.35
Kross Limited Sep 2024 500.00 Automobile - Forging and Casting 34.50 Jamshedpur 240.00 172.17
DCX Systems Limited Nov 2022 500.00 Defence 90.00 Bangalore 207.00 264.00
Gujarat Pipavav Port Limited (GPPL) Sep 2010 500.00 Logistics 0.00 Amreli 46.00 136.15
Matrimony.com Limited Sep 2017 496.88 Online Service Provider 38.00 Chennai 985.00 506.90
Fortis Healthcare Limited May 2007 496.76 Healthcare - Hospitals and Clinic 0.00 New Delhi 108.00 603.10
Rossari Biotech Limited Jul 2020 496.49 Chemical - Speciality 33.81 Mumbai 425.00 635.00
Western Carriers (India) Limited Sep 2024 492.88 Logistics 21.83 Kolkata 172.00 92.51
Sadbhav Infrastructure Project Limited Sep 2015 491.66 Infrastructure 0.00 Ahmedabad 103.00 5.02
Rishabh Instruments Limited Sep 2023 490.78 Engineering 0.00 Mumbai 441.00 224.15
Protean eGov Technologies Limited Nov 2023 490.33 Corporate Solutions 46.51 Mumbai 792.00 1405.10
Music Broadcast Limited Mar 2017 488.53 Advertising and Media 31.00 Mumbai 333.00 107.05
PNC Infratech Limited May 2015 488.44 Infrastructure 22.00 New Delhi 378.00 254.85
GTPL Hathway Limited Jul 2017 484.80 Telecom 88.00 Ahmedabad 170.00 113.73
Rail Vikas Nigam Limited Apr 2019 481.57 Railway 8.64 New Delhi 19.00 376.85
Prataap Snacks Limited Oct 2017 481.56 FMCG - Snacks and Beverages 222.00 Indore 938.00 1037.65
HMA Agro Industries Limited Jul 2023 480.00 Agro 0.00 Agra 585.00 33.13
OnMobile Global Limited Feb 2008 479.62 Information Technology 0.00 Bangalore 440.00 52.07
Thyrocare Technologies Limited May 2016 479.21 Healthcare 45.00 Mumbai 446.00 718.15
IndiaMART InterMESH Limited Jul 2019 475.59 Online Service Provider 140.00 New Delhi 973.00 2064.15
Elin Electronics Limited Dec 2022 475.00 Electric Equipments 29.69 Kolkata 247.00 127.06
VRL Logistics Limited Apr 2015 473.88 Logistics 19.00 Hubballi 205.00 479.45
Ethos Limited May 2022 472.29 Retail 96.00 Parwanoo 878.00 2444.30
Punjab & Sind Bank Dec 2010 470.82 Banking and Finance 4.49 New Delhi 120.00 42.84
IRCON International Limited Sep 2018 470.49 Infrastructure 10.85 New Delhi 475.00 161.16
Godrej Properties Limited Jan 2010 468.85 Real Estate 39.14 Mumbai 490.00 2047.50
ESAF Small Finance Bank Limited Nov 2023 463.00 Banking and Finance 18.69 Thrissur 60.00 29.77
H.G. Infra Engineering Limited Mar 2018 462.00 Infrastructure 30.00 Jaipur 270.00 1078.05
RITES Limited Jul 2018 460.51 Chemical 11.00 New Delhi 185.00 213.25
MAS Financial Services Limited Oct 2017 460.04 Banking and Finance 26.00 Ahmedabad 459.00 237.60
Affle (India) Limited Aug 2019 459.00 Information Technology - Data Solutions 114.00 Mumbai 745.00 1472.05
Barbeque Nation Hospitality Limited Apr 2021 452.87 Hotels and Resorts - QSR 0.00 Bangalore 500.00 282.70
Quick Heal Technologies Limited Feb 2016 451.25 Information Technology - Data Solutions 45.00 Pune 321.00 370.80
Infibeam Incorporation Limited Apr 2016 450.00 Online Service Provider 157.00 Ahmedabad 432.00 20.35
Mazagon Dock Shipbuilders Limited Oct 2020 443.69 Defence 6.39 Mumbai 145.00 2180.10
Firstsource Solutions Limited Feb 2007 443.52 Outsourcing - BPO 52.00 Mumbai 64.00 353.70
PTC India Financial Services Limited Mar 2011 438.76 Banking and Finance 23.06 New Delhi 28.00 35.22
BGR Energy Systems Limited Jan 2008 438.53 Power and Energy 115.66 Nellore 480.00 106.41
Mishra Dhatu Nigam Limited Apr 2018 438.38 Metal 30.00 Hyderabad 90.00 265.65
Exicom Tele-Systems Limited Mar 2024 429.00 Electric Equipments 0.00 Solan 142.00 164.96
Newgen Software Technologies Limited Jan 2018 424.62 Information Technology 30.00 New Delhi 245.00 1027.70
TeamLease Services Limited Feb 2016 423.68 Human Resources and Manpower 60.00 Mumbai 850.00 2024.60
R K SWAMY Limited Mar 2024 423.56 Corporate Solutions 0.00 Chennai 288.00 215.34
DEE Development Engineers Limited Jun 2024 418.01 Engineering - EPC 73.33 Faridabad 203.00 180.15
eMudhra Limited Jun 2022 412.79 Information Technology - Data Solutions 49.42 Bangalore 256.00 681.75
Stove Kraft Limited Feb 2021 412.63 Electric Equipments 21.80 Ramanagar 385.00 737.00
Divgi TorqTransfer Systems Limited Mar 2023 412.12 Electric Equipments - OEM 35.16 Pune 590.00 485.65
Advanced Enzyme Technologies Limited Aug 2016 411.49 Healthcare 25.00 Mumbai 896.00 301.85
Standard Glass Lining Technology Limited Jan 2025 410.05 Engineering 38.50 Hyderabad 140.00 134.48
Arkade Developers Limited Sep 2024 410.00 Real Estate 19.35 Mumbai 128.00 143.73
Precision Camshafts Limited Feb 2016 410.00 Engineering 26.00 Solapur 186.00 219.15
CSB Bank Limited Dec 2019 409.68 Banking and Finance 38.00 Thrissur 195.00 290.95
Senco Gold Limited Jul 2023 405.00 Jewellery 14.85 Kolkata 317.00 322.20
Windlas Biotech Limited Aug 2021 401.54 Pharmaceutical 64.00 Dehradun 460.00 675.35
Quess Corp Limited Jul 2016 400.00 Human Resources and Manpower 45.00 Bangalore 317.00 610.05
Capacit'e Infraprojects Limited Sep 2017 400.00 Real Estate 24.00 Mumbai 250.00 333.05
Suraj Estate Developers Limited Dec 2023 400.00 Real Estate 15.33 Mumbai 360.00 329.05
Manpasand Beverages Limited Jul 2015 400.00 FMCG - Snacks and Beverages 85.00 Vadodara 320.00
D B Corp Limited Jan 2010 384.22 Advertising and Media 0.00 Ahmedabad 212.00 222.85
Tanla Solutions Limited Jan 2007 378.86 Information Technology 35.15 Hyderabad 265.00 498.25
Adlabs Entertainment Limited Apr 2015 365.87 Advertising and Media 0.00 Raigad 180.00 69.55
Den Networks Limited Nov 2009 364.46 Cables and Wires 0.00 New Delhi 195.00 34.30
Akruti Nirman Limited Feb 2007 361.80 Real Estate 14.18 Mumbai 540.00 236.50
HPL Electric & Power Limited Oct 2016 361.00 Electric Equipments 35.00 New Delhi 202.00 402.00
Indosolar Limited Sep 2010 357.00 Solar 0.00 New Delhi 29.00
Prabhat Dairy Limited Sep 2015 356.19 Agro - Food Products 64.00 Ahmednagar 115.00
Property Share Investment Trust SM REIT Dec 2024 352.91 Real Estate - REIT 0.00 Bangalore 1050000.00 1026000.00
Sharda Cropchem Limited Sep 2014 351.86 Chemical - Pesticides 13.00 Mumbai 156.00 542.90
Aeroflex Industries Limited Aug 2023 351.00 Engineering 0.00 Mumbai 108.00 200.79
Monte Carlo Fashions Limited Dec 2014 350.43 Textiles 40.00 Punjab 645.00 636.80
Eros International Media Limited Oct 2010 350.00 Advertising and Media 0.00 Mumbai 175.00 11.73
Abans Holdings Limited Dec 2022 345.60 Banking and Finance 18.96 Mumbai 270.00 180.41
Shankara Building Products Limited Apr 2017 345.00 Real Estate 18.00 Bangalore 460.00 581.30
Garden Reach Shipbuilders & Engineers Limited Oct 2018 344.69 Defence 16.00 Kolkata 118.00 1351.80
KRN Heat Exchanger and Refrigeration Limited Oct 2024 341.95 Engineering 33.52 Alwar 220.00 854.45
House of Pearl Fashions Limited Feb 2007 329.17 Textiles 0.00 New Delhi 550.00 1455.70
Jubilant Foodworks Limited Feb 2010 328.72 FMCG 125.00 New Delhi 145.00 709.45
Maytas Infra Limited Oct 2007 327.45 Infrastructure 33.64 Hyderabad 370.00 38.10
United Bank of India Mar 2010 324.98 Banking and Finance 28.20 Kolkata 66.00
MEP Infrastructure Developers Limited May 2015 324.00 Infrastructure 0.00 Mumbai 63.00 2.90
EMS Limited Sep 2023 321.24 ESG - Waste 0.00 New Delhi 211.00 633.15
Chemcon Speciality Chemicals Limited Oct 2020 318.00 Chemical - Speciality 25.49 Vadodara 340.00 207.29
BLS E-Services Limited Feb 2024 310.91 Corporate Solutions 24.85 New Delhi 135.00 168.78
Tracxn Technologies Limited Oct 2022 309.38 Information Technology - Data Solutions 240.00 Bangalore 80.00 59.27
Vishnu Prakash R Punglia Limited Sep 2023 308.88 Engineering - EPC 0.00 Mumbai 99.00 172.75
Jyothi Laboratories Limited Dec 2007 305.69 FMCG 20.72 Mumbai 690.00 355.20
Krystal Integrated Services Limited Mar 2024 300.13 Corporate Solutions 24.30 Mumbai 715.00 437.80
Antony Waste Handling Cell Limited Jan 2021 300.00 ESG - Waste 15.32 Mumbai 315.00 533.70
Bajaj Corp Limited Aug 2010 297.00 FMCG 19.70 Mumbai 660.00 162.45
Quadrant Future Tek Limited Jan 2025 290.00 Information Technology -47.91 Mohali 290.00 498.75
Mahindra Holidays and Resorts India Limited Jul 2009 277.96 Hotels and Resorts 29.44 Chennai 300.00 318.95
Unicommerce eSolutions Limited Aug 2024 276.57 Information Technology - SaaS 84.59 New Delhi 108.00 116.77
Gammon Infrastructure Projects Limited Apr 2008 276.39 Infrastructure 323.00 Mumbai 167.00
Kolte-Patil Developers Limited Dec 2007 275.51 Real Estate 6.32 Pune 145.00 266.95
Power Mech Projects Limited Aug 2015 273.22 Engineering - EPC 13.00 Hyderabad 640.00 1955.20
Repco Home Finance Limited Apr 2013 270.39 Banking and Finance 35.29 Chennai 172.00 333.75
Manoj Vaibhav Gems 'N' Jewellers Limited Oct 2023 270.20 Jewellery 0.00 Visakhapatnam 215.00 222.05
Hindustan Media Ventures Limited Jul 2010 270.00 Advertising and Media 67.21 Patna 166.00 82.55
Garuda Construction and Engineering Limited Oct 2024 264.10 Real Estate 21.03 Mumbai 95.00 111.30
Indo Farm Equipment Limited Jan 2025 260.15 Engineering 105.25 Chandigarh 215.00 191.85
Deepak Builders & Engineers India Limited Oct 2024 260.04 Infrastructure 16.63 New Delhi 203.00 152.40
Radiant Cash Management Services Limited Jan 2023 256.64 Corporate Solutions 17.34 Tamil Nadu 94.00 63.13
JG Chemicals Limited Mar 2024 251.19 Chemical 20.08 Kolkata 221.00 320.35
Dharmaj Crop Guard Limited Dec 2022 251.15 Agro 14.55 Ahmedabad 237.00 188.91

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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