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
Median 0.00
Lowest
IPO Size (Cr.)
Highest
Median 0.00
Lowest
  1. *IPOs with Extreme PE (100+) 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 PE Multiple

The total funds raised through an IPO depend significantly on the company’s valuation. In mainboard IPOs, merchant bankers and advisors use P/E multiples, derived on basis of a company’s historical performance, future profits, and sector outlook. Valuation drives the IPO Issue size and affects the market capitalisation over a longer time period. Comparing the company’s valuation with peers in the same sector ensures that the IPO pricing is competitive and not overpriced or underpriced

Company Name IPO Year (Listed) IPO Size (Cr.) Sector PE Ratio City Offer price CMP (BSE)
Quality Power Electrical Equipments Limited Feb 2025 858.70 Electric Equipments 32.86 Sangli 425.00 318.50
Ajax Engineering Limited Feb 2025 1,269.35 Infrastructure 35.62 Bangalore 629.00 593.80
Standard Glass Lining Technology Limited Jan 2025 410.05 Engineering 38.50 Hyderabad 140.00 146.82
Carraro India Limited Dec 2024 1,250.00 Engineering - Automotive 40.24 Pune 704.00 309.05
Concord Enviro Systems Limited Dec 2024 500.33 Recycling - Waste 30.79 Mumbai 701.00 494.80
Zinka Logistics Solution Limited Nov 2024 1,114.72 Online Service Provider 37.21 Bangalore 273.00 424.00
Afcons Infrastructure Limited Nov 2024 5,430.00 Infrastructure 46.48 Mumbai 463.00 487.00
KRN Heat Exchanger and Refrigeration Limited Oct 2024 341.95 Engineering 33.52 Alwar 220.00 871.70
P N Gadgil Jewellers Limited Sep 2024 1,100.00 Jewellery 42.20 Pune 480.00 505.65
Tolins Tyres Limited Sep 2024 230.00 Rubber 34.33 Ernakulam 226.00 116.01
Bajaj Housing Finance Limited Sep 2024 6,560.00 Banking and Finance 30.20 Pune 70.00 123.29
Kross Limited Sep 2024 500.00 Automobile - Forging and Casting 34.50 Jamshedpur 240.00 166.66
Gala Precision Engineering Limited Sep 2024 167.93 Engineering 30.01 Mumbai 529.00 801.85
ECOS (India) Mobility & Hospitality Limited Sep 2024 601.20 Corporate Solutions 32.05 New Delhi 334.00 191.04
Emcure Pharmaceuticals Limited Jul 2024 1,952.03 Pharmaceutical 36.07 Pune 1,008.00 1,072.40
Akme Fintrade India Limited Jun 2024 132.00 Banking and Finance 31.33 Udaipur 120.00 65.19
Le Travenues Technology Limited Jun 2024 740.10 Online Service Provider 41.12 New Delhi 93.00 141.60
TBO Tek Limited May 2024 1,550.81 Travel and Tourism 48.60 New Delhi 920.00 1,205.60
Indegene Limited May 2024 1,841.76 Pharmaceutical 33.53 Bangalore 452.00 578.50
JNK India Limited Apr 2024 649.47 Engineering - Heavy Machinery 37.46 Mumbai 415.00 343.00
Gopal Snacks Limited Mar 2024 650.00 FMCG - Snacks and Beverages 44.96 Rajkot 401.00 264.60
Capital Small Finance Bank Limited Feb 2024 523.07 Banking and Finance 35.29 Jalandhar 468.00 259.50
EPACK Durable Limited Jan 2024 640.05 Electric Equipments - OEM 47.00 New Delhi 230.00 368.75
RBZ Jewellers Limited Dec 2023 100.00 Jewellery 34.04 Ahmedabad 100.00 136.27
Tata Technologies Limited Nov 2023 3,042.51 Information Technology 43.78 Pune 500.00 679.90
Protean eGov Technologies Limited Nov 2023 490.33 Corporate Solutions 46.51 Mumbai 792.00 1,340.80
Cello World Limited Nov 2023 1,900.00 Paper and Stationery 41.69 Nani Daman 648.00 546.25
Divgi TorqTransfer Systems Limited Mar 2023 412.12 Electric Equipments - OEM 35.16 Pune 590.00 445.25
Sah Polymers Limited Jan 2023 66.30 Packaging & Disposables 33.51 Udaipur 65.00 78.76
KFin Technologies Limited Dec 2022 1,500.00 Banking and Finance 35.92 Hyderabad 366.00 1,029.60
Sula Vineyards Limited Dec 2022 960.35 FMCG - Snacks and Beverages 49.24 Mumbai 357.00 269.35
Global Health Limited Nov 2022 2,205.57 Healthcare - Hospitals and Clinic 38.36 New Delhi 336.00 1,198.30
Harsha Engineers International Limited Sep 2022 755.00 Engineering 32.67 Ahmedabad 330.00 371.70
eMudhra Limited Jun 2022 412.79 Information Technology - Data Solutions 49.42 Bangalore 256.00 852.35
Prudent Corporate Advisory Services Limited May 2022 538.61 Banking and Finance 33.94 Ahmedabad 630.00 2,336.55
Rainbow Children's Medicare Limited May 2022 1,580.85 Healthcare 43.53 Hyderabad 542.00 1,401.70
Ruchi Soya Industries Limited Apr 2022 4,300.00 FMCG 30.86 Mumbai 650.00 1,808.40
Adani Wilmar Limited Feb 2022 3,600.00 FMCG 44.66 Ahmedabad 230.00 258.32
HP Adhesives Limited Dec 2021 125.96 Chemical - Paint and Adhesives 50.00 Mumbai 274.00 48.05
Tarsons Products Limited Nov 2021 1,023.47 Engineering 35.46 Kolkata 662.00 301.85
Latent View Analytics Limited Nov 2021 600.00 Information Technology - Data Solutions 43.68 Chennai 197.00 367.55
S.J.S. Enterprises Limited Nov 2021 800.00 Home Decor 43.42 Bangalore 542.00 903.35
Aditya Birla Sun Life AMC Limited Oct 2021 2,768.26 Banking and Finance 33.09 Mumbai 712.00 636.70
Paras Defence And Space Technologies Limited Oct 2021 170.78 Defence 43.21 Mumbai 175.00 957.90
Sansera Engineering Limited Sep 2021 1,282.98 Engineering 40.39 Bangalore 744.00 1,216.75
Ami Organics Limited Sep 2021 569.64 Chemical - Speciality 41.16 Surat 610.00 2,440.80
Vijaya Diagnostic Centre Limited Sep 2021 1,895.04 Healthcare - Hospitals and Clinic 41.10 Hyderabad 531.00 1,007.20
Exxaro Tiles Limited Aug 2021 161.09 Ceramic and Stone - Marble, Tiles and Granite 35.29 Sabarkantha 120.00 5.81
Tatva Chintan Pharma Chem Limited Jul 2021 500.00 Chemical - Speciality 45.95 Bharuch 1,083.00 677.15
Clean Science and Technology Limited Jul 2021 1,546.62 Chemical - Speciality 48.18 Pune 900.00 1,167.35
Krishna Institute of Medical Sciences Limited Jun 2021 2,143.74 Healthcare 32.13 Secunderabad 825.00 639.60
Suryoday Small Finance Bank Limited Mar 2021 582.34 Banking and Finance 44.27 Mumbai 305.00 100.31
Laxmi Organic Industries Limited Mar 2021 600.00 Chemical - Speciality 37.68 Raigad 130.00 175.25
Craftsman Automation Limited Mar 2021 823.70 Automobile 46.61 Coimbatore 1,490.00 4,877.30
Easy Trip Planners Limited Mar 2021 510.00 Online Service Provider 49.87 New Delhi 187.00 11.71
MTAR Technologies Limited Mar 2021 596.41 Engineering 47.24 Hyderabad 575.00 1,281.15
RailTel Corporation of India Limited Feb 2021 819.24 Infrastructure 33.10 New Delhi 94.00 302.55
Home First Finance Company India Limited Feb 2021 1,153.72 Banking and Finance 42.75 Mumbai 518.00 1,014.15
Computer Age Management Services Limited Oct 2020 2,244.33 Banking and Finance 36.81 Chennai 1,230.00 3,723.35
Rossari Biotech Limited Jul 2020 496.49 Chemical - Speciality 33.81 Mumbai 425.00 604.65
SBI Cards and Payment Services Limited Mar 2020 10,354.77 Banking and Finance 45.80 New Delhi 755.00 881.10
CSB Bank Limited Dec 2019 409.68 Banking and Finance 38.00 Thrissur 195.00 302.25
Neogen Chemicals Limited May 2019 132.35 Chemical - Speciality 31.00 Mumbai 215.00 1,543.35
Metropolis Healthcare Limited Apr 2019 1,204.29 Healthcare 37.30 Mumbai 880.00 1,564.55
CreditAccess Grameen Limited Aug 2018 1,131.19 Banking and Finance 48.00 Bangalore 422.00 951.95
HDFC Asset Management Company Limited Aug 2018 2,800.33 Banking and Finance 32.00 Mumbai 1,100.00 4,013.90
TCNS Clothing Co. Limited Jul 2018 1,125.13 Textiles 44.00 New Delhi 716.00 0.00
ICICI Securities Limited Apr 2018 4,016.97 Banking and Finance 31.00 Mumbai 520.00 896.20
Bandhan Bank Limited Mar 2018 4,473.02 Banking and Finance 35.00 Kolkata 375.00 146.28
Galaxy Surfactants Limited Feb 2018 937.09 Chemical - Speciality 35.00 Mumbai 1,480.00 2,048.35
Amber Enterprises India Limited Jan 2018 600.00 Electric Equipments 40.00 Rajpura 859.00 7,210.85
Apollo Micro Systems Limited Jan 2018 156.00 Defence 40.00 Hyderabad 275.00 122.72
Future Supply Chain Solutions Limited Dec 2017 649.70 Logistics 40.00 Mumbai 664.00 1.56
Shalby Limited Dec 2017 504.80 Healthcare - Hospitals and Clinic 46.00 Ahmedabad 248.00 197.07
The New India Assurance Company Limited Nov 2017 9,600.00 Insurance 32.00 Mumbai 800.00 154.52
Reliance Nippon Life Asset Management Limited Nov 2017 1,542.24 Banking and Finance 43.90 Mumbai 252.00 578.55
General Insurance Corporation of India Oct 2017 11,175.84 Insurance 31.19 Mumbai 912.00 421.10
Indian Energy Exchange Limited Oct 2017 1,000.73 Online Service Provider 40.00 New Delhi 1,650.00 175.77
ICICI Lombard General Insurance Company Limited Sep 2017 5,700.94 Insurance 35.00 Mumbai 661.00 1,792.85
Matrimony.com Limited Sep 2017 496.88 Online Service Provider 38.00 Chennai 985.00 510.65
Dixon Technologies (India) Limited Sep 2017 600.00 Electric Equipments 40.00 Gautam Buddha Nagar 1,766.00 13,179.50
Eris Lifesciences Limited Jun 2017 1,741.16 Pharmaceutical 34.00 Ahmedabad 603.00 1,417.35
Tejas Networks Limited Jun 2017 776.69 Telecom 36.00 Bangalore 257.00 760.45
Avenue Supermarts Limited Mar 2017 1,870.00 Retail - Supermarket 36.00 Mumbai 299.00 4,083.20
Music Broadcast Limited Mar 2017 488.53 Advertising and Media 31.00 Mumbai 333.00 108.00
PNB Housing Finance Limited Nov 2016 3,000.75 Banking and Finance 33.00 New Delhi 775.00 881.50
HPL Electric & Power Limited Oct 2016 361.00 Electric Equipments 35.00 New Delhi 202.00 412.95
L&T Technology Services Limited Sep 2016 894.40 Information Technology 35.00 Mumbai 860.00 4,501.70
Quess Corp Limited Jul 2016 400.00 Human Resources and Manpower 45.00 Bangalore 317.00 651.20
Parag Milk Foods Limited May 2016 751.78 Agro - Food Products 44.00 Pune 215.00 149.45
Thyrocare Technologies Limited May 2016 479.21 Healthcare 45.00 Mumbai 446.00 679.65
Quick Heal Technologies Limited Feb 2016 451.25 Information Technology - Data Solutions 45.00 Pune 321.00 287.15
Dr. Lal PathLabs Limited Dec 2015 638.00 Healthcare 48.00 New Delhi 550.00 2,478.80
S H Kelkar & Company Limited Nov 2015 508.17 FMCG 31.00 Mumbai 180.00 176.60
Monte Carlo Fashions Limited Dec 2014 350.43 Textiles 40.00 Punjab 645.00 525.25
Snowman Logistics Limited Sep 2014 197.40 Logistics 35.00 Bangalore 47.00 44.76
Repco Home Finance Limited Apr 2013 270.39 Banking and Finance 35.29 Chennai 172.00 335.10
Speciality Restaurants Limited May 2012 176.09 Hotels and Resorts 47.00 Kolkata 150.00 130.73
M and B Switchgears Limited Oct 2011 93.00 Electric Equipments - Transformers 34.04 Indore 186.00 0.00
Tree House Education & Accessories Limited Aug 2011 113.83 Education 33.01 Mumbai 135.00 8.99
Rushil Decor Limited Jul 2011 40.64 Furniture 35.29 Mumbai 72.00 21.04
Lovable Lingeries Limited Mar 2011 93.28 Textiles 47.00 Mumbai 205.00 76.45
Ravi Kumar Distilleries Limited Dec 2010 73.60 FMCG - Snacks and Beverages 34.04 Chennai 64.00 25.05
Prestige Estates Projects Limited Oct 2010 1,200.00 Real Estate 43.78 Bangalore 183.00 1,184.40
Sea TV Network Limited Oct 2010 50.20 Electric Equipments 46.51 Agra 100.00 7.19
Talwalkars Better value Fitness Limited May 2010 77.44 Healthcare - Personal Care 35.46 Mumbai 128.00 0.00
Intrasoft Technologies Limited Apr 2010 53.65 Online Service Provider 30.02 Kolkata 145.00 92.10
Vascon Engineers Limited Feb 2010 178.20 Real Estate 40.44 Mumbai 165.00 37.00
Godrej Properties Limited Jan 2010 468.85 Real Estate 39.14 Mumbai 490.00 2,129.60
JSW Energy Limited Jan 2010 2,700.00 Power and Energy 49.02 Mumbai 95.00 537.90
NHPC Limited Sep 2009 6,038.55 Power and Energy - Hydro 33.33 Faridabad 36.00 82.20
KSK Energy Ventures Limited Jul 2008 830.66 Power and Energy 41.88 Hyderabad 240.00 0.00
Sejal Architectural Glass Limited Jul 2008 105.73 Glass 37.34 Mumbai 115.00 0.00
Titagarh Wagons Limited Apr 2008 128.72 Railway 34.07 Kolkata 540.00 796.25
Shriram EPC Limited Feb 2008 150.00 Engineering - EPC 43.16 Chennai 300.00 14.06
Edelweiss Capital Limited Dec 2007 691.86 Banking and Finance 40.07 Mumbai 825.00 89.99
Maytas Infra Limited Oct 2007 327.45 Infrastructure 33.64 Hyderabad 370.00 38.91
Motilal Oswal Financial Services Limited Sep 2007 246.07 Banking and Finance 34.75 Mumbai 825.00 615.35
Cinemax India Limited Feb 2007 138.26 Advertising and Media 43.41 Mumbai 155.00 81.29
Tanla Solutions Limited Jan 2007 378.86 Information Technology 35.15 Hyderabad 265.00 467.25
HOV Services Limited Sep 2006 81.00 Outsourcing 33.06 Pune 200.00 45.21

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Upcoming IPOs in India

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

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*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.