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 0.00
Median -2.72
Lowest -177.74
IPO Size (Cr.)
Highest 18300.00
Median 1,917.75
Lowest 23.00
  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)
Hexaware Technologies Limited Feb 2025 8,750.00 Information Technology Mumbai 708.00 700.75
Capital Infra Trust InvIT Jan 2025 1,578.00 Infrastructure Gurugram 100.00 88.51
Quadrant Future Tek Limited Jan 2025 290.00 Information Technology -47.91 Mohali 290.00 525.40
Ventive Hospitality Limited Dec 2024 1,600.00 Hotels and Resorts 0.00 Pune 643.00 712.45
One Mobikwik Systems Limited Dec 2024 572.00 Banking and Finance - FinTech -86.75 New Delhi 279.00 304.05
Property Share Investment Trust SM REIT Dec 2024 352.91 Real Estate - REIT 0.00 Bangalore 1,050,000.00 1,020,000.00
Niva Bupa Health Insurance Company Limited Nov 2024 2,200.00 Insurance -177.74 New Delhi 74.00 78.08
Swiggy Limited Nov 2024 11,327.43 Online Service Provider -35.72 Bangalore 390.00 330.20
Godavari Biorefineries Limited Oct 2024 554.75 Chemical 0.00 Mumbai 352.00 147.36
Brainbees Solutions Limited Aug 2024 4,193.73 Textiles 0.00 Pune 465.00 367.90
Ola Electric Mobility Limited Aug 2024 6,145.56 Automobile 0.00 Bangalore 76.00 53.05
Awfis Space Solutions Limited May 2024 598.93 Corporate Solutions 0.00 New Delhi 383.00 662.60
Vodafone Idea Limited Apr 2024 18,000.00 Telecom 0.00 Gandhinagar 11.00 6.80
Bharat Highways Infrastructure Investment Trust Mar 2024 2,500.00 Infrastructure 0.00 New Delhi 100.00 107.46
R K SWAMY Limited Mar 2024 423.56 Corporate Solutions 0.00 Chennai 288.00 217.73
Mukka Proteins Limited Mar 2024 224.00 Agro 0.00 Bangalore 28.00 32.66
Platinum Industries Limited Mar 2024 235.32 Chemical 0.00 Mumbai 171.00 266.25
Exicom Tele-Systems Limited Mar 2024 429.00 Electric Equipments 0.00 Solan 142.00 147.44
GPT Healthcare Limited Feb 2024 525.14 Healthcare 0.00 Kolkata 186.00 146.97
Juniper Hotels Limited Feb 2024 1,800.00 Hotels and Resorts 0.00 Mumbai 360.00 250.50
Muthoot Microfin Limited Dec 2023 960.00 Banking and Finance 0.00 Mumbai 291.00 122.84
Motisons Jewellers Limited Dec 2023 151.09 Jewellery 0.00 Jaipur 55.00 16.90
DOMS Industries Limited Dec 2023 1,200.00 Paper and Stationery 0.00 Umbergaon 790.00 2,877.25
Flair Writing Industries Limited Dec 2023 593.00 Paper and Stationery 0.00 Mumbai 304.00 225.09
Plaza Wires Limited Oct 2023 71.28 Cables and Wires 0.00 New Delhi 54.00 49.57
Valiant Laboratories Limited Oct 2023 152.46 Pharmaceutical 0.00 Mumbai 140.00 76.58
Manoj Vaibhav Gems 'N' Jewellers Limited Oct 2023 270.20 Jewellery 0.00 Visakhapatnam 215.00 197.59
JSW Infrastructure Limited Oct 2023 2,800.00 Logistics 0.00 Mumbai 119.00 319.80
Yatra Online Limited Sep 2023 775.00 Travel and Tourism 0.00 Mumbai 142.00 85.48
Sai Silks (Kalamandir) Limited Sep 2023 1,201.00 Textiles 0.00 Hyderabad 222.00 131.74
Signatureglobal (India) Limited Sep 2023 730.00 Real Estate 0.00 New Delhi 385.00 1,093.70
SAMHI Hotels Limited Sep 2023 1,370.10 Hotels and Resorts 0.00 New Delhi 126.00 140.82
Zaggle Prepaid Ocean Services Limited Sep 2023 563.38 Information Technology - SaaS 0.00 Rangareddi 164.00 361.15
EMS Limited Sep 2023 321.24 ESG - Waste 0.00 New Delhi 211.00 618.20
R R Kabel Limited Sep 2023 1,964.01 Cables and Wires 0.00 Mumbai 1,035.00 948.00
Jupiter Life Line Hospitals Limited Sep 2023 869.08 Healthcare - Hospitals and Clinic 0.00 Mumbai 735.00 1,596.55
Ratnaveer Precision Engineering Limited Sep 2023 165.03 Steel - Tubes and Pipes 0.00 Vadodara 98.00 136.43
Rishabh Instruments Limited Sep 2023 490.78 Engineering 0.00 Mumbai 441.00 215.35
Vishnu Prakash R Punglia Limited Sep 2023 308.88 Engineering - EPC 0.00 Mumbai 99.00 162.85
Aeroflex Industries Limited Aug 2023 351.00 Engineering 0.00 Mumbai 108.00 170.17
TVS Supply Chain Solutions Limited Aug 2023 880.00 Logistics 0.00 Madurai 197.00 120.75
Concord Biotech Limited Aug 2023 1,551.00 Pharmaceutical 0.00 Ahmedabad 741.00 1,680.60
SBFC Finance Limited Aug 2023 1,025.00 Banking and Finance 0.00 Mumbai 57.00 88.24
Yatharth Hospital and Trauma Care Services Limited Aug 2023 686.55 Healthcare - Hospitals and Clinic 0.00 New Delhi 300.00 424.70
Netweb Technologies India Limited Jul 2023 631.00 Information Technology - Data Solutions 0.00 Faridabad 500.00 1,514.65
Utkarsh Small Finance Bank Limited Jul 2023 500.00 Banking and Finance 0.00 Varanasi 25.00 22.03
Cyient DLM Limited Jul 2023 592.00 Electric Equipments 0.00 Hyderabad 265.00 457.65
HMA Agro Industries Limited Jul 2023 480.00 Agro 0.00 Agra 585.00 28.11
IKIO Lighting Limited Jun 2023 606.50 Electric Equipments 0.00 New Delhi 285.00 236.12
Nexus Select Trust- REIT May 2023 3,200.00 Real Estate - REIT 0.00 Mumbai 100.00 130.24
Mankind Pharma Limited May 2023 4,326.36 Pharmaceutical 0.00 New Delhi 1,080.00 2,424.75
Inox Green Energy Services Limited Nov 2022 740.00 Power and Energy 0.00 Vadodara 65.00 118.95
Delhivery Limited May 2022 5,235.00 Logistics 0.00 New Delhi 487.00 255.10
Veranda Learning Solutions Limited Apr 2022 200.00 Education - Edtech 0.00 Chennai 137.00 211.47
AGS Transact Technologies Limited Jan 2022 680.00 Corporate Solutions 0.00 Mumbai 175.00 8.26
Shriram Properties Limited Dec 2021 600.00 Real Estate 0.00 Chennai 118.00 72.51
Rategain Travel Technologies Limited Dec 2021 1,335.74 Information Technology - SaaS 0.00 New Delhi 425.00 445.00
Star Health and Allied Insurance Company Limited Dec 2021 7,249.18 Insurance 0.00 Chennai 900.00 356.65
Go Fashion (India) Limited Nov 2021 1,013.61 Textiles 0.00 Chennai 690.00 672.90
Sapphire Foods India Limited Nov 2021 2,073.25 Hotels and Resorts - QSR 0.00 Mumbai 1,180.00 294.45
One 97 Communications Limited Nov 2021 18,300.00 Banking and Finance - FinTech 0.00 New Delhi 2,150.00 783.45
PB Fintech Limited Nov 2021 5,625.00 Banking and Finance - FinTech 0.00 Haryana 980.00 1,589.75
Nuvoco Vistas Corporation Ltd Aug 2021 5,000.00 Cement 0.00 Mumbai 570.00 307.80
Devyani International Limited Aug 2021 1,838.00 FMCG - Snacks and Beverages 0.00 New Delhi 90.00 149.14
Zomato Limited Jul 2021 9,375.00 Online Service Provider 0.00 New Delhi 76.00 201.70
POWERGRID Infrastructure Investment Trust May 2021 7,734.99 Infrastructure 0.00 New Delhi 100.00 75.99
Macrotech Developers Limited Apr 2021 2,500.00 Real Estate 0.00 Mumbai 486.00 1,195.80
Barbeque Nation Hospitality Limited Apr 2021 452.87 Hotels and Resorts - QSR 0.00 Bangalore 500.00 271.05
Nazara Technologies Limited Mar 2021 582.91 Information Technology 0.00 Mumbai 1,101.00 947.90
Kalyan Jewellers India Limited Mar 2021 1,175.00 Jewellery 0.00 Thrissur 87.00 467.25
Brookfield India Real Estate Trust Feb 2021 3,800.00 Real Estate 0.00 New Delhi 275.00 289.63
Burger King India Limited Dec 2020 810.00 Hotels and Resorts - QSR 0.00 Mumbai 60.00 60.45
Mindspace Business Parks Aug 2020 4,500.00 Real Estate 0.00 Mumbai 275.00 374.74
Yes Bank Limited Jul 2020 15,000.00 Banking and Finance 0.00 Mumbai 12.00 16.88
Vishwaraj Sugar Industries Limited Oct 2019 60.00 Agro - Sugar 0.00 Belgaum 60.00 7.88
Embassy Office Parks Apr 2019 4,750.00 Real Estate - REIT 0.00 Bangalore 300.00 365.49
MSTC Limited Mar 2019 212.04 Online Service Provider 0.00 Kolkata 120.00 509.90
Chalet Hotels Limited Feb 2019 1,641.18 Hotels and Resorts 0.00 Mumbai 280.00 819.45
Xelpmoc Design and Tech Limited Feb 2019 23.00 Information Technology - Data Solutions 0.00 Bangalore 66.00 81.47
Lemon Tree Hotels Limited Apr 2018 1,038.68 Hotels and Resorts 0.00 New Delhi 56.00 128.41
Aster DM Healthcare Limited Feb 2018 980.14 Healthcare 0.00 Kochi 190.00 483.50
Bharat Road Network Limited Sep 2017 600.65 Infrastructure 0.00 Kolkata 205.00 28.97
IndiGrid InvIT Fund Jun 2017 2,250.00 Power and Energy 0.00 New Delhi 100.00 140.91
IRB InvIT Fund May 2017 5,921.10 Infrastructure 0.00 Mumbai 102.00 50.00
S Chand and Company Limited May 2017 728.56 Education 0.00 New Delhi 670.00 168.89
ICICI Prudential Life Insurance Company Limited Sep 2016 6,056.79 Insurance 0.00 Mumbai 334.00 564.35
Healthcare Global Enterprises Limited Mar 2016 649.64 Healthcare 0.00 Bangalore 218.00 542.10
Coffee Day Enterprises Limited Nov 2015 1,150.00 Hotels and Resorts - QSR 0.00 Bangalore 328.00 28.32
Sadbhav Infrastructure Project Limited Sep 2015 491.66 Infrastructure 0.00 Ahmedabad 103.00 4.22
MEP Infrastructure Developers Limited May 2015 324.00 Infrastructure 0.00 Mumbai 63.00 1.32
Adlabs Entertainment Limited Apr 2015 365.87 Advertising and Media 0.00 Raigad 180.00 66.11
Ortel Communications Limited Mar 2015 66.11 Telecom 0.00 New Delhi 181.00 2.01
Engineers India Limited Feb 2014 505.40 Engineering - EPC 0.00 New Delhi 150.00 160.58
Onelife Capital Advisors Limited Oct 2011 36.85 Banking and Finance 0.00 Mumbai 110.00 9.49
A2Z Maintenance & Engineering Services Limited Dec 2010 675.00 Engineering - EPC 0.00 New Delhi 400.00 13.67
MOIL Limited Dec 2010 1,237.51 Minerals 0.00 Nagpur 375.00 323.00
Power Grid Corporation of India Limited Nov 2010 7,442.34 Power and Energy 0.00 Haryana 90.00 290.35
Coal India Limited Nov 2010 15,199.44 Minerals 0.00 Kolkata 245.00 398.20
Cantabil Retail India Limited Oct 2010 105.00 Textiles 0.00 New Delhi 135.00 269.11
Gallantt Ispat Limited Oct 2010 40.50 Steel - Iron 0.00 Kolkata 50.00 0.00
Orient Green Power Company Limited Oct 2010 900.00 Power and Energy - Bio 0.00 Chennai 47.00 11.75
Eros International Media Limited Oct 2010 350.00 Advertising and Media 0.00 Mumbai 175.00 7.82
Microsec Financial Services Limited Oct 2010 147.50 Banking and Finance 0.00 Kolkata 118.00 242.42
Indosolar Limited Sep 2010 357.00 Solar 0.00 New Delhi 29.00 0.00
Gujarat Pipavav Port Limited (GPPL) Sep 2010 500.00 Logistics 0.00 Amreli 46.00 138.09
SJVN Limited (Satluj Jal Vidyut Nigam Limited) May 2010 1,062.74 Power and Energy - Hydro 0.00 Shimla 26.00 91.59
Goenka Diamond & Jewels Limited Apr 2010 126.51 Jewellery 0.00 Jaipur 135.00 0.90
Man Infraconstruction Limited Mar 2010 141.75 Infrastructure 0.00 Mumbai 252.00 148.73
Rural Electrification Corporation Limited Mar 2010 3,530.04 Power and Energy 0.00 New Delhi 203.00 429.20
Hathway Cable & Datacom Limited Feb 2010 666.00 Telecom 0.00 Mumbai 240.00 13.00
Thangamayil Jewellery Limited Feb 2010 28.76 Jewellery 0.00 Madurai 75.00 2,008.60
Syncom Healthcare Limited Feb 2010 56.25 Healthcare 0.00 Mumbai 75.00 0.00
MBL Infrastructures Limited Jan 2010 102.60 Infrastructure 0.00 Kolkata 180.00 45.19
D B Corp Limited Jan 2010 384.22 Advertising and Media 0.00 Ahmedabad 212.00 231.40
Den Networks Limited Nov 2009 364.46 Cables and Wires 0.00 New Delhi 195.00 31.18
Adani Power Limited Aug 2009 3,016.52 Power and Energy 0.00 Ahmedabad 100.00 509.30
Alkali Metals Limited Nov 2008 26.27 Chemical 0.00 Hyderabad 103.00 79.07
OnMobile Global Limited Feb 2008 479.62 Information Technology 0.00 Bangalore 440.00 44.51
Porwal Auto Components Limited Jan 2008 37.50 Automobile - Forging and Casting 0.00 Indore 75.00 44.11
eClerx Services Limited Dec 2007 101.00 Information Technology - Data Solutions 0.00 Mumbai 315.00 2,777.00
Fortis Healthcare Limited May 2007 496.76 Healthcare - Hospitals and Clinic 0.00 New Delhi 108.00 698.35
Indian Bank Mar 2007 782.15 Banking and Finance 0.00 Chennai 91.00 541.30
C & C Constructions Limited Feb 2007 124.24 Infrastructure 0.00 New Delhi 291.00 0.00
Transwarranty Finance Limited Feb 2007 31.20 Banking and Finance 0.00 Mumbai 52.00 14.15
House of Pearl Fashions Limited Feb 2007 329.17 Textiles 0.00 New Delhi 550.00 1,318.25
Global Broadcast News Limited Feb 2007 105.00 Advertising and Media 0.00 New Delhi 250.00 45.27
Sobha Developers Limited Dec 2006 569.17 Real Estate 0.00 Bangalore 640.00 1,224.75
Info Edge India Limited (Naukri.com) Nov 2006 170.36 Online Service Provider 0.00 New Delhi 320.00 7,181.40
Development Credit Bank Limited Oct 2006 185.90 Banking and Finance 0.00 Mumbai 26.00 112.01
Voltamp Transformers Limited Sep 2006 168.49 Electric Equipments - Transformers 0.00 Vadodara 345.00 7,136.35

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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.