211  Total SME IPOs listed in 2025

9,659.65 Crs.  Total funds raised in 2025

144  SME IPOs listed with Gain in 2025

67  SME IPOs listed with loss in 2025

211  Total SME IPOs listed in 2025

9,659.65 Crs.  Total funds raised in 2025

144  SME IPOs listed with Gain in 2025

67  SME IPOs listed with loss in 2025

211  Total SME IPOs listed in 2025

9,659.65 Crs.  Total funds raised in 2025

144  SME IPOs listed with Gain in 2025

67  SME IPOs listed with loss in 2025

211  Total SME IPOs listed in 2025

9659.65 Crs.  Total funds raised in 2,025.00

144  SME IPOs listed with Gain in 2025

67  SME IPOs listed with loss in 2025

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Summary

PE Ratio*
Highest 96.00
Median 22.03
Lowest 0.81
IPO Size (Cr.)
Highest 27870.16
Median 1,232.81
Lowest 13.94
  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.

Mainboard Merchant Banker Performance Tracker

IPO Performance of Merchant Bankers in India on NSE and BSE stock exchanges for Mainboard IPOs. List of merchant banks with number of IPO assisted, Total Fundraise, Average PE Ratio, IPO listed in Gain/loss and Current IPO Performance of the BRLM. Latest IPO Performance of Merchant banking company for IPO analysis and review. IPO Lead managers help business owners in the IPO Listing Process, Pre IPO Funding and IPO valuation for a Successful IPO Listing. Merchant Banker services guide the company in the IPO process and help in DRHP filing, RHP and Final Prospectus.

Merchant Banker No of IPOs so far Total funds raised (Cr.) Avg PE Ratio IPO Listed in Gain/Loss CMP vs Offer Price (Gain/Loss) CMP vs Listing Price (Gain/Loss)
ICICI Securities Limited 174 283,697.64 63.53 152  (87%)
22  (13%)
106  (61%)
68  (39%)
101  (58%)
73  (42%)
Axis Capital Limited 167 349,962.23 39.79 144  (86%)
23  (14%)
106  (63%)
61  (37%)
97  (58%)
70  (42%)
Kotak Mahindra Capital Company Limited 144 375,166.22 62.69 128  (89%)
16  (11%)
86  (60%)
58  (40%)
78  (54%)
66  (46%)
Jm Financial Limited 128 225,952.20 45.24 109  (85%)
19  (15%)
80  (63%)
48  (38%)
70  (55%)
58  (45%)
SBI Capital Markets Limited 106 233,116.49 27.67 92  (87%)
14  (13%)
64  (60%)
42  (40%)
60  (57%)
46  (43%)
IIFL Securities Limited 101 164,563.34 41.13 88  (87%)
13  (13%)
64  (63%)
37  (37%)
57  (56%)
44  (44%)
Citigroup Global Markets India Private Limited 73 299,634.93 31.23 65  (89%)
8  (11%)
49  (67%)
24  (33%)
43  (59%)
30  (41%)
Edelweiss Financial Services Limited 70 96,865.54 34.39 64  (91%)
6  (9%)
44  (63%)
26  (37%)
42  (60%)
28  (40%)
Dam Capital Advisors Limited (Formerly Idfc Securities Limited) 61 63,040.22 32.55 52  (85%)
9  (15%)
37  (61%)
24  (39%)
35  (57%)
26  (43%)
Motilal Oswal Investment Advisors Limited 48 53,082.77 31.23 41  (85%)
7  (15%)
24  (50%)
24  (50%)
22  (46%)
26  (54%)
Bofa Securities India Limited 45 196,031.69 41.24 39  (87%)
6  (13%)
26  (58%)
19  (42%)
25  (56%)
20  (44%)
J.P. Morgan India Private Limited 39 153,479.19 56.76 32  (82%)
7  (18%)
28  (72%)
11  (28%)
26  (67%)
13  (33%)
Morgan Stanley India Company Private Limited 36 156,058.67 125.80 29  (81%)
7  (19%)
21  (58%)
15  (42%)
22  (61%)
14  (39%)
Nomura Financial Advisory And Securities (India) Private Limited 32 104,167.27 88.14 30  (94%)
2  (6%)
22  (69%)
10  (31%)
20  (63%)
12  (38%)
Idbi Capital Market Services Limited 31 34,004.69 28.31 30  (97%)
1  (3%)
20  (65%)
11  (35%)
19  (61%)
12  (39%)
Equirus Capital Private Limited 30 21,354.39 35.22 26  (87%)
4  (13%)
20  (67%)
10  (33%)
14  (47%)
16  (53%)
Jefferies India Private Limited 29 106,710.90 48.88 26  (90%)
3  (10%)
21  (72%)
8  (28%)
20  (69%)
9  (31%)
Axis Bank Limited 28 58,681.50 30.73 27  (96%)
1  (4%)
13  (46%)
15  (54%)
10  (36%)
18  (64%)
Hdfc Bank Limited 28 70,680.62 40.21 23  (82%)
5  (18%)
21  (75%)
7  (25%)
17  (61%)
11  (39%)
Nuvama Wealth Management Limited 27 51,030.30 198.17 20  (74%)
7  (26%)
10  (37%)
17  (63%)
9  (33%)
18  (67%)
Hsbc Securities & Capital Markets Private limited 25 139,068.04 21.61 23  (92%)
2  (8%)
15  (60%)
10  (40%)
13  (52%)
12  (48%)
Credit Suisse Securities (India) Private Limited 22 64,104.56 46.94 21  (95%)
1  (5%)
15  (68%)
7  (32%)
15  (68%)
7  (32%)
Anand Rathi Securities Limited 21 5,617.56 21.91 18  (86%)
3  (14%)
12  (57%)
9  (43%)
11  (52%)
10  (48%)
Keynote Financial Services Limited 17 1,630.56 12.09 15  (88%)
2  (12%)
10  (59%)
7  (41%)
8  (47%)
9  (53%)
Ambit Private Limited 17 29,228.30 27.94 16  (94%)
1  (6%)
12  (71%)
5  (29%)
11  (65%)
6  (35%)
Goldman Sachs (India) Securities Private Limited 17 94,396.87 22.04 13  (76%)
4  (24%)
10  (59%)
7  (41%)
10  (59%)
7  (41%)
Clsa India Private Limited 16 35,683.35 56.74 15  (94%)
1  (6%)
10  (63%)
6  (38%)
8  (50%)
8  (50%)
Unistone Capital Private Limited 15 3,707.30 15.85 15  (100%)
0  (0%)
7  (47%)
8  (53%)
5  (33%)
10  (67%)
Pantomath Capital Advisors Private Limited 14 4,185.90 41.23 13  (93%)
1  (7%)
7  (50%)
7  (50%)
4  (29%)
10  (71%)
Deutsche Equities India Private Limited 14 59,488.07 29.67 12  (86%)
2  (14%)
7  (50%)
7  (50%)
7  (50%)
7  (50%)
Yes Securities (India) Limited 14 18,436.36 30.79 12  (86%)
2  (14%)
8  (57%)
6  (43%)
7  (50%)
7  (50%)
Intensive Fiscal Services Private Limited 13 16,893.02 50.76 12  (92%)
1  (8%)
6  (46%)
7  (54%)
6  (46%)
7  (54%)
Bob Capital Markets Limited 12 23,982.33 39.97 10  (83%)
2  (17%)
8  (67%)
4  (33%)
7  (58%)
5  (42%)
Idfc Bank Limited 12 28,782.17 27.44 12  (100%)
0  (0%)
7  (58%)
5  (42%)
7  (58%)
5  (42%)
Ubs Securities India Private Limited 12 54,879.70 120.46 10  (83%)
2  (17%)
5  (42%)
7  (58%)
5  (42%)
7  (58%)
Karvy Investor Services Limited 11 1,035.38 15.09 10  (91%)
1  (9%)
5  (45%)
6  (55%)
5  (45%)
6  (55%)
Bnp Paribas 11 34,167.06 53.70 9  (82%)
2  (18%)
7  (64%)
4  (36%)
7  (64%)
4  (36%)
Centrum Capital Limited 11 1,227.73 12.59 6  (55%)
5  (45%)
5  (45%)
6  (55%)
4  (36%)
7  (64%)
Almondz Global Securities Limited 10 1,198.39 19.81 8  (80%)
2  (20%)
3  (30%)
7  (70%)
3  (30%)
7  (70%)
Chartered Capital And Investment Limited 9 483.67 19.91 8  (89%)
1  (11%)
2  (22%)
7  (78%)
2  (22%)
7  (78%)
Ashika Capital Limited 9 329.17 21.22 9  (100%)
0  (0%)
4  (44%)
5  (56%)
4  (44%)
5  (56%)
Il&Fs Investsmart Securities Limited 9 3,830.74 13.92 5  (56%)
4  (44%)
5  (56%)
4  (44%)
5  (56%)
4  (44%)
Uti Securities Limited 9 555.17 12.66 5  (56%)
4  (44%)
3  (33%)
6  (67%)
3  (33%)
6  (67%)
Srei Capital Markets Limited 8 368.60 9.32 8  (100%)
0  (0%)
3  (38%)
5  (63%)
3  (38%)
5  (63%)
Yes Bank Limited 8 20,200.82 30.69 8  (100%)
0  (0%)
4  (50%)
4  (50%)
4  (50%)
4  (50%)
Aryaman Financial Services Limited 7 1,550.15 27.96 4  (57%)
3  (43%)
2  (29%)
5  (71%)
0  (0%)
7  (100%)
Elara Capital (India) Private Limited 7 2,538.90 34.42 7  (100%)
0  (0%)
4  (57%)
3  (43%)
4  (57%)
3  (43%)
Iti Capital Limited 7 7,075.14 151.82 6  (86%)
1  (14%)
4  (57%)
3  (43%)
4  (57%)
3  (43%)
Systematix Corporate Services Limited 6 2,451.00 21.23 5  (83%)
1  (17%)
3  (50%)
3  (50%)
2  (33%)
4  (67%)
Saffron Capital Advisors Private Limited 6 1,012.38 32.17 5  (83%)
1  (17%)
1  (17%)
5  (83%)
1  (17%)
5  (83%)
Jm Morgan Stanley Private Limited 6 7,492.96 532.54 5  (83%)
1  (17%)
4  (67%)
2  (33%)
4  (67%)
2  (33%)
Monarch Networth Capital Limited 5 2,196.15 21.30 4  (80%)
1  (20%)
4  (80%)
1  (20%)
4  (80%)
1  (20%)
Choice Capital Advisors Private Limited 5 1,430.80 19.55 5  (100%)
0  (0%)
4  (80%)
1  (20%)
2  (40%)
3  (60%)
PL Capital Markets Private Limited 4 1,786.19 24.73 3  (75%)
1  (25%)
2  (50%)
2  (50%)
2  (50%)
2  (50%)
Beeline Capital Advisors Private Limited 4 860.99 23.43 4  (100%)
0  (0%)
3  (75%)
1  (25%)
0  (0%)
4  (100%)
Arihant Capital Markets Limited 4 320.15 17.13 4  (100%)
0  (0%)
1  (25%)
3  (75%)
1  (25%)
3  (75%)
Emkay Global Financial Services Limited 4 1,947.65 33.75 2  (50%)
2  (50%)
3  (75%)
1  (25%)
3  (75%)
1  (25%)
Haitong Securities India Private Limited 4 16,298.55 33.30 4  (100%)
0  (0%)
4  (100%)
0  (0%)
3  (75%)
1  (25%)
Inga Ventures Private Limited 4 1,683.51 29.62 3  (75%)
1  (25%)
3  (75%)
1  (25%)
3  (75%)
1  (25%)
Pnb Investment Services Limited 4 1,107.09 15.53 4  (100%)
0  (0%)
2  (50%)
2  (50%)
2  (50%)
2  (50%)
Sarthi Capital Advisors Private Limited 3 466.98 18.17 2  (67%)
1  (33%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
Fedex Securities Private Limited 3 726.80 16.77 2  (67%)
1  (33%)
0  (0%)
3  (100%)
1  (33%)
2  (67%)
Smc Capitals Limited 3 1,629.35 18.08 3  (100%)
0  (0%)
3  (100%)
0  (0%)
3  (100%)
0  (0%)
Batlivala & Karani Securities India Private Limited 3 2,757.59 29.27 3  (100%)
0  (0%)
2  (67%)
1  (33%)
2  (67%)
1  (33%)
Collins Stewart Inga Private Limited 3 199.93 19.60 3  (100%)
0  (0%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
Macquarie India Advisory Services Private Limited 3 1,124.24 129.00 3  (100%)
0  (0%)
0  (0%)
3  (100%)
0  (0%)
3  (100%)
Hem Securities Limited 2 801.27 20.15 2  (100%)
0  (0%)
2  (100%)
0  (0%)
1  (50%)
1  (50%)
Holani Consultants Private Limited 2 493.04 16.76 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
D And A Financial Services Private Limited 2 156.00 25.69 1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Vivro Financial Services Private Limited 2 491.70 50.50 2  (100%)
0  (0%)
1  (50%)
1  (50%)
0  (0%)
2  (100%)
Interactive Financial Services Limited 2 251.23 20.36 2  (100%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
Khambatta Securities Limited 2 393.41 11.00 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Spa Capital Advisors Limited 2 305.00 6.47 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Corporate Strategic Allianz Limited 2 70.24 19.89 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Allahabad Bank 2 205.93 14.03 1  (50%)
1  (50%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
Antique Capital Markets Private Limited 2 591.46 5.10 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Avendus Capital Private Limited 2 11,527.43 -6.93 2  (100%)
0  (0%)
2  (100%)
0  (0%)
1  (50%)
1  (50%)
Bajaj Capital Limited 2 414.01 11.53 2  (100%)
0  (0%)
1  (50%)
1  (50%)
0  (0%)
2  (100%)
Barclays Securities (India) Private Limited 2 7,174.04 12.22 1  (50%)
1  (50%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
Indbank Merchant Banking Services Limited 2 70.12 28.58 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Indusind Bank Limited 2 5,052.34 19.23 2  (100%)
0  (0%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
Nexgen Capitals Limited 2 115.68 13.64 1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Religare Securities Limited 2 490.33 25.81 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Spark Capital Advisors (India) Private Limited 2 1,724.99 119.50 2  (100%)
0  (0%)
2  (100%)
0  (0%)
1  (50%)
1  (50%)
Standard Chartered Securities (India) Limited 2 7,632.80 18.23 1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
First Overseas Capital Limited 1 153.05 11.34 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Gretex Corporate Services Limited 1 132.00 31.33 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Vc Corporate Advisors Private Limited (Vcapl) 1 48.75 14.31 0  (0%)
1  (100%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Indorient Financial Services Limited 1 412.79 49.42 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
GYR Capital Advisors Private Limited 1 116.11 24.26 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Sundae Capital Advisors 1 290.00 -47.91 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Corpwis Advisors Private Limited 1 264.10 21.03 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Kjmc Corporate Advisors (India) Limited 1 22.50 5.89 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Comfort Securities Private Limited 1 73.60 34.04 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Almondz Financial Services Limited 1 4,321.44 26.76 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Smart Horizon Capital Advisors Private Limited 1 122.31 20.67 0  (0%)
1  (100%)
0  (0%)
1  (100%)
1  (100%)
0  (0%)
A.K. Capital Services Limited 1 23.50 3.81 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Atherstone Capital Markets Limited 1 36.85 0.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Comfort Securities Limited 1 63.75 53.19 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Fortune Financial Services (India) Limited 1 33.50 13.06 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Incred Capital Financial Services Private Limited 1 472.29 96.00 0  (0%)
1  (100%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Investec Capital Services (India) Private Limited 1 600.65 0.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Mirae Asset Capital Markets (India) Private Limited 1 490.78 0.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Mefcom Capital Markets Limited 1 119.00 17.88 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)
PhillipCapital (India) Private Limited 1 2,079.37 85.88 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Sumedha Fiscal Services Limited 1 306.00 21.98 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)

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Summary

PE Ratio*
Highest 96.00
Median 22.03
Lowest 0.81
IPO Size (Cr.)
Highest 27870.16
Median 1,232.81
Lowest 13.94
  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.

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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.

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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.

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  • 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