214 Total SME IPOs listed in 2025

9,804.70 Crs. Total funds raised in 2025

145 SME IPOs listed with Gain in 2025

69 SME IPOs listed with loss in 2025

214 Total SME IPOs listed in 2025

9,804.70 Crs. Total funds raised in 2025

145 SME IPOs listed with Gain in 2025

69 SME IPOs listed with loss in 2025

214 Total SME IPOs listed in 2025

9,804.70 Crs. Total funds raised in 2025

145 SME IPOs listed with Gain in 2025

69 SME IPOs listed with loss in 2025

214 Total SME IPOs listed in 2025

9804.70 Crs. Total funds raised in 2,025.00

145 SME IPOs listed with Gain in 2025

69 SME IPOs listed with loss in 2025

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Summary

PE Ratio^*
Highest	50.00
Median	17.49
Lowest	4.16

IPO Size (Cr.)
Highest	76.28
Median	18.66
Lowest	1.89

*IPOs with Extreme PE (50+) are excluded from the above calculations.
Above summary is for reference only as the same is based on the limited data set.

SME IPO Performance FY23

SME IPO Performance of All IPO based on IPO FY23 in India on NSE Emerge and BSE SME. List of IPO with IPO size, IPO Industry, Merchant Banker, PE Ratio, Issue price and current market price (CMP). Latest SME IPO Performance of all IPOs listed in FY23 for IPO analysis and review. Track the IPO performance FY23 of SME on NSE and BSE. IPOPlatform provides data-driven insights into how Indian IPOs have performed each Calendar year helping investors, analysts, and businesses understand share market trends. our comprehensive IPO performance tracker is your go-to source for IPO analytics and performance comparison.

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Company Name	IPO Year (Listed)	IPO Size (Cr.)	Sector	PE Ratio	Merchant Banker	Offer Price	CMP	CMP(%)
Concord Control Systems Limited	Oct 2022	8.32	Engineering - Heavy Machinery	12.14	Hem Securities Limited	55.00	2732.90	4869%
Viviana Power Tech Limited	Sep 2022	8.80	Electric Equipments	11.29	Beeline Capital Advisors Private Limited	55.00	1738.80	3061%
PNGS Gargi Fashion Jewellery Limited	Dec 2022	7.80	Jewellery	6.77	Shreni Shares Limited	30.00	833.55	2679%
Krishna Defence and Allied Industries Limited	Apr 2022	11.89	Defence	18.00	Hem Securities Limited	39.00	822.50	2009%
Gayatri Rubbers and Chemicals Limited	Feb 2023	4.58	Rubber	23.62	Khambatta Securities Limited	30.00	388.50	1195%
Baheti Recycling Industries Limited	Dec 2022	12.42	Recycling - Metal	13.55	Hem Securities Limited	45.00	569.90	1166%
RBM Infracon Limited	Jan 2023	8.37	Engineering - EPC	11.61	Beeline Capital Advisors Private Limited	36.00	425.45	1082%
ITCONS E-Solutions Limited	Mar 2023	8.67	Human Resources and Manpower	12.09	Finshore Management Services Limited	51.00	568.20	1014%
Veekayem Fashion and Apparels Limited	Aug 2022	4.44	Textiles - Fabrics	8.72	GYR Capital Advisors Private Limited	28.00	279.95	900%
Virtuoso Optoelectronics Limited	Sep 2022	30.24	Electric Equipments - OEM	6.92	Fedex Securities Private Limited	56.00	515.25	820%
Olatech Solutions Limited	Aug 2022	1.89	Information Technology - Data Solutions	18.00	Shreni Shares Limited	27.00	198.40	635%
Macfos Limited	Mar 2023	23.74	Electric Equipments	15.22	Hem Securities Limited	102.00	728.65	614%
S.V.J. Enterprises Limited	Mar 2023	6.12	Packaging & Disposables	12.90	First Overseas Capital Limited	36.00	222.50	518%
Le Merite Exports Limited	May 2022	48.00	Textiles	11.09	Fedex Securities Private Limited	75.00	443.55	491%
Arihant Academy Limited	Dec 2022	14.72	Education - Edtech	19.11	Shreni Shares Limited	90.00	511.15	468%
Jeena Sikho Lifecare Limited	Apr 2022	55.50	Pharmaceutical - Ayurvedic	16.67	Fast Track Finsec Private Limited	150.00	772.05	415%
Integrated Personnel Services Limited	Nov 2022	12.74	Human Resources and Manpower	12.77	Unistone Capital Private Limited	59.00	300.00	408%
Jay Jalaram Technologies Limited	Sep 2022	10.80	Electric Equipments - OEM	46.00	Beeline Capital Advisors Private Limited	36.00	169.95	372%
Insolation Energy Limited	Oct 2022	22.16	Solar - Panels	11.41	Holani Consultants Private Limited	38.00	178.40	369%
Fidel Softech Limited	Jun 2022	13.51	Information Technology - Data Solutions	11.15	Shreni Shares Limited	37.00	163.75	343%
Anlon Technology Solutions Limited	Jan 2023	15.00	Engineering	11.71	GYR Capital Advisors Private Limited	100.00	427.00	327%
Kesar India Limited	Jul 2022	15.82	Real Estate	13.87	Fedex Securities Private Limited and Hem Securities Limited	170.00	720.00	324%
Shantidoot Infra Services Limited	Sep 2022	4.02	Real Estate	10.37	Gretex Corporate Services Limited	81.00	322.60	298%
Chaman Metallics Limited	Jan 2023	24.21	Steel - Iron	6.73	Hem Securities Limited	38.00	150.00	295%
Annapurna Swadisht Limited	Sep 2022	30.25	FMCG - Snacks and Beverages	21.94	Corporate Capital Ventures Private Limited	70.00	245.20	250%
Kandarp Digi Smart BPO Limited	Sep 2022	8.10	Outsourcing - BPO	28.57	Beeline Capital Advisors Private Limited	30.00	102.70	242%
SKP Bearing Industries Limited	Jul 2022	30.80	Engineering	9.49	Shreni Shares Limited	70.00	223.00	219%
Lead Reclaim and Rubber Products Limited	Feb 2023	4.88	Rubber	25.77	Fedex Securities Private Limited	25.00	76.00	204%
Pritika Engineering Components Limited	Dec 2022	9.42	Engineering - Automotive	8.76	GYR Capital Advisors Private Limited	29.00	86.00	197%
Trident Lifeline Limited	Oct 2022	35.34	Pharmaceutical	51.53	Beeline Capital Advisors Private Limited	101.00	298.05	195%
Sunrise Efficient Marketing Limited	Apr 2022	16.70	Electric Equipments	9.70	Fedex Securities Private Limited	121.00	355.65	194%
All E Technologies Limited	Dec 2022	48.20	Information Technology - SaaS	15.36	Unistone Capital Private Limited	90.00	262.60	192%
Ameya Precision Engineers Limited	Sep 2022	7.14	Engineering	16.75	Shreni Shares Limited	34.00	98.05	188%
Sonu Infratech Limited	May 2022	8.64	Infrastructure	15.79	Swastika Investmart Limited	36.00	102.00	183%
Dharni Capital Services Limited	Jan 2023	10.74	Banking and Finance	34.48	Srujan Alpha Capital Advisors Llp	20.00	56.40	182%
Agni Green Power Limited	Aug 2022	5.25	Solar	250.00	Finshore Management Services Limited	10.00	26.55	166%
Systango Technologies Limited	Mar 2023	34.82	Information Technology - Data Solutions	15.13	Hem Securities Limited	90.00	229.60	155%
Containe Technologies Limited	Sep 2022	2.62	Engineering - Automotive	214.00	Finshore Management Services Limited	15.00	37.99	153%
Phantom Digital Effects Limited	Oct 2022	29.10	Film and Animation - VFX	6.72	Corporate Capital Ventures Private Limited	95.00	239.85	152%
Arham Technologies Limited	Dec 2022	9.58	Electric Equipments - OEM	13.82	Finshore Management Services Limited	42.00	101.65	142%
Mangalam Worldwide Limited	Jul 2022	65.58	Steel	20.12	Beeline Capital Advisors Private Limited	101.00	242.61	140%
Bright Outdoor Media Limited	Mar 2023	55.48	Advertising and Media	24.21	Shreni Shares Limited	146.00	345.00	136%
Frog Cellsat Limited	Oct 2022	41.57	Telecom	10.93	Sarthi Capital Advisors Private Limited	102.00	228.00	124%
Shera Energy Limited	Feb 2023	35.20	Cables and Wires	15.16	Holani Consultants Private Limited	57.00	123.50	117%
Upsurge Seeds of Agriculture Limited	Aug 2022	22.81	Agro - Food Products	21.35	Finshore Management Services Limited	120.00	258.00	115%
Sealmatic India Limited	Mar 2023	56.24	Engineering	18.75	Isk Advisors Private Limited	225.00	482.90	115%
Ducol Organics And Colours Limited	Jan 2023	31.51	Chemical	13.59	First Overseas Capital Limited	78.00	166.70	114%
Silicon Rental Solutions Limited	Oct 2022	21.15	Information Technology - Hardware	10.73	Hem Securities Limited	78.00	163.60	110%
Shashwat Furnishing Solutions Limited	May 2022	2.51	Furniture	53.60	Beeline Capital Advisors Private Limited	45.00	94.38	110%
AMBO Agritec Limited	Dec 2022	10.20	Agro - Food Products	14.22	Finshore Management Services Limited	30.00	62.45	108%
Nanavati Ventures limited	May 2022	2.18	Jewellery	61.73	First Overseas Capital Limited	50.00	103.75	108%
Lloyds Luxuries Limited	Oct 2022	24.00	Healthcare - Personal Care	0.00	Hem Securities Limited	40.00	82.95	107%
B Right Realestate Limited	Jul 2022	44.36	Real Estate	164.52	Gretex Corporate Services Limited	153.00	317.05	107%
Tapi Fruit Processing Limited	Sep 2022	5.21	Agro - Food Products	120.00	Fedex Securities Private Limited	48.00	92.20	92%
Cargotrans Maritime Limited	Oct 2022	4.86	Logistics	7.77	Hem Securities Limited	45.00	86.00	91%
ResGen Limited	Mar 2023	28.20	Chemical	27.33	Gretex Corporate Services Limited	47.00	86.39	84%
Modis Navnirman Limited	Jul 2022	22.68	Real Estate	57.32	Aryaman Financial Services Limited	180.00	330.00	83%
Aristo Bio-Tech and Lifescience Limited	Jan 2023	13.05	Chemical - Pesticides	9.46	Beeline Capital Advisors Private Limited	72.00	129.95	80%
Nirman Agri Genetics Limited	Mar 2023	20.30	Chemical - Pesticides	14.93	First Overseas Capital Limited	99.00	176.45	78%
PE Analytics Limited	Apr 2022	31.60	Information Technology - Data Solutions	14.56	Sarthi Capital Advisors Private Limited	114.00	198.90	74%
Maks Energy Solutions India Limited	Sep 2022	4.00	Engineering	0.00	Sun Capital Advisory Services (P) Limited	20.00	33.00	65%
Healthy Life Agritec Limited	Jul 2022	10.00	FMCG	26.31	Finshore Management Services Limited	10.00	16.22	62%
Rex Sealing and Packing Industries Limited	Jan 2023	8.09	Packaging & Disposables	19.62	Aryaman Financial Services Limited	135.00	210.50	56%
Agarwal Float Glass India Limited	Feb 2023	9.20	Glass	5.68	GYR Capital Advisors Private Limited	42.00	64.90	55%
Srivasavi Adhesive Tapes Limited	Mar 2023	15.50	Chemical - Paint and Adhesives	16.08	Shreni Shares Limited	41.00	62.25	52%
Transvoy Logistics India Limited	Feb 2023	5.11	Logistics	34.63	Beeline Capital Advisors Private Limited	71.00	103.10	45%
MCON Rasayan India Limited	Mar 2023	6.84	Chemical - Paint and Adhesives	14.71	GYR Capital Advisors Private Limited	40.00	58.00	45%
Mega Flex Plastics Limited	Sep 2022	11.40	Packaging & Disposables	16.19	Finshore Management Services Limited	40.00	57.90	45%
Vertexplus Technologies Limited	Mar 2023	14.20	Information Technology - Data Solutions	28.83	Beeline Capital Advisors Private Limited	96.00	135.80	41%
Prospect Commodities Limited	Mar 2023	7.48	Agro - Food Products	31.44	Interactive Financial Services Limited	61.00	83.25	36%
KCK Industries Limited	Jul 2022	4.50	Textiles	12.40	Navigant Corporate Advisors Limited	30.00	38.90	30%
Dev Labtech Venture Limited	Mar 2023	11.22	Jewellery	32.90	Beeline Capital Advisors Private Limited	51.00	63.11	24%
Viaz Tyres Limited	Mar 2023	20.00	Rubber	24.90	Beeline Capital Advisors Private Limited	62.00	76.00	23%
Scarnose International Limited	Jun 2022	6.60	Textiles	51.89	Finshore Management Services Limited	55.00	66.99	22%
Command Polymers Limited	Mar 2023	7.09	Plastic and Polymer	121.74	Aryaman Financial Services Limited	28.00	32.68	17%
Quality Foils India Limited	Mar 2023	4.52	Steel - Tubes and Pipes	4.16	Khambatta Securities Limited	60.00	70.00	17%
Dollex Agrotech Limited	Dec 2022	24.39	Agro - Sugar	14.46	Expert Global Consultants Private Limited	35.00	40.60	16%
Steelman Telecom Limited	Oct 2022	26.02	Telecom	23.41	Gretex Corporate Services Limited	96.00	108.30	13%
Homesfy Realty Limited	Jan 2023	15.86	Real Estate - Broking	10.87	Sarthi Capital Advisors Private Limited	197.00	210.00	7%
Droneacharya Aerial Innovations Limited	Dec 2022	33.97	Drone	45.00	Corporate Capital Ventures Private Limited	54.00	57.11	6%
Vedant Asset Limited	Oct 2022	3.00	Banking and Finance	80.00	Hem Securities Limited	40.00	40.62	2%
Eastern Logica Infoway Limited	Jan 2023	16.94	Retail	24.09	Oneview Corporate Advisors Private Limited	225.00	224.55	-0%
Jayant Infratech Limited	Jul 2022	6.19	Infrastructure	14.44	Gretex Corporate Services Limited	67.00	66.00	-1%
Labelkraft Technologies Limited	Mar 2023	4.75	Information Technology - Data Solutions	62.50	Hem Securities Limited	55.00	52.75	-4%
EP Biocomposites Limited	Sep 2022	6.35	Plastic and Polymer	26.20	Aryaman Financial Services Limited	126.00	120.00	-5%
Sailani Tours N Travels Limited	Jul 2022	1.90	Travel and Tourism	187.50	Gretex Corporate Services Limited	15.00	14.28	-5%
Pearl Green Clubs and Resorts Limited	Jul 2022	11.72	Agro - Food Products	53.60	Fast Track Finsec Private Limited	186.00	166.95	-10%
QMS Medical Allied Services Limited	Oct 2022	56.87	Healthcare	20.10	First Overseas Capital Limited	121.00	107.15	-11%
Amiable Logistics (India) Limited	Nov 2022	4.37	Logistics	10.90	Shreni Shares Limited	81.00	65.00	-20%
Eighty Jewellers Limited	Apr 2022	11.07	Jewellery	25.15	Hem Securities Limited	41.00	32.00	-22%
Earthstahl & Alloys Limited	Feb 2023	12.96	Steel - Tubes and Pipes	4.22	Hem Securities Limited	40.00	29.01	-27%
Cargosol Logistics Limited	Oct 2022	7.56	Logistics	5.15	Hem Securities Limited	28.00	19.95	-29%
Uma Converter Limited	Dec 2022	18.41	Packaging & Disposables	10.31	GYR Capital Advisors Private Limited	33.00	23.50	-29%
Amanaya Ventures Limited	Mar 2023	2.76	Jewellery	92.00	First Overseas Capital Limited	23.00	16.35	-29%
DAPS Advertising Limited	Nov 2022	5.10	Advertising and Media	8.82	Shreni Shares Limited	30.00	19.79	-34%
Fone4 Communications (India) Limited	May 2022	6.80	E-Commerce	0.00	Finshore Management Services Limited	10.00	6.45	-36%
Vital Chemtech Limited	Nov 2022	64.64	Chemical	14.94	Beeline Capital Advisors Private Limited	101.00	61.95	-39%
Dipna Pharmachem Limited	Sep 2022	15.21	Pharmaceutical	39.00	Interactive Financial Services Limited	38.00	22.74	-40%
Silver Pearl Hospitality & Luxury Spaces Limited	Jun 2022	9.00	Hotels and Resorts	120.00	Inventure Merchant Banker Services Private Limited	18.00	9.65	-46%
SVS Ventures Limited	Jan 2023	11.24	Real Estate	75.00	First Overseas Capital Limited	20.00	10.68	-47%
Indong Tea Company Limited	Feb 2023	13.01	Tea and Coffee	9.52	Finshore Management Services Limited	26.00	13.54	-48%
VELS Film International Limited	Mar 2023	33.74	Film and Animation - VFX	58.58	Khambatta Securities Limited	99.00	50.25	-49%
Sabar Flex India Limited	Sep 2022	4.48	Packaging & Disposables	9.48	GYR Capital Advisors Private Limited	11.00	5.55	-50%
Cyber Media Research & Services Limited	Oct 2022	14.04	Information Technology	34.95	Swastika Investmart Limited	180.00	79.05	-56%
Maagh Advertising And Marketing Services Limited	Oct 2022	9.12	Advertising and Media	37.50	Inventure Merchant Banker Services Private Limited	60.00	25.42	-58%
Sudarshan Pharma Industries Limited	Mar 2023	50.10	Pharmaceutical	24.33	Gretex Corporate Services Limited	73.00	30.06	-59%
Mafia Trends Limited	Oct 2022	3.60	Retail	15.21	GYR Capital Advisors Private Limited	28.00	10.15	-64%
Technopack Polymers Limited	Nov 2022	7.87	Plastic and Polymer	10.54	Isk Advisors Private Limited	55.00	19.70	-64%
Patron Exim Limited	Mar 2023	16.69	Pharmaceutical	28.72	Interactive Financial Services Limited	27.00	8.84	-67%
Rite Zone Chemcon India Limited	Nov 2022	8.96	Chemical - Paint and Adhesives	90.36	Expert Global Consultants Private Limited	75.00	24.00	-68%
Rhetan TMT Limited	Sep 2022	56.00	Steel - Iron	63.64	Aryaman Financial Services Limited	70.00	21.45	-69%
Swastik Pipe Limited	Oct 2022	62.52	Steel - Tubes and Pipes	11.38	Corporate Capital Ventures Private Limited	100.00	29.15	-71%
Globesecure Technologies Limited	Jun 2022	10.13	Information Technology - SaaS	17.90	Fast Track Finsec Private Limited	29.00	8.30	-71%
Rachana Infrastructure Limited	Jun 2022	76.28	Infrastructure	138.00	Interactive Financial Services Limited	135.00	33.45	-75%
Reetech International Cargo and Courier Limited	Oct 2022	11.71	Logistics	10.64	Gretex Corporate Services Limited	105.00	25.00	-76%
Goel Food Products Limited	Jun 2022	7.21	FMCG - Snacks and Beverages	10.84	Gretex Corporate Services Limited	72.00	16.75	-77%
Moxsh Overseas Educon Limited	Dec 2022	10.42	Education - Edtech	50.00	Fedex Securities Private Limited	153.00	35.15	-77%
Pace E-Commerce Ventures Limited	Oct 2022	66.53	E-Commerce	429.16	Interactive Financial Services Limited	103.00	21.90	-79%
JFL Life Sciences Limited	Sep 2022	18.17	Pharmaceutical	26.52	GYR Capital Advisors Private Limited	61.00	12.35	-80%
Global Longlife Hospital and Research Limited	May 2022	49.00	Healthcare - Hospitals and Clinic	38.04	Interactive Financial Services Limited	140.00	24.50	-83%
Naturo Indiabull Limited	Sep 2022	10.92	FMCG	28.03	Finshore Management Services Limited	30.00	4.74	-84%
Dhyaani Tile And Marblez Limited	Apr 2022	2.45	Ceramic and Stone - Marble, Tiles and Granite	15.94	GYR Capital Advisors Private Limited	51.00	7.98	-84%
Varanium Cloud Limited	Sep 2022	36.60	Information Technology - SaaS	14.59	First Overseas Capital Limited	122.00	4.30	-96%
Veerkrupa Jewellers Limited	Jul 2022	8.10	Jewellery	75.00	First Overseas Capital Limited	27.00	0.93	-97%
Ishan International Limited	Sep 2022	18.24	Engineering	38.09	First Overseas Capital Limited	80.00	0.90	-99%

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Summary

PE Ratio^*
Highest	50.00
Median	17.49
Lowest	4.16

IPO Size (Cr.)
Highest	76.28
Median	18.66
Lowest	1.89

*IPOs with Extreme PE (50+) are excluded from the above calculations.
Above summary is for reference only as the same is based on the limited data set.

Explore More...

Year Wise IPO Performance >> Year wise Mainboard Merchant Banker >>

Year wise SME Merchant Banker >> SME IPOs on NSE Emerge >>

Top SME IPOs by Subscription >> Top SME IPOs by Listing Gain >>

SME IPOs on BSE SME >> Year Wise Merchant Bankers >>

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.