114 Total SME IPOs listed in 2025

5,174.44 Crs. Total funds raised in 2025

79 SME IPOs listed with Gain in 2025

35 SME IPOs listed with loss in 2025

114 Total SME IPOs listed in 2025

5,174.44 Crs. Total funds raised in 2025

79 SME IPOs listed with Gain in 2025

35 SME IPOs listed with loss in 2025

114 Total SME IPOs listed in 2025

5,174.44 Crs. Total funds raised in 2025

79 SME IPOs listed with Gain in 2025

35 SME IPOs listed with loss in 2025

114 Total SME IPOs listed in 2025

5174.44 Crs. Total funds raised in 2,025.00

79 SME IPOs listed with Gain in 2025

35 SME IPOs listed with loss in 2025

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Summary

PE Ratio^*
Highest	10.00
Median	7.57
Lowest	2.15

IPO Size (Cr.)
Highest	113.16
Median	17.75
Lowest	1.22

*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 IPOs by PE Multiple

The total amount of funds that a company can raise through its IPO depends on the valuation of the company. For SME IPO in India, valuation is the most important step that decides the IPO Issue Size. IPO valuation determines the share price at which the shares would be issued to the investors. IPO valuation process is done with the expertise of SME Merchant Bankers along with the IPO Advisors. P/E multiple is used to arrive at the valuation which is a combination of factors like past performance, future profit generation and sector outlook. An appropriate and fair valuation is important for a successful IPO and long term market cap appreciation. Company peer comparison in the same sector indicates about the price of the IPO being relatively overpriced or underpriced. It is to be noted that Pre IPO valuation comes at a discount to IPO but Pre IPO funds are critical to fuel a company’s growth.

All

Low (1-10)

Average (10-20)

Moderately High (20-30)

Very High (30-50)

Extreme (50+)

Company Name	IPO Year (Listed)	IPO Size (Cr.)	Sector	PE Ratio	City	Merchant Banker
Mayasheel Ventures Limited	Jun 2025	27.28	Infrastructure	9.14	New Delhi	Narnolia Financial Services Limited
Manoj Jewellers Limited	May 2025	16.20	Jewellery	9.66	Chennai	Jawa Capital Services Private Limited
Rikhav Securities Limited	Jan 2025	88.82	Banking and Finance	3.27	Mumbai	Smart Horizon Capital Advisors Private Limited
Barflex Polyfilms Limited	Jan 2025	39.42	Packaging & Disposables	7.34	New Delhi	Almondz Financial Services Limited
Avax Apparels And Ornaments Limited	Jan 2025	1.92	Jewellery	4.01	New Delhi	SKI Capital Services Limited
Fabtech Technologies Cleanrooms Limited	Jan 2025	27.74	Furniture	9.69	Mumbai	Vivro Financial Services Private Limited
Parmeshwar Metal Limited	Jan 2025	24.74	Metal	9.55	Gandhinagar	Beeline Capital Advisors Private Limited
Anya Polytech & Fertilizers Limited	Jan 2025	44.80	Chemical - Pesticides	9.26	New Delhi	Beeline Capital Advisors Private Limited
Dhanlaxmi Crop Science Limited	Dec 2024	23.80	Agro	5.47	Himmatnagar	Finshore Management Services Limited
Ganesh Infraworld Limited	Dec 2024	98.58	Infrastructure	9.61	Kolkata	Vivro Financial Services Private Limited
Lamosaic India Limited	Nov 2024	61.20	Furniture	9.61	Pune	Inventure Merchant Banker Services Private Limited
Shiv Texchem Limited	Oct 2024	101.35	Chemical	9.56	Mumbai	Vivro Financial Services Private Limited
Envirotech Systems Limited	Sep 2024	30.24	Engineering	9.21	New Delhi	Share India Capital Services Private Limited
SA Tech Software India Limited	Aug 2024	23.01	Information Technology - Data Solutions	7.76	Pune	GYR Capital Advisors Private Limited
Petro Carbon and Chemicals Limited	Jul 2024	113.16	Chemical	4.51	Kolkata	GYR Capital Advisors Private Limited
Winsol Engineers Limited	May 2024	23.36	Power and Energy	9.58	Jamnagar	Beeline Capital Advisors Private Limited
Naman In-Store (India) Limited	Apr 2024	25.35	Furniture	7.58	Mumbai	GYR Capital Advisors Private Limited
Vishwas Agri Seeds Limited	Apr 2024	25.80	Agro - Plantation	9.53	Ahmedabad	Isk Advisors Private Limited
Kalahridhaan Trendz Limited	Feb 2024	22.49	Textiles - Fabrics	8.08	Ahmedabad	Interactive Financial Services Limited
Docmode Health Technologies Limited	Feb 2024	6.71	Education - Edtech	9.13	Mumbai	Fedex Securities Private Limited
Manoj Ceramic Limited	Jan 2024	14.47	Ceramic and Stone - Marble, Tiles and Granite	8.56	Mumbai	Swaraj Shares and
SJ Logistics (India) Limited	Dec 2023	48.00	Logistics	9.72	Mumbai	Hem Securities Limited
AMIC Forging Limited	Dec 2023	34.80	Automobile - Forging and Casting	9.18	Kolkata	Gretex Corporate Services Limited
Kalyani Cast Tech Limited	Nov 2023	30.11	Automobile - Forging and Casting	8.49	New Delhi	Gretex Corporate Services Limited
ROX Hi-Tech Limited	Nov 2023	54.49	Information Technology - Data Solutions	9.35	Chennai	Swaraj Shares and
Arvind and Company Shipping Agencies Limited	Oct 2023	14.74	Logistics	8.01	Jamnagar	Beeline Capital Advisors Private Limited
Vishnusurya Projects and Infra Limited	Oct 2023	49.98	Engineering - EPC	9.63	Chennai	Khandwala Securities Limited
Digikore Studios limited	Oct 2023	30.48	Film and Animation - VFX	9.99	Pune	Sarthi Capital Advisors Private Limited
Basilic Fly Studio Limited	Sep 2023	66.35	Film and Animation - VFX	8.08	Chennai	GYR Capital Advisors Private Limited
Bondada Engineering Limited	Aug 2023	42.72	Engineering - EPC	8.88	Hyderabad	Vivro Financial Services Private Limited
Shelter Pharma Limited	Aug 2023	16.03	Pharmaceutical - Ayurvedic	8.40	Himmatnagar	Gretex Corporate Services Limited
Srivari Spices and Foods Limited	Aug 2023	9.00	Agro - Flour Mill	9.59	Hyderabad	GYR Capital Advisors Private Limited
Sonalis Consumer Products Limited	Jun 2023	2.83	FMCG - Snacks and Beverages	6.56	Mumbai	Expert Global Consultants Private Limited
Crayons Advertising Limited	Jun 2023	41.80	Advertising and Media	9.39	New Delhi	Corporate Capital Ventures Private Limited
Krishca Strapping Solutions Limited	May 2023	17.93	Steel	7.26	Tiruvallur	Share India Capital Services Private Limited
Innokaiz India Limited	May 2023	21.17	Advertising and Media - Events	7.62	Chennai	Gretex Corporate Services Limited
Quicktouch Technologies Limited	May 2023	9.33	Information Technology	4.78	New Delhi	Khambatta Securities Limited and Share India Capital Services Private Limited
Infinium Pharmachem Limited	Apr 2023	25.26	Pharmaceutical	7.83	Anand	Swastika Investmart Limited
Exhicon Events Media Solutions Limited	Apr 2023	21.12	Advertising and Media - Events	8.08	Mumbai	Share India Capital Services Private Limited
Maiden Forgings Limited	Apr 2023	23.84	Steel	8.38	New Delhi	Share India Capital Services Private Limited
Quality Foils India Limited	Mar 2023	4.52	Steel - Tubes and Pipes	4.16	Hisar	Khambatta Securities Limited
Agarwal Float Glass India Limited	Feb 2023	9.20	Glass	5.68	Jaipur	GYR Capital Advisors Private Limited
Indong Tea Company Limited	Feb 2023	13.01	Tea and Coffee	9.52	Kolkata	Finshore Management Services Limited
Earthstahl & Alloys Limited	Feb 2023	12.96	Steel - Tubes and Pipes	4.22	Raipur	Hem Securities Limited
Aristo Bio-Tech and Lifescience Limited	Jan 2023	13.05	Chemical - Pesticides	9.46	Vadodara	Beeline Capital Advisors Private Limited
Chaman Metallics Limited	Jan 2023	24.21	Steel - Iron	6.73	Chandrapur	Hem Securities Limited
PNGS Gargi Fashion Jewellery Limited	Dec 2022	7.80	Jewellery	6.77	Pune	Shreni Shares Limited
Pritika Engineering Components Limited	Dec 2022	9.42	Engineering - Automotive	8.76	Mohali	GYR Capital Advisors Private Limited
DAPS Advertising Limited	Nov 2022	5.10	Advertising and Media	8.82	Kanpur	Shreni Shares Limited
Phantom Digital Effects Limited	Oct 2022	29.10	Film and Animation - VFX	6.72	Chennai	Corporate Capital Ventures Private Limited
Cargosol Logistics Limited	Oct 2022	7.56	Logistics	5.15	Mumbai	Hem Securities Limited
Cargotrans Maritime Limited	Oct 2022	4.86	Logistics	7.77	Kachchh	Hem Securities Limited
Sabar Flex India Limited	Sep 2022	4.48	Packaging & Disposables	9.48	Ahmedabad	GYR Capital Advisors Private Limited
Virtuoso Optoelectronics Limited	Sep 2022	30.24	Electric Equipments - OEM	6.92	Nashik	Fedex Securities Private Limited
Veekayem Fashion and Apparels Limited	Aug 2022	4.44	Textiles - Fabrics	8.72	Mumbai	GYR Capital Advisors Private Limited
SKP Bearing Industries Limited	Jul 2022	30.80	Engineering	9.49	Surendranagar	Shreni Shares Limited
Sunrise Efficient Marketing Limited	Apr 2022	16.70	Electric Equipments	9.70	Surat	Fedex Securities Private Limited
KN Agri Resources Limited	Mar 2022	49.38	Agro	5.57	Raipur	Hem Securities Limited
SP Refractories Limited	Mar 2022	4.92	Cement	9.94	Nagpur	Aryaman Financial Services Limited
AB Cotspin India Limited	Jan 2022	10.09	Textiles	2.71	Bathinda	Pantomath Capital Advisors Private Limited
Vivo Collaboration Solutions Limited	Dec 2021	4.40	Information Technology - SaaS	3.72	New Delhi	Sarthi Capital Advisors Private Limited
Clara Industries Limited	Dec 2021	3.02	Packaging & Disposables	4.78	Saharanpur	Gretex Corporate Services Limited
Nupur Recyclers Limited	Dec 2021	34.20	Recycling - Metal	4.70	New Delhi	Corporate Capital Ventures Private Limited
DMR Hydroengineering & Infrastructures Limited	Dec 2021	2.09	Engineering	9.81	Faridabad	Shreni Shares Limited
DK Enterprises Global Limited	Oct 2021	7.99	Packaging & Disposables	7.51	Panchkula	Beeline Capital Advisors Private Limited
Getalong Enterprise Limited	Oct 2021	5.18	Textiles	3.90	Mumbai	Shreni Shares Limited
BEW Engineering Limited	Sep 2021	3.97	Engineering	5.21	Mumbai	First Overseas Capital Limited
Focus Business Solution Limited	Jul 2021	1.22	Banking and Finance - FinTech	7.67	Surat	Navigant Corporate Advisors Limited
Jetmall Spices and Masala Limited	Apr 2021	4.98	Agro - Food Products	9.20	Chennai	Mark Corporate Advisors Private Limited
EKI Energy Services Limited	Apr 2021	18.60	Recycling	6.50	Indore	Hem Securities Limited
Knowledge Marine & Engineering Works Limited	Mar 2021	10.12	Engineering - EPC	5.00	Mumbai	Hem Securities Limited
Rangoli Tradecomm Limited	Mar 2021	45.15	Plastic and Polymer	7.83	Kolkata	Fedex Securities Private Limited
Sigma Solve Limited	Oct 2020	4.95	Information Technology - Data Solutions	9.53	Ahmedabad	Beeline Capital Advisors Private Limited
AAA Technologies Limited	Oct 2020	10.23	Information Technology - Data Solutions	9.70	Mumbai	Chartered Finance Management Limited
Bonlon Industries Limited	Jul 2020	10.52	Engineering	2.15	New Delhi	Sarthi Capital Advisors Private Limited
DJ Mediaprint & Logistics Limited	Apr 2020	2.40	Logistics	8.50	Mumbai	Finshore Management Services Limited
Gian Life Care Limited	Jan 2020	3.12	Healthcare	7.61	Kanpur	Hem Securities Limited
DC Infotech and Communication Limited	Dec 2019	10.80	Information Technology - Hardware	7.40	Mumbai	Fedex Securities Private Limited
Ascom Leasing & Investments Ltd	Dec 2019	6.32	Banking and Finance	3.00	Surat	Fast Track Finsec Private Limited
Anuroop Packaging Ltd	Nov 2019	2.64	Packaging & Disposables	3.17	Mumbai	Gretex Corporate Services Limited
Galactico Corporate Services Ltd	Oct 2019	3.70	Banking and Finance	9.30	Nashik	Aryaman Financial Services Limited
AB Infrabuild Limited	Jul 2019	12.84	Infrastructure	10.00	Mumbai	Mark Corporate Advisors Private Limited
Suich Industries Limited	Jun 2019	30.86	Electric Equipments	7.50	New Delhi	Pantomath Capital Advisors Private Limited
Evans Electric Limited	May 2019	1.93	Electric Equipments	7.19	Mumbai	Hem Securities Limited
White Organic Retail Limited	May 2019	15.46	Agro	5.71	Mumbai	Finshore Management Services Limited
G.K.P. Printing & Packaging Limited	May 2019	6.58	Packaging & Disposables	6.37	Mumbai	Holani Consultants Private Limited
Artedz Fabs Limited	Mar 2019	8.32	Textiles	6.00	Mumbai	Pantomath Capital Advisors Private Limited
Mahip Industries Limited	Mar 2019	16.63	Packaging & Disposables	10.00	Ahmedabad	Finshore Management Services Limited
Mindpool Technologies Limited	Feb 2019	3.60	Information Technology - Data Solutions	5.00	Pune	Hem Securities Limited
Anmol India Limited	Feb 2019	10.23	Minerals	10.00	Assam	Share India Capital Services Private Limited
Shankar Lal Rampal Dye-Chem Limited	Dec 2018	7.29	Chemical	4.00	Bhilwara	Finshore Management Services Limited
BCPL Railway Infrastructure Limited (BRIL)	Oct 2018	17.01	Infrastructure	10.00	Kolkata	Gretex Corporate Services Limited
Iris Clothings Limited	Oct 2018	11.07	Textiles	9.00	Kolkata	Vc Corporate Advisors Private Limited (Vcapl)
AKI India Limited	Oct 2018	3.08	Retail	10.00	Kanpur	Finshore Management Services Limited
Marine Electricals (India) Limited	Oct 2018	42.87	Electric Equipments	10.00	Mumbai	Aryaman Financial Services Limited
Sumit Woods Limited	Sep 2018	18.24	Real Estate	9.00	Mumbai	Mark Corporate Advisors Private Limited
Dr Lalchandani Labs Limited	May 2018	4.20	Healthcare	10.00	New Delhi	Navigant Corporate Advisors Limited
S.S. Infrastructure Development Consultants Limited	Apr 2018	17.11	Infrastructure	10.00	Hyderabad	Pantomath Capital Advisors Private Limited
Soni Soya Products Limited	Apr 2018	4.50	Agro - Food Products	9.00	Indore	Pantomath Capital Advisors Private Limited
Orissa Bengal Carrier Limited	Apr 2018	16.69	Logistics	9.00	Raipur	Guiness Corporate Advisors Private Limited
East India Securities Limited	Mar 2018	92.74	Banking and Finance	9.00	Kolkata	Finshore Management Services Limited
Hindcon Chemicals Limited	Mar 2018	7.73	Chemical	7.00	Kolkata	Hem Securities Limited
Pulz Electronics Limited	Nov 2017	3.92	Electric Equipments	9.22	Mumbai	Sarthi Capital Advisors Private Limited
DP Abhushan Limited	Oct 2017	16.61	Jewellery	7.00	Ratlam	Hem Securities Limited
Omfurn India Limited	Oct 2017	4.17	Furniture	9.70	Mumbai	Sarthi Capital Advisors Private Limited
CMM Infraprojects Limited	Oct 2017	18.18	Infrastructure	10.00	Indore	Systematix Corporate Services Limited
RKEC Projects Limited	Oct 2017	28.70	Infrastructure	8.20	Visakhapatnam	Hem Securities Limited
Cadsys (India) Limited	Oct 2017	14.70	Information Technology	4.80	Hyderabad	Saffron Capital Advisors Private Limited
Worth Peripherals Limited	Sep 2017	18.28	Packaging & Disposables	9.00	Indore	Pantomath Capital Advisors Private Limited
Pashupati Cotspin Limited	Sep 2017	1.54	Textiles	5.70	Mahesana	Hem Securities Limited
Surevin BPO Services Limited	Aug 2017	3.65	Outsourcing - BPO	6.51	Bhopal	Hem Securities Limited
Shanti Overseas (India) Limited	Aug 2017	10.02	Agro - Food Products	9.70	Indore	Hem Securities Limited
Accord Synergy Limited	Jul 2017	5.83	Telecom	7.00	Vadodara	Hem Securities Limited
Shri Ram Switchgears Limited	Jun 2017	5.07	Electric Equipments	9.80	Ratlam	Sarthi Capital Advisors Private Limited
Vadivarhe Speciality Chemicals Limited	Jun 2017	14.46	Chemical - Speciality	9.00	Nashik	Hem Securities Limited
Dev Information Technology Limited	Apr 2017	6.25	Information Technology	10.00	Ahmedabad	Hem Securities Limited
Focus Lighting And Fixtures Limited	Apr 2017	4.05	Electric Equipments	5.00	Mumbai	Sarthi Capital Advisors Private Limited
Laxmi Cotspin Limited	Mar 2017	9.60	Textiles	8.00	Jalna	Hem Securities Limited
Chemcrux Enterprises Limited	Mar 2017	2.40	Chemical	4.00	Vadodara	Pantomath Capital Advisors Private Limited
Sarthak Metals Limited	Mar 2017	10.91	Metal	8.00	Bhilai	Guiness Corporate Advisors Private Limited
RMC Switchgears Limited	Mar 2017	4.15	Electric Equipments	8.00	Jaipur	Hem Securities Limited
Nitiraj Engineers Limited	Mar 2017	22.01	Electric Equipments	9.00	Mumbai	Arihant Capital Markets Limited
Global Education Limited	Mar 2017	10.25	Education - Edtech	6.00	Nagpur	Hem Securities Limited
Maheshwari Logistics Limited	Jan 2017	27.17	Logistics	10.00	Vapi	Pantomath Capital Advisors Private Limited
Aditya Vision Limited	Dec 2016	5.76	Retail	9.00	Patna	Guiness Corporate Advisors Private Limited
Pansari Developers Limited	Oct 2016	10.19	Real Estate	10.00	Kolkata	Hem Securities Limited
Aurangabad Distillery Limited	Oct 2016	7.70	Liquor and Distilleries	5.00	Mumbai	Hem Securities Limited
Valiant Organics Limted	Oct 2016	21.23	Chemical	7.00	Mumbai	Aryaman Financial Services Limited
DRA Consultants Limited	Oct 2016	2.96	Engineering - Tech Solutions	5.00	Nagpur	Pantomath Capital Advisors Private Limited
Crown Lifters Limited	Sep 2016	6.68	Engineering - Heavy Machinery	10.00	Mumbai	Sarthi Capital Advisors Private Limited
Madhya Bharat Agro Products Limited	Sep 2016	13.90	Chemical	6.00	Bhilwara	Hem Securities Limited
Commercial Syn Bags Limited	Jul 2016	7.66	Packaging & Disposables	5.00	Indore	Pantomath Capital Advisors Private Limited
Advance Syntex Limited	Jul 2016	2.52	Textiles	7.00	Vadodara	Hem Securities Limited
Sysco Industries Limited	Apr 2016	2.17	Packaging & Disposables	6.00	Surat	Pantomath Capital Advisors Private Limited
Lancer Container Lines Limited	Apr 2016	1.85	Logistics	9.00	Mumbai	Pantomath Capital Advisors Private Limited
K.P. Energy Limited	Feb 2016	6.44	Power and Energy - Wind	9.00	Surat	Aryaman Financial Services Limited
Fourth Dimension Solutions Limited	Jan 2016	8.68	Information Technology - Data Solutions	3.00	New Delhi	Sarthi Capital Advisors Private Limited
OFS Technologies Limited	Jan 2016	4.25	Information Technology	7.00	Bangalore	V B Desai Financial Services Limited
Cawasji Behramji Catering Services Limited	Oct 2015	1.86	Corporate Solutions	8.00	Mumbai	Hem Securities Limited
Vishal Bearings Limited	Oct 2015	3.24	Engineering	7.00	Rajkot	Hem Securities Limited
Universal Autofoundry Limited	Sep 2015	3.24	Automobile - Forging and Casting	6.00	Jaipur	Hem Securities Limited
Emkay Taps and Cutting Tools Limited	Aug 2015	15.55	Engineering	6.00	Nagpur	Hem Securities Limited
Supreme (India) Impex Limited	Mar 2015	7.87	Textiles	5.00	Surat	Pantomath Capital Advisors Private Limited
Jet Infraventure Limited	Nov 2014	4.50	Real Estate	7.00	Mumbai	Pantomath Capital Advisors Private Limited
Ceinsys Tech Limited (ADCC Infocad Limited)	Oct 2014	9.60	Information Technology - Data Solutions	5.50	Nagpur	Hem Securities Limited
Dhabriya Polywood Limited	Oct 2014	3.30	Furniture	4.00	Jaipur	Hem Securities Limited
Atishay Infotech Limited	Oct 2014	3.71	Information Technology - Data Solutions	6.00	Bhopal	Hem Securities Limited
Sanco Industries Limited	Mar 2014	4.32	Steel	7.00	New Delhi	Keynote Financial Services Limited
Tiger Logistics (India) Limited	Sep 2013	7.52	Logistics	8.20	New Delhi	Sarthi Capital Advisors Private Limited
HPC Biosciences Limited	Mar 2013	15.75	Agro	8.00	New Delhi	Guiness Corporate Advisors Private Limited
Thejo Engineering Limited	Sep 2012	19.00	Engineering	8.00	Chennai	Idbi Capital Market Services Limited

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Analyse

Summary

PE Ratio^*
Highest	10.00
Median	7.57
Lowest	2.15

IPO Size (Cr.)
Highest	113.16
Median	17.75
Lowest	1.22

*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...

IPOs by PE Multiple >> Top 10 SME IPOs with High PE ratio >>

IPOs with Average PE Ratio >> Top 10 SME IPOs with Low PE Ratio >>

IPOs with Extreme PE Ratio >> Top 10 IPOs with High PE ratio >>

Sector wise PE Multiple >> Top 10 IPOs with Low PE ratio >>

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.