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	50.00
Median	38.43
Lowest	30.31

IPO Size (Cr.)
Highest	189.50
Median	19.60
Lowest	1.50

*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
Accretion Pharmaceuticals Limited	May 2025	29.75	Pharmaceutical	35.82	Ahmedabad	Jawa Capital Services Private Limited
Nukleus Office Solutions Limited	Mar 2025	31.70	Corporate Solutions	46.82	New Delhi	Sundae Capital Advisors
L.K.Mehta Polymers Limited	Feb 2025	7.38	Plastic and Polymer	48.95	Ratlam	Swastika Investmart Limited
Indobell Insulation Limited	Jan 2025	10.14	Engineering	34.18	Kolkata	Finshore Management Services Limited
Hamps Bio Limited	Dec 2024	6.22	Pharmaceutical	38.03	Bharuch	Marwadi Chandarana Intermediaries Brokers Private Limited
Yash Highvoltage Limited	Dec 2024	110.01	Electric Equipments - Transformers	33.32	Vadodara	Indorient Financial Services Limited
Jungle Camps India Limited	Dec 2024	29.42	Hotels and Resorts	31.07	New Delhi	Khandwala Securities Limited
Apex Ecotech Limited	Dec 2024	25.54	Recycling - Waste	31.00	Pune	Share India Capital Services Private Limited
Divyadhan Recycling Industries Limited	Oct 2024	24.17	Recycling	38.50	Mumbai	Narnolia Financial Services Limited
SD Retail Limited	Sep 2024	64.98	Textiles	32.28	Ahmedabad	Beeline Capital Advisors Private Limited
BikeWo GreenTech Limited	Sep 2024	24.09	Automobile	48.36	Hyderabad	Khandwala Securities Limited
Kalana Ispat Limited	Sep 2024	32.59	Metal	36.37	Ahmedabad	Jawa Capital Services Private Limited
Excellent Wires and Packaging Limited	Sep 2024	12.60	Cables and Wires	48.48	Mumbai	Inventure Merchant Banker Services Private Limited
Gajanand International Limited	Sep 2024	20.65	Agro - Plantation	30.31	Rajkot	Fast Track Finsec Private Limited
Paramatrix Technologies Limited	Sep 2024	33.84	Information Technology - Data Solutions	30.64	Mumbai	Inventure Merchant Banker Services Private Limited
Aprameya Engineering Limited	Aug 2024	29.23	Healthcare	31.95	Ahmedabad	Hem Securities Limited
Macobs Technologies Limited	Jul 2024	19.46	Healthcare - Personal Care	33.20	Jaipur	SKI Capital Services Limited
Nephro Care India Limited	Jul 2024	41.26	Healthcare - Hospitals and Clinic	32.73	Kolkata	Corporate Capital Ventures Private Limited
Visaman Global Sales Limited	Jul 2024	16.05	Metal	43.84	Rajkot	Shreni Shares Limited
Falcon Technoprojects India Limited	Jun 2024	13.69	Infrastructure	47.22	Mumbai	kunvarji finstock private limited
3C IT Solutions & Telecoms (India) Limited	Jun 2024	11.44	Information Technology	46.47	Pune	Kreo Capital Private Limited
Associated Coaters Limited	Jun 2024	5.11	Real Estate	37.78	Kolkata	Gretex Corporate Services Limited
GConnect Logitech and Supply Chain Limited	Apr 2024	5.60	Logistics	32.52	Bhavnagar	Fedex Securities Private Limited
KP Green Engineering Limited	Mar 2024	189.50	Steel	31.95	Surat	Beeline Capital Advisors Private Limited
VR Infraspace Limited	Mar 2024	20.40	Real Estate	42.15	Vadodara	Beeline Capital Advisors Private Limited
Interiors and More Limited	Feb 2024	42.00	Home Decor	33.59	Mumbai	Gretex Corporate Services Limited
Baweja Studios Limited	Feb 2024	97.20	Film and Animation - VFX	41.62	Mumbai	Fedex Securities Private Limited
Mayank Cattle Food Limited	Feb 2024	19.44	Agro	33.89	Rajkot	Finshore Management Services Limited
Fonebox Retail Limited	Feb 2024	20.37	Retail	44.93	Ahmedabad	Beeline Capital Advisors Private Limited
Australian Premium Solar (India) Limited	Jan 2024	28.08	Solar - Panels	31.40	Sabarkantha	Beeline Capital Advisors Private Limited
IBL Finance Limited	Jan 2024	33.41	Banking and Finance - FinTech	34.93	Surat	Fedex Securities Private Limited
Akanksha Power and Infrastructure Limited	Jan 2024	27.49	Electric Equipments - OEM	35.72	Nashik	Narnolia Financial Services Limited
Micropro Software Solutions Limited	Nov 2023	30.70	Information Technology - Data Solutions	40.70	Nagpur	Swaraj Shares and
Kontor Space Limited	Oct 2023	15.62	Corporate Solutions	30.59	Mumbai	Srujan Alpha Capital Advisors Llp
City Crops Agro limited	Oct 2023	15.00	Agro	34.72	Ahmedabad	Turnaround Corporate Advisors Private Limited
Organic Recycling Systems Limited	Oct 2023	50.00	ESG	42.11	Mumbai	Arihant Capital Markets Limited
Master Components Limited	Sep 2023	15.43	Plastic and Polymer	32.86	Nashik	Aryaman Financial Services Limited
Kody Technolab Limited	Sep 2023	27.52	Information Technology - Data Solutions	32.06	Ahmedabad	Beeline Capital Advisors Private Limited
Mono Pharmacare Limited	Sep 2023	14.84	Pharmaceutical	40.00	Ahmedabad	Unistone Capital Private Limited
Sangani Hospitals Limited	Aug 2023	15.17	Healthcare - Hospitals and Clinic	37.03	Junagadh	Unistone Capital Private Limited
Khazanchi Jewellers Limited	Aug 2023	97.00	Jewellery	45.75	Chennai	Mark Corporate Advisors Private Limited
Innovatus Entertainment Networks Limited	Aug 2023	7.74	Advertising and Media - Events	41.00	Mumbai	Inventure Merchant Banker Services Private Limited
Veefin Solutions Limited	Jul 2023	46.73	Banking and Finance - FinTech	41.41	Mumbai	Shreni Shares Limited
Cosmic CRF Limited	Jun 2023	57.21	Steel	35.64	Kolkata	Horizon Management Private Limited
Bizotic Commercial Limited	Jun 2023	42.21	Textiles	36.38	Ahmedabad	Interactive Financial Services Limited
Urban Enviro Waste Management Limited	Jun 2023	11.42	ESG - Waste	30.49	Nagpur	Pantomath Capital Advisors Private Limited
CFF Fluid Control Limited	Jun 2023	85.80	Engineering - Heavy Machinery	33.54	Raigarh	Aryaman Financial Services Limited
Vasa Denticity Limited	Jun 2023	54.07	Healthcare	30.62	New Delhi	Hem Securities Limited
Pattech Fitwell Tube Components Limited	Apr 2023	12.00	Automobile - Forging and Casting	46.73	Vadodara	Fedex Securities Private Limited
MOS Utility Limited	Apr 2023	49.97	Banking and Finance - FinTech	48.41	Mumbai	Unistone Capital Private Limited
Dev Labtech Venture Limited	Mar 2023	11.22	Jewellery	32.90	Bhavnagar	Beeline Capital Advisors Private Limited
Prospect Commodities Limited	Mar 2023	7.48	Agro - Food Products	31.44	Ahmedabad	Interactive Financial Services Limited
Transvoy Logistics India Limited	Feb 2023	5.11	Logistics	34.63	Ahmedabad	Beeline Capital Advisors Private Limited
Dharni Capital Services Limited	Jan 2023	10.74	Banking and Finance	34.48	Bangalore	Srujan Alpha Capital Advisors Llp
Moxsh Overseas Educon Limited	Dec 2022	10.42	Education - Edtech	50.00	Mumbai	Fedex Securities Private Limited
Droneacharya Aerial Innovations Limited	Dec 2022	33.97	Drone	45.00	Bangalore	Corporate Capital Ventures Private Limited
Maagh Advertising And Marketing Services Limited	Oct 2022	9.12	Advertising and Media	37.50	Mumbai	Inventure Merchant Banker Services Private Limited
Cyber Media Research & Services Limited	Oct 2022	14.04	Information Technology	34.95	New Delhi	Swastika Investmart Limited
Ishan International Limited	Sep 2022	18.24	Engineering	38.09	New Delhi	First Overseas Capital Limited
Jay Jalaram Technologies Limited	Sep 2022	10.80	Electric Equipments - OEM	46.00	Ahmedabad	Beeline Capital Advisors Private Limited
Dipna Pharmachem Limited	Sep 2022	15.21	Pharmaceutical	39.00	Ahmedabad	Interactive Financial Services Limited
Global Longlife Hospital and Research Limited	May 2022	49.00	Healthcare - Hospitals and Clinic	38.04	Ahmedabad	Interactive Financial Services Limited
Evoq Remedies Limited	Mar 2022	9.72	Pharmaceutical	33.75	Ahmedabad	Swastika Investmart Limited
Richa Info Systems Limited	Feb 2022	10.00	Information Technology - Hardware	41.67	Gandhinagar	Swastika Investmart Limited
Dj Mediaprint & Logistics Limited	Jan 2022	15.00	Logistics	32.22	Mumbai	Finshore Management Services Limited
Brandbucket Media & Technology Limited	Dec 2021	8.25	Advertising and Media	33.13	Mumbai	Inventure Merchant Banker Services Private Limited
Nidan Laboratories and Healthcare Limited	Nov 2021	50.00	Healthcare - Hospitals and Clinic	39.81	Palagar	First Overseas Capital Limited
CWD Limited	Oct 2021	18.01	Information Technology - Data Solutions	45.80	Mumbai	Aryaman Financial Services Limited
Promax Power Limited	Oct 2021	1.60	Engineering	33.33	Chandigarh	Finshore Management Services Limited
Markolines Traffic Controls Limited	Sep 2021	40.00	Infrastructure	34.82	Mumbai	Gretex Corporate Services Limited
Network People Services Technologies Limited	Aug 2021	13.70	Banking and Finance - FinTech	48.78	Mumbai	Boi Merchant Bankers Limited and Holani Consultants Private Limited
Siddhika Coatings Limited	Apr 2021	4.70	Chemical - Paint and Adhesives	44.19	New Delhi	Unistone Capital Private Limited
MRP Agro Limited	Feb 2021	3.24	Agro - Food Products	41.60	Tikamgarh	Beeline Capital Advisors Private Limited
Atam Valves Limited	Oct 2020	4.50	Valves	33.61	Jalandhar	Fedex Securities Private Limited
SecMark Consultancy Limited	Oct 2020	15.04	Outsourcing	47.87	Mumbai	Indorient Financial Services Limited
Advait Infratech Limited	Sep 2020	6.89	Infrastructure	48.11	Ahmedabad	Isk Advisors Private Limited
Laxmi Goldorna House Limited	Apr 2020	8.28	Jewellery	39.00	Ahmedabad	Beeline Capital Advisors Private Limited
RO Jewels Ltd	Mar 2020	4.91	Jewellery	34.00	Ahmedabad	First Overseas Capital Limited
Sona Hi Sona Jewellers (Gujarat) Ltd	Oct 2019	4.50	Jewellery	43.00	Ahmedabad	Fedex Securities Private Limited
SK International Export Limited	Jul 2019	3.96	Textiles	31.00	Mumbai	Finshore Management Services Limited
Parshva Enterprises Limited	Jul 2019	3.65	Jewellery	45.00	Mumbai	Inventure Merchant Banker Services Private Limited
Aartech Solonics Limited	Mar 2019	7.21	Power and Energy	40.00	Bhopal	Swastika Investmart Limited
Surani Steel Tubes Limited	Feb 2019	12.92	Steel - Tubes and Pipes	34.00	Gandhinagar	Pantomath Capital Advisors Private Limited
Diksha Greens Limited	Dec 2018	13.32	Furniture	36.00	Kolkata	Finshore Management Services Limited
Veeram Infra Engineering Limited Limited (VIEL)	Oct 2018	10.74	Real Estate	49.00	Ahmedabad	First Overseas Capital Limited
Sky Gold Limited	Oct 2018	25.56	Jewellery	37.00	Mumbai	Aryaman Financial Services Limited
Dangee Dums Limited	Sep 2018	20.07	FMCG - Snacks and Beverages	49.00	Ahmedabad	Monarch Networth Capital Limited
Saketh Exim Limited	Aug 2018	9.44	Steel	32.00	Mumbai	Aryaman Financial Services Limited
Raw Edge Industrial Solutions Ltd	Jul 2018	16.50	Minerals	37.00	Mumbai	Guiness Corporate Advisors Private Limited
Ganga Forging Limited	Jul 2018	5.00	Automobile - Forging and Casting	32.00	Rajkot	Pantomath Capital Advisors Private Limited
Palm Jewels Limited	Jun 2018	8.90	Jewellery	46.00	Ahmedabad	First Overseas Capital Limited
Milestone Furniture Limited	May 2018	14.84	Furniture	34.00	Mumbai	Monarch Networth Capital Limited
Aakash Exploration Services Limited	Apr 2018	10.08	Oil and Gas	41.00	Ahmedabad	Monarch Networth Capital Limited
Mahickra Chemicals Limited	Apr 2018	5.25	Chemical	37.00	Ahmedabad	Pantomath Capital Advisors Private Limited
Marvel Decor Limited	Mar 2018	26.26	Home Decor	34.00	Jamnagar	Sarthi Capital Advisors Private Limited
Bhatia Communications & Retail (India) Limited	Feb 2018	24.75	Retail	35.00	Surat	Guiness Corporate Advisors Private Limited
A&M Jumbo Bags Limited	Feb 2018	4.00	Packaging & Disposables	36.00	Ahmedabad	Pantomath Capital Advisors Private Limited
Gujarat Hy-Spin Limited	Feb 2018	4.45	Textiles	50.00	Rajkot	Pantomath Capital Advisors Private Limited
Gautam Gems Limited	Feb 2018	7.56	Jewellery	32.00	Surat	First Overseas Capital Limited
Silly Monks Entertainment Limited	Jan 2018	15.12	Advertising and Media	32.00	Hyderabad	Aryaman Financial Services Limited
Ajooni Biotech Limited	Jan 2018	6.59	Agro	45.00	Mohali	Navigant Corporate Advisors Limited
Kids Medical Systems Limited	Dec 2017	6.00	Healthcare - Hospitals and Clinic	31.00	Ahmedabad	Gretex Corporate Services Limited
Felix Industries Limited	Dec 2017	4.79	Recycling - Waste	45.00	Ahmedabad	Monarch Networth Capital Limited
Ambition Mica Limited	Nov 2017	12.60	Furniture	37.00	Ahmedabad	Pantomath Capital Advisors Private Limited
Sheetal Cool Products Limited	Oct 2017	24.00	Agro - Food Products	36.00	Amreli	Guiness Corporate Advisors Private Limited
Siddharth Education Services Limited	Oct 2017	10.88	Banking and Finance	39.00	Mumbai	Gretex Corporate Services Limited
Tirupati Forge Limited	Oct 2017	5.22	Engineering - Automotive	33.00	Rajkot	Pantomath Capital Advisors Private Limited
Mehai Technology Limited	Oct 2017	6.00	Electric Equipments	44.00	Chennai	Spa Capital Advisors Limited
Trident Texofab Limited	Oct 2017	3.53	Textiles	35.00	Surat	Guiness Corporate Advisors Private Limited
A&M Febcon Limited	Sep 2017	6.68	Engineering	36.00	Ahmedabad	Gretex Corporate Services Limited
Geekay Wires Limited	Aug 2017	11.00	Cables and Wires	42.00	Hyderabad	Aryaman Financial Services Limited
Ashok Masala Mart Limited	Aug 2017	2.01	Agro	43.00	Mumbai	Navigant Corporate Advisors Limited
7NR Retails Limited	Jul 2017	5.12	Textiles	50.00	Ahmedabad	Guiness Corporate Advisors Private Limited
Bansal Multiflex Limited	Jul 2017	6.20	Textiles	44.00	Ahmedabad	Pantomath Capital Advisors Private Limited
Pushpanjali Realms & Infratech Limited	Jul 2017	14.55	Real Estate	35.00	Haridwar	Sarthi Capital Advisors Private Limited
Yug Decor Limited	May 2017	2.88	Plastic and Polymer	44.00	Ahmedabad	Gretex Corporate Services Limited
Zota Health Care Limited	May 2017	58.50	Pharmaceutical	40.00	Surat	Pantomath Capital Advisors Private Limited
Creative Peripherals & Distribution Limited	Apr 2017	13.50	Electric Equipments	46.00	Mumbai	Pantomath Capital Advisors Private Limited
Prime Customer Services Limited	Mar 2017	7.28	Corporate Solutions	41.00	Ahmedabad	Aryaman Financial Services Limited
Oceanic Foods Limited	Mar 2017	6.50	Agro - Food Products	32.00	Jamnagar	Pantomath Capital Advisors Private Limited
Maximus International Limited	Mar 2017	3.77	Chemical	34.00	Vadodara	Aryaman Financial Services Limited
Akash Infra Projects Limited	Mar 2017	25.50	Infrastructure	34.00	Gandhinagar	Tipsons Consultancy Services Private Limited
Libas Designs Limited	Jan 2017	13.60	Textiles	48.00	Mumbai	Sarthi Capital Advisors Private Limited
Art Nirman Limted	Oct 2016	5.01	Real Estate	40.00	Ahmedabad	Hem Securities Limited
Nandani Creation Limited	Oct 2016	4.04	Textiles	41.00	Jaipur	Pantomath Capital Advisors Private Limited
Jet Knitwears Limited	Oct 2016	4.22	Textiles	31.00	Kanpur	Sarthi Capital Advisors Private Limited
Husys Consulting Limited	Sep 2016	4.20	Outsourcing	41.00	Hyderabad	Sarthi Capital Advisors Private Limited
Prabhat Telecoms (India) Limited	Aug 2016	11.22	Information Technology - Hardware	47.00	Mumbai	Navigant Corporate Advisors Limited
Titaanium Ten Enterprise Limited	Jul 2016	2.72	Textiles	50.00	Surat	Pantomath Capital Advisors Private Limited
Yash Chemex Limited	Jun 2016	2.51	Chemical	46.00	Ahmedabad	Pantomath Capital Advisors Private Limited
Ruby Cables Limited	Apr 2016	10.01	Cables and Wires	37.00	Vadodara	Pantomath Capital Advisors Private Limited
Patdiam Jewellery Limited	Oct 2015	5.00	Jewellery	31.70	Mumbai	Pantomath Capital Advisors Private Limited
Bella Casa Fashion & Retail Limited	Oct 2015	3.43	Textiles	34.00	Jaipur	Hem Securities Limited
H.K. Trade International Limited	Sep 2015	2.29	Packaging & Disposables	39.00	Mumbai	Intensive Fiscal Services Private Limited
OP Chains Limited	Apr 2015	2.04	Jewellery	37.00	Agra	Hem Securities Limited
Athena Constructions Limited	Apr 2015	2.50	Real Estate	47.00	Mumbai	First Overseas Capital Limited
SSPN Finance Limited	Mar 2015	1.50	Banking and Finance	31.00	Mumbai	First Overseas Capital Limited
Ultracab India Limited	Oct 2014	7.97	Cables and Wires	34.00	Rajkot	Pantomath Capital Advisors Private Limited
SPS Finquest Limited	Jun 2014	25.08	Banking and Finance	40.00	Mumbai	Monarch Networth Capital Limited
Polymac Thermoformers Limited	Feb 2014	7.70	Packaging & Disposables	31.00	Kolkata	Guiness Corporate Advisors Private Limited
RCI Industries & Technologies Limited	Jan 2014	11.52	Cables and Wires	30.50	New Delhi	Sarthi Capital Advisors Private Limited

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Summary

PE Ratio^*
Highest	50.00
Median	38.43
Lowest	30.31

IPO Size (Cr.)
Highest	189.50
Median	19.60
Lowest	1.50

*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.