111 Total SME IPOs listed in 2025

4,998.15 Crs. Total funds raised in 2025

77 SME IPOs listed with Gain in 2025

34 SME IPOs listed with loss in 2025

111 Total SME IPOs listed in 2025

4,998.15 Crs. Total funds raised in 2025

77 SME IPOs listed with Gain in 2025

34 SME IPOs listed with loss in 2025

111 Total SME IPOs listed in 2025

4,998.15 Crs. Total funds raised in 2025

77 SME IPOs listed with Gain in 2025

34 SME IPOs listed with loss in 2025

111 Total SME IPOs listed in 2025

4998.15 Crs. Total funds raised in 2,025.00

77 SME IPOs listed with Gain in 2025

34 SME IPOs listed with loss in 2025

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Summary

PE Ratio^*
Highest	50.00
Median	17.23
Lowest	2.71

IPO Size (Cr.)
Highest	76.28
Median	17.95
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 IPOs in 2022

This feature on IPOPlatform.com provides detailed insights into SME IPO listings and funds raised in India on platforms like BSE SME and NSE Emerge. It offers year-wise SME IPO analysis, highlighting the number of IPO SMEs, funds raised, and the role of BRLMs (Book Running Lead Managers), also referred to as merchant bankers in India. The report covers current SME IPOs, recent SME IPOs, and tracks IPO performance based on listing gains and market trends. This data helps businesses and investors stay informed about key developments in the growing IPO SME market.

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Company Name	IPO Year (Listed)	IPO Size (Cr.)	Sector	PE Ratio	City	Merchant Banker
Arihant Academy Limited	Dec 2022	14.72	Education - Edtech	19.11	Mumbai	Shreni Shares Limited -->
Uma Converter Limited	Dec 2022	18.41	Packaging & Disposables	10.31	Gandhinagar	GYR Capital Advisors Private Limited -->
Dollex Agrotech Limited	Dec 2022	24.39	Agro - Sugar	14.46	Indore	Expert Global Consultants Private Limited -->
Droneacharya Aerial Innovations Limited	Dec 2022	33.97	Drone	45.00	Bangalore	Corporate Capital Ventures Private Limited -->
All E Technologies Limited	Dec 2022	48.20	Information Technology - SaaS	15.36	New Delhi	Unistone Capital Private Limited -->
PNGS Gargi Fashion Jewellery Limited	Dec 2022	7.80	Jewellery	6.77	Pune	Shreni Shares Limited -->
Arham Technologies Limited	Dec 2022	9.58	Electric Equipments - OEM	13.82	Raipur	Finshore Management Services Limited -->
Pritika Engineering Components Limited	Dec 2022	9.42	Engineering - Automotive	8.76	Mohali	GYR Capital Advisors Private Limited -->
Baheti Recycling Industries Limited	Dec 2022	12.42	Recycling - Metal	13.55	Ahmedabad	Hem Securities Limited -->
AMBO Agritec Limited	Dec 2022	10.20	Agro - Food Products	14.22	Kolkata	Finshore Management Services Limited -->
Technopack Polymers Limited	Nov 2022	7.87	Plastic and Polymer	10.54	Rajkot	Isk Advisors Private Limited -->
Amiable Logistics (India) Limited	Nov 2022	4.37	Logistics	10.90	Mumbai	Shreni Shares Limited -->
Vital Chemtech Limited	Nov 2022	64.64	Chemical	14.94	Ahmedabad	Beeline Capital Advisors Private Limited -->
DAPS Advertising Limited	Nov 2022	5.10	Advertising and Media	8.82	Kanpur	Shreni Shares Limited -->
Integrated Personnel Services Limited	Nov 2022	12.74	Human Resources and Manpower	12.77	Mumbai	Unistone Capital Private Limited -->
Rite Zone Chemcon India Limited	Nov 2022	8.96	Chemical - Paint and Adhesives	90.36	Mumbai	Expert Global Consultants Private Limited -->
Phantom Digital Effects Limited	Oct 2022	29.10	Film and Animation - VFX	6.72	Chennai	Corporate Capital Ventures Private Limited -->
Pace E-Commerce Ventures Limited	Oct 2022	66.53	E-Commerce	429.16	Pune	Interactive Financial Services Limited -->
Maagh Advertising And Marketing Services Limited	Oct 2022	9.12	Advertising and Media	37.50	Mumbai	Inventure Merchant Banker Services Private Limited -->
Frog Cellsat Limited	Oct 2022	41.57	Telecom	10.93	New Delhi	Sarthi Capital Advisors Private Limited -->
Vedant Asset Limited	Oct 2022	3.00	Banking and Finance	80.00	Ranchi	Hem Securities Limited -->
Swastik Pipe Limited	Oct 2022	62.52	Steel - Tubes and Pipes	11.38	New Delhi	Corporate Capital Ventures Private Limited -->
QMS Medical Allied Services Limited	Oct 2022	56.87	Healthcare	20.10	Mumbai	First Overseas Capital Limited -->
Lloyds Luxuries Limited	Oct 2022	24.00	Healthcare - Personal Care	0.00	Mumbai	Hem Securities Limited -->
Insolation Energy Limited	Oct 2022	22.16	Solar - Panels	11.41	Jaipur	Holani Consultants Private Limited -->
Cyber Media Research & Services Limited	Oct 2022	14.04	Information Technology	34.95	New Delhi	Swastika Investmart Limited -->
Concord Control Systems Limited	Oct 2022	8.32	Engineering - Heavy Machinery	12.14	Lucknow	Hem Securities Limited -->
Silicon Rental Solutions Limited	Oct 2022	21.15	Information Technology - Hardware	10.73	Mumbai	Hem Securities 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 -->
Reetech International Cargo and Courier Limited	Oct 2022	11.71	Logistics	10.64	Raipur	Gretex Corporate Services Limited -->
Steelman Telecom Limited	Oct 2022	26.02	Telecom	23.41	Kolkata	Gretex Corporate Services Limited -->
Trident Lifeline Limited	Oct 2022	35.34	Pharmaceutical	51.53	Surat	Beeline Capital Advisors Private Limited -->
Mafia Trends Limited	Oct 2022	3.60	Retail	15.21	Ahmedabad	GYR Capital Advisors Private Limited -->
Containe Technologies Limited	Sep 2022	2.62	Engineering - Automotive	214.00	Hyderabad	Finshore Management Services Limited -->
Maks Energy Solutions India Limited	Sep 2022	4.00	Engineering	0.00	Pune	Sun Capital Advisory Services (P) Limited -->
Kandarp Digi Smart BPO Limited	Sep 2022	8.10	Outsourcing - BPO	28.57	New Delhi	Beeline Capital Advisors Private Limited -->
Annapurna Swadisht Limited	Sep 2022	30.25	FMCG - Snacks and Beverages	21.94	Kolkata	Corporate Capital Ventures Private Limited -->
Varanium Cloud Limited	Sep 2022	36.60	Information Technology - SaaS	14.59	Mumbai	First Overseas Capital Limited -->
Ishan International Limited	Sep 2022	18.24	Engineering	38.09	New Delhi	First Overseas Capital Limited -->
Tapi Fruit Processing Limited	Sep 2022	5.21	Agro - Food Products	120.00	Surat	Fedex Securities Private Limited -->
Sabar Flex India Limited	Sep 2022	4.48	Packaging & Disposables	9.48	Ahmedabad	GYR Capital Advisors Private Limited -->
Mega Flex Plastics Limited	Sep 2022	11.40	Packaging & Disposables	16.19	Kolkata	Finshore Management Services Limited -->
Shantidoot Infra Services Limited	Sep 2022	4.02	Real Estate	10.37	Patna	Gretex Corporate Services Limited -->
Viviana Power Tech Limited	Sep 2022	8.80	Electric Equipments	11.29	Vadodara	Beeline Capital Advisors Private Limited -->
Virtuoso Optoelectronics Limited	Sep 2022	30.24	Electric Equipments - OEM	6.92	Nashik	Fedex Securities Private Limited -->
EP Biocomposites Limited	Sep 2022	6.35	Plastic and Polymer	26.20	Goa	Aryaman Financial Services Limited -->
JFL Life Sciences Limited	Sep 2022	18.17	Pharmaceutical	26.52	Ahmedabad	GYR Capital Advisors Private Limited -->
Jay Jalaram Technologies Limited	Sep 2022	10.80	Electric Equipments - OEM	46.00	Ahmedabad	Beeline Capital Advisors Private Limited -->
Ameya Precision Engineers Limited	Sep 2022	7.14	Engineering	16.75	Pune	Shreni Shares Limited -->
Dipna Pharmachem Limited	Sep 2022	15.21	Pharmaceutical	39.00	Ahmedabad	Interactive Financial Services Limited -->
Rhetan TMT Limited	Sep 2022	56.00	Steel - Iron	63.64	Ahmedabad	Aryaman Financial Services Limited -->
Naturo Indiabull Limited	Sep 2022	10.92	FMCG	28.03	Jaipur	Finshore Management Services Limited -->
Olatech Solutions Limited	Aug 2022	1.89	Information Technology - Data Solutions	18.00	Mumbai	Shreni Shares Limited -->
Veekayem Fashion and Apparels Limited	Aug 2022	4.44	Textiles - Fabrics	8.72	Mumbai	GYR Capital Advisors Private Limited -->
Upsurge Seeds of Agriculture Limited	Aug 2022	22.81	Agro - Food Products	21.35	Rajkot	Finshore Management Services Limited -->
Agni Green Power Limited	Aug 2022	5.25	Solar	250.00	Kolkata	Finshore Management Services Limited -->
Healthy Life Agritec Limited	Jul 2022	10.00	FMCG	26.31	Mumbai	Finshore Management Services Limited -->
Veerkrupa Jewellers Limited	Jul 2022	8.10	Jewellery	75.00	Ahmedabad	First Overseas Capital Limited -->
SKP Bearing Industries Limited	Jul 2022	30.80	Engineering	9.49	Surendranagar	Shreni Shares Limited -->
Jayant Infratech Limited	Jul 2022	6.19	Infrastructure	14.44	Bilaspur	Gretex Corporate Services Limited -->
B Right Realestate Limited	Jul 2022	44.36	Real Estate	164.52	Mumbai	Gretex Corporate Services Limited -->
Kesar India Limited	Jul 2022	15.82	Real Estate	13.87	Nagpur	Fedex Securities Private Limited and Hem Securities Limited -->
Mangalam Worldwide Limited	Jul 2022	65.58	Steel	20.12	Ahmedabad	Beeline Capital Advisors Private Limited -->
KCK Industries Limited	Jul 2022	4.50	Textiles	12.40	Chandigarh	Navigant Corporate Advisors Limited -->
Sailani Tours N Travels Limited	Jul 2022	1.90	Travel and Tourism	187.50	Kolkata	Gretex Corporate Services Limited -->
Pearl Green Clubs and Resorts Limited	Jul 2022	11.72	Agro - Food Products	53.60	Ahmedabad	Fast Track Finsec Private Limited -->
Modis Navnirman Limited	Jul 2022	22.68	Real Estate	57.32	Mumbai	Aryaman Financial Services Limited -->
Goel Food Products Limited	Jun 2022	7.21	FMCG - Snacks and Beverages	10.84	Kolkata	Gretex Corporate Services Limited -->
Scarnose International Limited	Jun 2022	6.60	Textiles	51.89	Ahmedabad	Finshore Management Services Limited -->
Silver Pearl Hospitality & Luxury Spaces Limited	Jun 2022	9.00	Hotels and Resorts	120.00	Kolkata	Inventure Merchant Banker Services Private Limited -->
Rachana Infrastructure Limited	Jun 2022	76.28	Infrastructure	138.00	Ahmedabad	Interactive Financial Services Limited -->
Fidel Softech Limited	Jun 2022	13.51	Information Technology - Data Solutions	11.15	Pune	Shreni Shares Limited -->
Globesecure Technologies Limited	Jun 2022	10.13	Information Technology - SaaS	17.90	Mumbai	Fast Track Finsec Private Limited -->
Sonu Infratech Limited	May 2022	8.64	Infrastructure	15.79	Jamnagar	Swastika Investmart Limited -->
Le Merite Exports Limited	May 2022	48.00	Textiles	11.09	Mumbai	Fedex Securities Private Limited -->
Fone4 Communications (India) Limited	May 2022	6.80	E-Commerce	0.00	Ernakulam	Finshore Management Services Limited -->
Nanavati Ventures limited	May 2022	2.18	Jewellery	61.73	Navsari	First Overseas Capital Limited -->
Global Longlife Hospital and Research Limited	May 2022	49.00	Healthcare - Hospitals and Clinic	38.04	Ahmedabad	Interactive Financial Services Limited -->
Shashwat Furnishing Solutions Limited	May 2022	2.51	Furniture	53.60	Jodhpur	Beeline Capital Advisors Private Limited -->
Jeena Sikho Lifecare Limited	Apr 2022	55.50	Pharmaceutical - Ayurvedic	16.67	Mohali	Fast Track Finsec Private Limited -->
Eighty Jewellers Limited	Apr 2022	11.07	Jewellery	25.15	Chattisgarh	Hem Securities Limited -->
Dhyaani Tile And Marblez Limited	Apr 2022	2.45	Ceramic and Stone - Marble, Tiles and Granite	15.94	Ahmedabad	GYR Capital Advisors Private Limited -->
Sunrise Efficient Marketing Limited	Apr 2022	16.70	Electric Equipments	9.70	Surat	Fedex Securities Private Limited -->
Krishna Defence and Allied Industries Limited	Apr 2022	11.89	Defence	18.00	Mumbai	Hem Securities Limited -->
PE Analytics Limited	Apr 2022	31.60	Information Technology - Data Solutions	14.56	New Delhi	Sarthi Capital Advisors Private Limited -->
Empyrean Cashews Limited	Mar 2022	19.41	Agro - Food Products	25.69	Mumbai	Systematix Corporate Services Limited -->
Evoq Remedies Limited	Mar 2022	9.72	Pharmaceutical	33.75	Ahmedabad	Swastika Investmart Limited -->
Achyut Healthcare Limited	Mar 2022	3.60	Pharmaceutical	54.05	Ahmedabad	GYR Capital Advisors Private Limited -->
KN Agri Resources Limited	Mar 2022	49.38	Agro	5.57	Raipur	Hem Securities Limited -->
Swaraj Suiting Limited	Mar 2022	10.68	Textiles	10.55	Bhilwara	Finshore Management Services Limited -->
Cool Caps Industries Limited	Mar 2022	11.63	Plastic and Polymer	16.38	Kolkata	Holani Consultants Private Limited -->
Bhatia Colour Chem Limited	Mar 2022	40.00	Chemical	166.00	Surat	Interactive Financial Services Limited -->
SP Refractories Limited	Mar 2022	4.92	Cement	9.94	Nagpur	Aryaman Financial Services Limited -->
Shigan Quantum Technologies Limited	Mar 2022	22.70	Engineering - Automotive	12.41	New Delhi	Finshore Management Services Limited -->
Ekennis Software Service Limited	Mar 2022	2.88	Information Technology - Data Solutions	11.40	Bangalore	Shreni Shares Limited -->
Vaidya Sane Ayurved Laboratories Limited	Feb 2022	20.23	Healthcare - Ayurvedic	28.29	Pune	First Overseas Capital Limited -->
Richa Info Systems Limited	Feb 2022	10.00	Information Technology - Hardware	41.67	Gandhinagar	Swastika Investmart Limited -->
Maruti Interior Products Limited	Feb 2022	11.00	Furniture	12.59	Veraval	Isk Advisors Private Limited -->
Safa Systems & Technologies Limited	Feb 2022	4.00	Electric Equipments	29.41	Ernakulam	Finshore Management Services Limited -->
Quality RO Industries Limited	Feb 2022	2.70	Electric Equipments	113.00	Vadodara	Shreni Shares Limited -->
Precision Metaliks Limited	Feb 2022	21.93	Aluminium	19.32	Hyderabad	First Overseas Capital Limited -->
Alkosign Limited	Feb 2022	12.15	Electric Equipments	0.00	Mumbai	Shreni Shares Limited -->
Dj Mediaprint & Logistics Limited	Jan 2022	15.00	Logistics	32.22	Mumbai	Finshore Management Services Limited -->
Fabino Life Sciences Limited	Jan 2022	3.24	Pharmaceutical	133.00	New Delhi	Aryaman Financial Services Limited -->
Ascensive Educare Limited	Jan 2022	2.26	Education - Edtech	18.98	Kolkata	GYR Capital Advisors Private Limited -->
Timescan Logistics (India) Limited	Jan 2022	4.81	Logistics	10.87	Egmore	Finshore Management Services Limited -->
AB Cotspin India Limited	Jan 2022	10.09	Textiles	2.71	Bathinda	Pantomath Capital Advisors Private Limited -->

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Summary

PE Ratio^*
Highest	50.00
Median	17.23
Lowest	2.71

IPO Size (Cr.)
Highest	76.28
Median	17.95
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...

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Mainboard IPOs 2025 >> 10 Best SME IPOs in India 2024 >>

Mainboard IPOs 2024 >> 10 Best SME IPOs in India 2023 >>

City Wise Merchant Bankers >> 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.