108  Total SME IPOs listed in 2025

4,805.05 Crs.  Total funds raised in 2025

74  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

108  Total SME IPOs listed in 2025

4,805.05 Crs.  Total funds raised in 2025

74  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

108  Total SME IPOs listed in 2025

4,805.05 Crs.  Total funds raised in 2025

74  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

108  Total SME IPOs listed in 2025

4805.05 Crs.  Total funds raised in 2,025.00

74  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

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Summary

PE Ratio*
Highest 48.95
Median 17.69
Lowest 3.27
IPO Size (Cr.)
Highest 169.37
Median 44.49
Lowest 1.92
  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.

SME IPOs in 2025

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.

Company Name IPO Year (Listed) IPO Size (Cr.) Sector PE Ratio City Merchant Banker
Cryogenic Ogs Limited Jul 2025 17.77 Oil and Gas 10.96 Vadodara Beeline Capital Advisors Private Limited -->
Happy Square Outsourcing Services Limited Jul 2025 24.25 Outsourcing 14.93 Jabalpur Corpwis Advisors Private Limited -->
Silky Overseas Limited Jul 2025 30.68 Textiles 18.52 New Delhi Gretex Corporate Services Limited -->
Pushpa Jewellers Limited Jul 2025 98.65 Jewellery 11.90 Kolkata Affinity Global Capital Market Private Limited -->
Marc Loire Fashions Limited Jul 2025 21.00 Footwear 15.09 New Delhi Finshore Management Services Limited -->
Vandan Foods Limited Jul 2025 30.36 Agro 15.94 Ahmedabad Nirbhay Capital Services Private Limited -->
Cedaar Textile Limited Jul 2025 60.90 Textiles 19.11 Bangalore Fast Track Finsec Private Limited -->
Adcounty Media India Limited Jul 2025 50.69 Information Technology 23.09 Jaipur Narnolia Financial Services Limited -->
Neetu Yoshi Limited Jul 2025 77.04 Metal 18.20 Dehradun Horizon Management Private Limited -->
Pro Fx Tech Limited Jul 2025 38.21 Electric Equipments 12.44 Bangalore Hem Securities Limited -->
Moving Media Entertainment Limited Jul 2025 43.40 Advertising and Media - Events 12.66 Mumbai Gretex Corporate Services Limited -->
Valencia India Limited Jul 2025 46.49 Advertising and Media - Events 69.63 Ahmedabad Interactive Financial Services Limited -->
Ace Alpha Tech Limited Jul 2025 47.15 Information Technology 16.64 Delhi Narnolia Financial Services Limited -->
Supertech EV Limited Jul 2025 29.90 Electric Equipments - OEM 23.44 New Delhi Corporate Makers Capital Limited -->
Suntech Infra Solutions Limited Jul 2025 42.16 Infrastructure 18.01 New Delhi GYR Capital Advisors Private Limited -->
Rama Telecom Limited Jul 2025 25.13 Telecom 16.23 Kolkata Affinity Global Capital Market Private Limited -->
Shri Hare Krishna Sponge Iron Limited Jul 2025 29.91 Steel - Iron 12.31 Kolkata Hem Securities Limited -->
Icon Facilitators Limited Jul 2025 18.15 Engineering - EPC 15.78 New Delhi Khambatta Securities Limited -->
AJC Jewel Manufacturers Limited Jul 2025 15.39 Jewellery 23.01 Ernakulam Smart Horizon Capital Advisors Private Limited -->
Abram Food Limited Jul 2025 13.99 Agro 15.52 New Delhi Corporate Makers Capital Limited -->
Mayasheel Ventures Limited Jun 2025 27.28 Infrastructure 9.14 New Delhi Narnolia Financial Services Limited -->
Safe Enterprises Retail Fixtures Limited Jun 2025 161.13 Corporate Solutions 16.19 Mumbai Hem Securities Limited -->
Aakaar Medical Technologies Limited Jun 2025 27.00 Cosmetic 16.90 Mumbai Indorient Financial Services Limited -->
Influx Healthtech Limited Jun 2025 58.57 Healthcare 16.63 Mumbai Rarever Financial Advisors Private Limited -->
Eppeltone Engineers Limited Jun 2025 43.96 Engineering 14.77 New Delhi Expert Global Consultants Private Limited -->
Samay Project Services Limited Jun 2025 14.69 Engineering - EPC 12.89 Chennai Smart Horizon Capital Advisors Private Limited -->
Patil Automation Limited Jun 2025 69.61 Engineering 22.38 Pune Seren Capital Private Limited -->
Aten Papers and Foam Limited Jun 2025 31.68 Paper and Stationery 12.95 Ahmedabad Swastika Investmart Limited -->
Monolithisch India Limited Jun 2025 82.02 Steel - Iron 21.45 Ranchi Hem Securities Limited -->
Jainik Power Cables Limited Jun 2025 51.30 Aluminium 17.09 New Delhi Fast Track Finsec Private Limited -->
Sacheerome Limited Jun 2025 61.62 Healthcare - Personal Care 14.28 New Delhi GYR Capital Advisors Private Limited -->
Ganga Bath Fittings Limited Jun 2025 32.65 Ceramic and Stone 17.68 Rajkot Jawa Capital Services Private Limited -->
3B FILMS LIMITED Jun 2025 33.75 Packaging & Disposables 22.12 Vadodara Nirbhay Capital Services Private Limited -->
NR Vandana Tex Industries Limited Jun 2025 27.89 Textiles 12.21 Kolkata Marwadi Chandarana Intermediaries Brokers Private Limited -->
Neptune Petrochemicals Limited Jun 2025 73.20 Chemical 10.65 Ahmedabad Beeline Capital Advisors Private Limited -->
Astonea Labs Limited Jun 2025 37.67 Pharmaceutical 25.94 Chandigarh Oneview Corporate Advisors Private Limited -->
Nikita Papers Limited Jun 2025 67.54 Paper and Stationery 12.27 New Delhi Fast Track Finsec Private Limited -->
Blue Water Logistics Limited Jun 2025 40.50 Logistics 13.92 Hyderabad Smart Horizon Capital Advisors Private Limited -->
Unified Data - Tech Solutions Limited May 2025 144.47 Information Technology 15.87 Mumbai Hem Securities Limited -->
Dar Credit & Capital Limited May 2025 25.66 Banking and Finance 14.12 Kolkata GYR Capital Advisors Private Limited -->
Accretion Pharmaceuticals Limited May 2025 29.75 Pharmaceutical 35.82 Ahmedabad Jawa Capital Services Private Limited -->
Integrity Infrabuild Developers Limited May 2025 12.00 Infrastructure 16.60 Vadodara Aryaman Financial Services Limited -->
Virtual Galaxy Infotech Limited May 2025 93.29 Information Technology - SaaS 21.35 Nagpur Smart Horizon Capital Advisors Private Limited -->
Srigee DLM Limited May 2025 16.98 Plastic and Polymer 11.43 New Delhi GYR Capital Advisors Private Limited -->
Manoj Jewellers Limited May 2025 16.20 Jewellery 9.66 Chennai Jawa Capital Services Private Limited -->
Kenrik Industries Limited May 2025 8.75 Jewellery 23.31 Ahmedabad Turnaround Corporate Advisors Private Limited -->
Arunaya Organics Limited May 2025 33.99 Chemical - Paint and Adhesives 21.21 Ahmedabad Unistone Capital Private Limited -->
Iware Supplychain Services Limited May 2025 27.13 Logistics 12.69 Ahmedabad Getfive Advisors Private Limited -->
Tankup Engineers Limited Apr 2025 19.53 Engineering 52.19 Lucknow Hem Securities Limited -->
Infonative Solutions Limited Apr 2025 24.71 Information Technology 12.84 New Delhi Share India Capital Services Private Limited -->
Spinaroo Commercial Limited Apr 2025 10.17 Aluminium 29.01 Kolkata Finshore Management Services Limited -->
Retaggio Industries Limited Apr 2025 15.50 Jewellery 23.98 Mumbai Gretex Corporate Services Limited -->
Identixweb Limited Apr 2025 16.63 Information Technology - SaaS 14.07 Surat Beeline Capital Advisors Private Limited -->
Shri Ahimsa Naturals Limited Apr 2025 73.81 Agro - Food Products 14.25 Jaipur Srujan Alpha Capital Advisors Llp -->
ATC Energies System Limited Apr 2025 63.76 Power and Energy 20.84 Mumbai Indorient Financial Services Limited -->
Desco Infratech Limited Apr 2025 30.75 Infrastructure 17.03 Surat Smart Horizon Capital Advisors Private Limited -->
Active Infrastructures Limited Mar 2025 77.83 Infrastructure 24.48 Nagpur Kreo Capital Private Limited -->
Rapid Fleet Management Services Limited Mar 2025 43.87 Logistics 17.68 Chennai Gretex Corporate Services Limited -->
Grand Continent Hotels Limited Mar 2025 74.46 Hotels and Resorts 20.67 Chennai Indorient Financial Services Limited -->
Divine Hira Jewellers Limited Mar 2025 31.84 Jewellery 23.50 Mumbai Horizon Management Private Limited -->
Paradeep Parivahan Limited Mar 2025 44.86 Logistics 15.07 Orissa Share India Capital Services Private Limited -->
Super Iron Foundry Limited Mar 2025 68.05 Steel - Iron 19.89 Kolkata Horizon Management Private Limited -->
PDP Shipping & Projects Limited Mar 2025 12.65 Logistics 17.05 Mumbai Sun Capital Advisory Services (P) Limited -->
NAPS Global India Limited Mar 2025 11.88 Textiles 19.49 Mumbai Aryaman Financial Services Limited -->
Balaji Phosphates Limited Mar 2025 50.11 Minerals 16.72 Indore Arihant Capital Markets Limited -->
Shreenath Paper Products Limited Mar 2025 23.36 Paper and Stationery 26.97 Aurangabad Galactico Corporate Service Limited -->
Nukleus Office Solutions Limited Mar 2025 31.70 Corporate Solutions 46.82 New Delhi Sundae Capital Advisors -->
Beezaasan Explotech Limited Mar 2025 59.93 Chemical 13.57 Gandhinagar Smart Horizon Capital Advisors Private Limited -->
Swasth Foodtech India Limited Feb 2025 14.92 Agro - Food Products 15.05 Kolkata Horizon Management Private Limited -->
HP Telecom India Limited Feb 2025 34.23 Telecom 12.28 Surat Interactive Financial Services Limited -->
Tejas Cargo India Limited Feb 2025 105.84 Logistics 22.95 New Delhi New Berry Capitals Private Limited -->
Royal Arc Electrodes Limited Feb 2025 36.00 Cables and Wires 20.98 Mumbai Fedex Securities Private Limited -->
L.K.Mehta Polymers Limited Feb 2025 7.38 Plastic and Polymer 48.95 Ratlam Swastika Investmart Limited -->
Shanmuga Hospital Limited Feb 2025 20.62 Healthcare - Hospitals and Clinic 11.36 Chennai Finshore Management Services Limited -->
Maxvolt Energy Industries Limited Feb 2025 54.00 Electric Equipments 20.57 New Delhi Smart Horizon Capital Advisors Private Limited -->
PS Raj Steels Limited Feb 2025 28.28 Steel 13.65 Hisar Khambatta Securities Limited -->
Voler Car Limited Feb 2025 27.00 Logistics 20.17 Kolkata GYR Capital Advisors Private Limited -->
Chandan Healthcare Limited Feb 2025 107.36 Healthcare - Hospitals and Clinic 16.74 Lucknow Unistone Capital Private Limited -->
Eleganz Interiors Limited Feb 2025 78.07 Home Decor 15.41 Mumbai Vivro Financial Services Private Limited -->
Readymix Construction Machinery Limited Feb 2025 37.66 Infrastructure 96.85 Pune Hem Securities Limited -->
Solarium Green Energy Limited Feb 2025 105.04 Solar 26.36 Ahmedabad Beeline Capital Advisors Private Limited -->
Amwill Health Care Limited Feb 2025 59.98 Healthcare - Personal Care 17.04 Bangalore Unistone Capital Private Limited -->
Ken Enterprises Limited Feb 2025 83.65 Textiles 16.16 Mumbai Corporate Makers Capital Limited -->
Chamunda Electrical Limited Feb 2025 14.60 Power and Energy 14.66 Ahmedabad GYR Capital Advisors Private Limited -->
Malpani Pipes & Fittings Limited Feb 2025 25.92 Steel - Tubes and Pipes 12.69 Ratlam Interactive Financial Services Limited -->
H.M. Electro Mech Limited Jan 2025 27.74 Engineering - EPC 15.39 Ahmedabad Beeline Capital Advisors Private Limited -->
GB Logistics Commerce Limited Jan 2025 25.07 Logistics 16.53 Nagpur SKI Capital Services Limited -->
CLN Energy Limited Jan 2025 72.30 Engineering - Automotive 26.95 New Delhi Aryaman Financial Services Limited -->
Rexpro Enterprises Limited Jan 2025 53.65 Furniture 21.04 Mumbai Horizon Management Private Limited -->
Capital Numbers Infotech Limited Jan 2025 169.37 Information Technology - Data Solutions 23.50 Kolkata GYR Capital Advisors Private Limited -->
Ema Partners India Limited Jan 2025 76.01 Human Resources and Manpower 21.98 Mumbai Indorient Financial Services Limited -->
Landmark Immigration Consultants Limited Jan 2025 40.34 Corporate Solutions 13.74 Chandigarh Shreni Shares Limited -->
Rikhav Securities Limited Jan 2025 88.82 Banking and Finance 3.27 Mumbai Smart Horizon Capital Advisors Private Limited -->
Kabra Jewels Limited Jan 2025 40.00 Jewellery 10.16 Ahmedabad Marwadi Chandarana Intermediaries Brokers Private Limited -->
Barflex Polyfilms Limited Jan 2025 39.42 Packaging & Disposables 7.34 New Delhi Almondz Financial Services Limited -->
Sat Kartar Shopping Limited Jan 2025 33.80 Healthcare - Ayurvedic 20.23 New Delhi Narnolia Financial Services Limited -->
B.R.Goyal Infrastructure Limited Jan 2025 85.21 Infrastructure 55.13 Indore Beeline Capital Advisors Private Limited -->
Delta Autocorp Limited Jan 2025 54.60 Electric Equipments 24.11 Bardhaman GYR Capital Advisors Private Limited -->
Avax Apparels And Ornaments Limited Jan 2025 1.92 Jewellery 4.01 New Delhi SKI Capital Services Limited -->
Indobell Insulation Limited Jan 2025 10.14 Engineering 34.18 Kolkata Finshore Management 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 -->
Davin Sons Retail Limited Jan 2025 8.78 Textiles 19.67 New Delhi Navigant Corporate Advisors Limited -->
Leo Dryfruits & Spices Trading Limited Jan 2025 25.12 Agro - Food Products 14.02 Mumbai Shreni Shares Limited -->
Technichem Organics Limited Jan 2025 25.25 Chemical 20.15 Ahmedabad Shreni Shares Limited -->
Citichem India Limited Jan 2025 12.60 Chemical 59.65 Mumbai Horizon Management Private Limited -->
Anya Polytech & Fertilizers Limited Jan 2025 44.80 Chemical - Pesticides 9.26 New Delhi Beeline Capital Advisors Private Limited -->

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Summary

PE Ratio*
Highest 48.95
Median 17.69
Lowest 3.27
IPO Size (Cr.)
Highest 169.37
Median 44.49
Lowest 1.92
  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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SME IPO

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