105  Total SME IPOs listed in 2025

4,682.85 Crs.  Total funds raised in 2025

71  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

105  Total SME IPOs listed in 2025

4,682.85 Crs.  Total funds raised in 2025

71  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

105  Total SME IPOs listed in 2025

4,682.85 Crs.  Total funds raised in 2025

71  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

105  Total SME IPOs listed in 2025

4682.85 Crs.  Total funds raised in 2,025.00

71  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

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Summary

PE Ratio*
Highest 96.00
Median 21.58
Lowest 0.81
IPO Size (Cr.)
Highest 27870.16
Median 1,259.93
Lowest 13.94
  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.

Mainboard Merchant Banker Performance Tracker

IPO Performance of Merchant Bankers in India on NSE and BSE stock exchanges for Mainboard IPOs. List of merchant banks with number of IPO assisted, Total Fundraise, Average PE Ratio, IPO listed in Gain/loss and Current IPO Performance of the BRLM. Latest IPO Performance of Merchant banking company for IPO analysis and review. IPO Lead managers help business owners in the IPO Listing Process, Pre IPO Funding and IPO valuation for a Successful IPO Listing. Merchant Banker services guide the company in the IPO process and help in DRHP filing, RHP and Final Prospectus.

Merchant Banker No of IPOs so far Total funds raised (Cr.) Avg PE Ratio IPO Listed in Gain/Loss CMP vs Offer Price (Gain/Loss) CMP vs Listing Price (Gain/Loss)
ICICI Securities Limited 165.00 265,565.45 64.18 145  (88%)
20  (12%)
104  (63%)
61  (37%)
97  (59%)
68  (41%)
Axis Capital Limited 163.00 339,334.24 40.79 141  (87%)
22  (13%)
106  (65%)
57  (35%)
95  (58%)
68  (42%)
Kotak Mahindra Capital Company Limited 137.00 360,270.01 64.24 123  (90%)
14  (10%)
82  (60%)
55  (40%)
74  (54%)
63  (46%)
Jm Financial Limited 118.00 204,571.38 45.09 100  (85%)
18  (15%)
76  (64%)
42  (36%)
66  (56%)
52  (44%)
SBI Capital Markets Limited 101.00 222,574.14 29.03 86  (85%)
15  (15%)
63  (62%)
38  (38%)
63  (62%)
38  (38%)
IIFL Securities Limited 95.00 159,706.78 41.81 85  (89%)
10  (11%)
60  (63%)
35  (37%)
55  (58%)
40  (42%)
Citigroup Global Markets India Private Limited 71.00 292,033.99 32.89 63  (89%)
8  (11%)
47  (66%)
24  (34%)
44  (62%)
27  (38%)
Edelweiss Financial Services Limited 70.00 96,865.54 34.39 64  (91%)
6  (9%)
43  (61%)
27  (39%)
41  (59%)
29  (41%)
Dam Capital Advisors Limited (Formerly Idfc Securities Limited) 53.00 54,815.84 35.50 46  (87%)
7  (13%)
34  (64%)
19  (36%)
32  (60%)
21  (40%)
Bofa Securities India Limited 44.00 191,231.69 41.24 38  (86%)
6  (14%)
26  (59%)
18  (41%)
25  (57%)
19  (43%)
Motilal Oswal Investment Advisors Limited 38.00 46,618.66 30.87 34  (89%)
4  (11%)
19  (50%)
19  (50%)
18  (47%)
20  (53%)
J.P. Morgan India Private Limited 37.00 147,586.27 56.44 30  (81%)
7  (19%)
27  (73%)
10  (27%)
26  (70%)
11  (30%)
Morgan Stanley India Company Private Limited 34.00 149,358.67 127.69 27  (79%)
7  (21%)
20  (59%)
14  (41%)
21  (62%)
13  (38%)
Idbi Capital Market Services Limited 30.00 29,993.09 28.86 29  (97%)
1  (3%)
19  (63%)
11  (37%)
19  (63%)
11  (37%)
Nomura Financial Advisory And Securities (India) Private Limited 30.00 98,274.35 89.84 27  (90%)
3  (10%)
24  (80%)
6  (20%)
20  (67%)
10  (33%)
Equirus Capital Private Limited 28.00 18,625.02 33.65 24  (86%)
4  (14%)
20  (71%)
8  (29%)
13  (46%)
15  (54%)
Hdfc Bank Limited 27.00 70,216.36 40.86 22  (81%)
5  (19%)
21  (78%)
6  (22%)
17  (63%)
10  (37%)
Jefferies India Private Limited 27.00 100,612.98 55.01 24  (89%)
3  (11%)
22  (81%)
5  (19%)
20  (74%)
7  (26%)
Axis Bank Limited 26.00 54,218.60 31.38 25  (96%)
1  (4%)
9  (35%)
17  (65%)
8  (31%)
18  (69%)
Hsbc Securities & Capital Markets Private limited 23.00 133,056.44 21.31 21  (91%)
2  (9%)
15  (65%)
8  (35%)
15  (65%)
8  (35%)
Nuvama Wealth Management Limited 23.00 47,265.93 225.63 16  (70%)
7  (30%)
10  (43%)
13  (57%)
8  (35%)
15  (65%)
Credit Suisse Securities (India) Private Limited 22.00 64,104.56 46.94 21  (95%)
1  (5%)
16  (73%)
6  (27%)
14  (64%)
8  (36%)
Anand Rathi Securities Limited 20.00 4,872.56 21.75 17  (85%)
3  (15%)
11  (55%)
9  (45%)
11  (55%)
9  (45%)
Keynote Financial Services Limited 17.00 1,630.56 12.09 15  (88%)
2  (12%)
10  (59%)
7  (41%)
8  (47%)
9  (53%)
Ambit Private Limited 16.00 28,328.30 27.96 15  (94%)
1  (6%)
11  (69%)
5  (31%)
9  (56%)
7  (44%)
Clsa India Private Limited 16.00 35,683.35 56.74 15  (94%)
1  (6%)
11  (69%)
5  (31%)
8  (50%)
8  (50%)
Goldman Sachs (India) Securities Private Limited 15.00 88,896.87 29.02 11  (73%)
4  (27%)
10  (67%)
5  (33%)
9  (60%)
6  (40%)
Deutsche Equities India Private Limited 14.00 59,488.07 29.67 12  (86%)
2  (14%)
7  (50%)
7  (50%)
7  (50%)
7  (50%)
Yes Securities (India) Limited 14.00 18,436.36 30.79 12  (86%)
2  (14%)
8  (57%)
6  (43%)
8  (57%)
6  (43%)
Unistone Capital Private Limited 13.00 2,657.95 15.58 13  (100%)
0  (0%)
7  (54%)
6  (46%)
5  (38%)
8  (62%)
Intensive Fiscal Services Private Limited 12.00 16,613.02 51.81 11  (92%)
1  (8%)
6  (50%)
6  (50%)
6  (50%)
6  (50%)
Idfc Bank Limited 12.00 28,782.17 27.44 12  (100%)
0  (0%)
7  (58%)
5  (42%)
7  (58%)
5  (42%)
Karvy Investor Services Limited 11.00 1,035.38 15.09 10  (91%)
1  (9%)
6  (55%)
5  (45%)
5  (45%)
6  (55%)
Bnp Paribas 11.00 34,167.06 53.70 9  (82%)
2  (18%)
7  (64%)
4  (36%)
6  (55%)
5  (45%)
Bob Capital Markets Limited 11.00 23,399.77 39.97 9  (82%)
2  (18%)
7  (64%)
4  (36%)
6  (55%)
5  (45%)
Centrum Capital Limited 11.00 1,227.73 12.59 6  (55%)
5  (45%)
5  (45%)
6  (55%)
4  (36%)
7  (64%)
Ubs Securities India Private Limited 11.00 52,800.33 123.61 9  (82%)
2  (18%)
6  (55%)
5  (45%)
6  (55%)
5  (45%)
Almondz Global Securities Limited 10.00 1,198.39 19.81 10  (100%)
0  (0%)
3  (30%)
7  (70%)
3  (30%)
7  (70%)
Pantomath Capital Advisors Private Limited 9.00 2,527.55 18.23 9  (100%)
0  (0%)
7  (78%)
2  (22%)
5  (56%)
4  (44%)
Chartered Capital And Investment Limited 9.00 483.67 19.91 8  (89%)
1  (11%)
2  (22%)
7  (78%)
3  (33%)
6  (67%)
Ashika Capital Limited 9.00 329.17 21.22 9  (100%)
0  (0%)
4  (44%)
5  (56%)
4  (44%)
5  (56%)
Il&Fs Investsmart Securities Limited 9.00 3,830.74 13.92 6  (67%)
3  (33%)
6  (67%)
3  (33%)
5  (56%)
4  (44%)
Uti Securities Limited 9.00 555.17 12.66 7  (78%)
2  (22%)
3  (33%)
6  (67%)
3  (33%)
6  (67%)
Srei Capital Markets Limited 8.00 368.60 9.32 8  (100%)
0  (0%)
3  (38%)
5  (63%)
3  (38%)
5  (63%)
Yes Bank Limited 8.00 20,200.82 30.69 8  (100%)
0  (0%)
5  (63%)
3  (38%)
4  (50%)
4  (50%)
Aryaman Financial Services Limited 7.00 1,550.15 27.96 4  (57%)
3  (43%)
0  (0%)
7  (100%)
1  (14%)
6  (86%)
Iti Capital Limited 7.00 7,075.14 151.82 6  (86%)
1  (14%)
4  (57%)
3  (43%)
5  (71%)
2  (29%)
Saffron Capital Advisors Private Limited 6.00 1,012.38 32.17 5  (83%)
1  (17%)
2  (33%)
4  (67%)
2  (33%)
4  (67%)
Elara Capital (India) Private Limited 6.00 2,128.19 35.32 6  (100%)
0  (0%)
5  (83%)
1  (17%)
5  (83%)
1  (17%)
Jm Morgan Stanley Private Limited 6.00 7,492.96 532.54 5  (83%)
1  (17%)
4  (67%)
2  (33%)
5  (83%)
1  (17%)
Emkay Global Financial Services Limited 4.00 1,947.65 33.75 2  (50%)
2  (50%)
3  (75%)
1  (25%)
3  (75%)
1  (25%)
Haitong Securities India Private Limited 4.00 16,298.55 33.30 4  (100%)
0  (0%)
4  (100%)
0  (0%)
3  (75%)
1  (25%)
Inga Ventures Private Limited 4.00 1,683.51 29.62 3  (75%)
1  (25%)
3  (75%)
1  (25%)
3  (75%)
1  (25%)
Pnb Investment Services Limited 4.00 1,107.09 15.53 4  (100%)
0  (0%)
3  (75%)
1  (25%)
2  (50%)
2  (50%)
Systematix Corporate Services Limited 3.00 829.00 8.09 3  (100%)
0  (0%)
2  (67%)
1  (33%)
1  (33%)
2  (67%)
Monarch Networth Capital Limited 3.00 900.15 13.27 3  (100%)
0  (0%)
3  (100%)
0  (0%)
2  (67%)
1  (33%)
Arihant Capital Markets Limited 3.00 171.65 18.06 3  (100%)
0  (0%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
Smc Capitals Limited 3.00 1,629.35 18.08 3  (100%)
0  (0%)
2  (67%)
1  (33%)
2  (67%)
1  (33%)
Collins Stewart Inga Private Limited 3.00 199.93 19.60 3  (100%)
0  (0%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
Macquarie India Advisory Services Private Limited 3.00 1,124.24 129.00 3  (100%)
0  (0%)
0  (0%)
3  (100%)
0  (0%)
3  (100%)
Sarthi Capital Advisors Private Limited 2.00 235.32 14.18 2  (100%)
0  (0%)
1  (50%)
1  (50%)
0  (0%)
2  (100%)
Hem Securities Limited 2.00 801.27 20.15 2  (100%)
0  (0%)
2  (100%)
0  (0%)
1  (50%)
1  (50%)
Fedex Securities Private Limited 2.00 484.04 8.32 1  (50%)
1  (50%)
1  (50%)
1  (50%)
0  (0%)
2  (100%)
Holani Consultants Private Limited 2.00 493.04 16.76 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
PL Capital Markets Private Limited 2.00 281.93 20.06 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Beeline Capital Advisors Private Limited 2.00 324.28 9.03 2  (100%)
0  (0%)
2  (100%)
0  (0%)
0  (0%)
2  (100%)
D And A Financial Services Private Limited 2.00 156.00 25.69 1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Vivro Financial Services Private Limited 2.00 491.70 50.50 2  (100%)
0  (0%)
1  (50%)
1  (50%)
0  (0%)
2  (100%)
Khambatta Securities Limited 2.00 393.41 11.00 2  (100%)
0  (0%)
2  (100%)
0  (0%)
1  (50%)
1  (50%)
Spa Capital Advisors Limited 2.00 305.00 6.47 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Choice Capital Advisors Private Limited 2.00 476.88 10.49 2  (100%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
Corporate Strategic Allianz Limited 2.00 70.24 19.89 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Allahabad Bank 2.00 205.93 14.03 1  (50%)
1  (50%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
Antique Capital Markets Private Limited 2.00 591.46 5.10 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Avendus Capital Private Limited 2.00 11,527.43 -6.93 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Bajaj Capital Limited 2.00 414.01 11.53 2  (100%)
0  (0%)
2  (100%)
0  (0%)
1  (50%)
1  (50%)
Barclays Securities (India) Private Limited 2.00 7,174.04 12.22 1  (50%)
1  (50%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
Batlivala & Karani Securities India Private Limited 2.00 757.59 24.96 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Indbank Merchant Banking Services Limited 2.00 70.12 28.58 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Indusind Bank Limited 2.00 5,052.34 19.23 2  (100%)
0  (0%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
Nexgen Capitals Limited 2.00 115.68 13.64 1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Religare Securities Limited 2.00 490.33 25.81 2  (100%)
0  (0%)
0  (0%)
2  (100%)
1  (50%)
1  (50%)
Spark Capital Advisors (India) Private Limited 2.00 1,724.99 119.50 2  (100%)
0  (0%)
2  (100%)
0  (0%)
1  (50%)
1  (50%)
Standard Chartered Securities (India) Limited 2.00 7,632.80 18.23 1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
First Overseas Capital Limited 1.00 153.05 11.34 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)
Gretex Corporate Services Limited 1.00 132.00 31.33 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Vc Corporate Advisors Private Limited (Vcapl) 1.00 48.75 14.31 0  (0%)
1  (100%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Indorient Financial Services Limited 1.00 412.79 49.42 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Interactive Financial Services Limited 1.00 130.20 17.15 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Sundae Capital Advisors 1.00 290.00 -47.91 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Corpwis Advisors Private Limited 1.00 264.10 21.03 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Kjmc Corporate Advisors (India) Limited 1.00 22.50 5.89 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Comfort Securities Private Limited 1.00 73.60 34.04 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Almondz Financial Services Limited 1.00 4,321.44 26.76 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
A.K. Capital Services Limited 1.00 23.50 3.81 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Atherstone Capital Markets Limited 1.00 36.85 0.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Comfort Securities Limited 1.00 63.75 53.19 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Corporate Capitalventures Private Limited 1.00 60.00 12.81 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Fortune Financial Services (India) Limited 1.00 33.50 13.06 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Incred Capital Financial Services Private Limited 1.00 472.29 96.00 0  (0%)
1  (100%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Investec Capital Services (India) Private Limited 1.00 600.65 0.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Mirae Asset Capital Markets (India) Private Limited 1.00 490.78 0.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Mefcom Capital Markets Limited 1.00 119.00 17.88 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)

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Summary

PE Ratio*
Highest 96.00
Median 21.58
Lowest 0.81
IPO Size (Cr.)
Highest 27870.16
Median 1,259.93
Lowest 13.94
  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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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