64  Total SME IPOs listed in 2025

2,716.42 Crs.  Total funds raised in 2025

43  SME IPOs listed with Gain in 2025

21  SME IPOs listed with loss in 2025

64  Total SME IPOs listed in 2025

2716.42 Crs.  Total funds raised in 2025

43  SME IPOs listed with Gain in 2025

21  SME IPOs listed with loss in 2025

64  Total SME IPOs listed in 2025

2716.42 Crs.  Total funds raised in 2025

43  SME IPOs listed with Gain in 2025

21  SME IPOs listed with loss in 2025

64  Total SME IPOs listed in 2025

2716.42 Crs.  Total funds raised in 2025

43  SME IPOs listed with Gain in 2025

21  SME IPOs listed with loss in 2025

Merchant Banker: Beeline Capital Advisors Private Limited

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Summary

PE Ratio*
Highest 46.00
Median 20.62
Lowest 7.51
IPO Size (Cr.)
Highest 189.50
Median 32.62
Lowest 2.51
  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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Company Name City Sector IPO Size (Cr.) IPO Size Classification Exchange IPO Year (Listed) PE Ratio PE Ratio Classification Merchant Banker
Identixweb Limited Surat Information Technology - SaaS 16.63 Medium (10-25 Cr) BSE SME Apr 2025 14.07 Average (10-20) Beeline Capital Advisors Private Limited
Solarium Green Energy Limited Ahmedabad Solar 105.04 Very Large (>50 Cr) BSE SME Feb 2025 26.36 Moderately High (20-30) Beeline Capital Advisors Private Limited
H.M. Electro Mech Limited Ahmedabad Engineering - EPC 27.74 Large (25-50 Cr) BSE SME Jan 2025 15.39 Average (10-20) Beeline Capital Advisors Private Limited
B.R.Goyal Infrastructure Limited Indore Infrastructure 85.21 Very Large (>50 Cr) BSE SME Jan 2025 55.13 Extreme (50+) Beeline Capital Advisors Private Limited
Parmeshwar Metal Limited Gandhinagar Metal 24.74 Medium (10-25 Cr) BSE SME Jan 2025 9.55 Low (1-10) Beeline Capital Advisors Private Limited
Anya Polytech & Fertilizers Limited New Delhi Chemical - Pesticides 44.80 Large (25-50 Cr) NSE EMERGE Jan 2025 9.26 Low (1-10) Beeline Capital Advisors Private Limited
Toss the Coin Limited Chennai Information Technology - Data Solutions 9.17 Small (5-10 Cr) BSE SME Dec 2024 14.81 Average (10-20) Beeline Capital Advisors Private Limited
Nisus Finance Services Co Limited Mumbai Banking and Finance 114.24 Very Large (>50 Cr) BSE SME Dec 2024 12.86 Average (10-20) Beeline Capital Advisors Private Limited
C2C Advanced Systems Limited Bangalore Information Technology 99.07 Very Large (>50 Cr) NSE EMERGE Dec 2024 19.33 Average (10-20) Beeline Capital Advisors Private Limited and Mark Corporate Advisors Private Limited
SD Retail Limited Ahmedabad Textiles 64.98 Very Large (>50 Cr) NSE EMERGE Sep 2024 32.28 Very High (30-50) Beeline Capital Advisors Private Limited
Mach Conferences and Events Limited New Delhi Advertising and Media - Events 125.28 Very Large (>50 Cr) BSE SME Sep 2024 18.08 Average (10-20) Beeline Capital Advisors Private Limited
Indian Phosphate Limited Udaipur Chemical 67.36 Very Large (>50 Cr) NSE EMERGE Sep 2024 20.44 Moderately High (20-30) Beeline Capital Advisors Private Limited
Positron Energy Limited Gandhinagar Oil and Gas 51.21 Very Large (>50 Cr) NSE EMERGE Aug 2024 21.62 Moderately High (20-30) Beeline Capital Advisors Private Limited
Ashapura Logistics Limited Ahmedabad Logistics 52.66 Very Large (>50 Cr) NSE EMERGE Aug 2024 15.80 Average (10-20) Beeline Capital Advisors Private Limited
V.L.Infraprojects Limited Ahmedabad Infrastructure 18.52 Medium (10-25 Cr) NSE EMERGE Jul 2024 10.75 Average (10-20) Beeline Capital Advisors Private Limited
Sati Poly Plast Limited Bhagalpur Packaging & Disposables 17.36 Medium (10-25 Cr) NSE EMERGE Jul 2024 19.57 Average (10-20) Beeline Capital Advisors Private Limited
Dindigul Farm Product Limited Dindigul Agro 34.83 Large (25-50 Cr) BSE SME Jun 2024 16.81 Average (10-20) Beeline Capital Advisors Private Limited
United Cotfab Limited Ahmedabad Textiles 36.29 Large (25-50 Cr) BSE SME Jun 2024 13.88 Average (10-20) Beeline Capital Advisors Private Limited
Beacon Trusteeship Limited Mumbai Banking and Finance 32.52 Large (25-50 Cr) NSE EMERGE Jun 2024 20.99 Moderately High (20-30) Beeline Capital Advisors Private Limited
Rulka Electricals Limited Mumbai Engineering - EPC 26.40 Large (25-50 Cr) NSE EMERGE May 2024 16.21 Average (10-20) Beeline Capital Advisors Private Limited
Piotex Industries Limited Pune Textiles - Fabrics 14.47 Medium (10-25 Cr) BSE SME May 2024 15.95 Average (10-20) Beeline Capital Advisors Private Limited
Winsol Engineers Limited Jamnagar Power and Energy 23.36 Medium (10-25 Cr) NSE EMERGE May 2024 9.58 Low (1-10) Beeline Capital Advisors Private Limited
Emmforce Autotech Limited Panchkula Engineering - Automotive 53.90 Very Large (>50 Cr) BSE SME Apr 2024 22.90 Moderately High (20-30) Beeline Capital Advisors Private Limited
Greenhitech Ventures Limited Varanasi Oil and Gas 6.30 Small (5-10 Cr) BSE SME Apr 2024 54.95 Extreme (50+) Beeline Capital Advisors Private Limited
TAC Infosec Limited Mohali Information Technology - SaaS 29.99 Large (25-50 Cr) NSE EMERGE Apr 2024 28.50 Moderately High (20-30) Beeline Capital Advisors Private Limited
KP Green Engineering Limited Surat Steel 189.50 Very Large (>50 Cr) BSE SME Mar 2024 31.95 Very High (30-50) Beeline Capital Advisors Private Limited
Pratham EPC Projects Limited Ahmedabad Engineering - EPC 36.00 Large (25-50 Cr) NSE EMERGE Mar 2024 12.72 Average (10-20) Beeline Capital Advisors Private Limited
VR Infraspace Limited Vadodara Real Estate 20.40 Medium (10-25 Cr) NSE EMERGE Mar 2024 42.15 Very High (30-50) Beeline Capital Advisors Private Limited
Rudra Gas Enterprise Limited Ahmedabad Oil and Gas 14.16 Medium (10-25 Cr) BSE SME Feb 2024 12.39 Average (10-20) Beeline Capital Advisors Private Limited
Fonebox Retail Limited Ahmedabad Retail 20.37 Medium (10-25 Cr) NSE EMERGE Feb 2024 44.93 Very High (30-50) Beeline Capital Advisors Private Limited
Konstelec Engineers Limited Mumbai Agro - Plantation 28.70 Large (25-50 Cr) NSE EMERGE Jan 2024 11.59 Average (10-20) Beeline Capital Advisors Private Limited
Australian Premium Solar (India) Limited Sabarkantha Solar - Panels 28.08 Large (25-50 Cr) NSE EMERGE Jan 2024 31.40 Very High (30-50) Beeline Capital Advisors Private Limited
Indifra Limited Anand Infrastructure 14.04 Medium (10-25 Cr) NSE EMERGE Dec 2023 342.00 Extreme (50+) Beeline Capital Advisors Private Limited
Benchmark Computer Solutions Limited Mumbai Information Technology - Data Solutions 12.24 Medium (10-25 Cr) BSE SME Dec 2023 23.66 Moderately High (20-30) Beeline Capital Advisors Private Limited
Sheetal Universal Limited Rajkot Agro - Food Products 23.80 Medium (10-25 Cr) NSE EMERGE Dec 2023 17.81 Average (10-20) Beeline Capital Advisors Private Limited
Rajgor Castor Derivatives Limited Ahmedabad Agro - Food Products 47.81 Large (25-50 Cr) NSE EMERGE Oct 2023 15.48 Average (10-20) Beeline Capital Advisors Private Limited
Arvind and Company Shipping Agencies Limited Jamnagar Logistics 14.74 Medium (10-25 Cr) NSE EMERGE Oct 2023 8.01 Low (1-10) Beeline Capital Advisors Private Limited
Karnika Industries Limited Kolkata Textiles - Fabrics 25.07 Large (25-50 Cr) NSE EMERGE Oct 2023 11.06 Average (10-20) Beeline Capital Advisors Private Limited
Hi-Green Carbon Limited Rajkot Recycling - Waste 52.80 Very Large (>50 Cr) NSE EMERGE Sep 2023 17.28 Average (10-20) Beeline Capital Advisors Private Limited
Kody Technolab Limited Ahmedabad Information Technology - Data Solutions 27.52 Large (25-50 Cr) NSE EMERGE Sep 2023 32.06 Very High (30-50) Beeline Capital Advisors Private Limited
Chavda Infra Limited Ahmedabad Real Estate 43.26 Large (25-50 Cr) NSE EMERGE Sep 2023 13.29 Average (10-20) Beeline Capital Advisors Private Limited
Vinsys IT Services Limited Pune Education - Edtech 49.84 Large (25-50 Cr) NSE EMERGE Aug 2023 12.51 Average (10-20) Beeline Capital Advisors Private Limited
Shri Techtex Limited Ahmedabad Textiles - Fabrics 45.14 Large (25-50 Cr) NSE EMERGE Aug 2023 16.71 Average (10-20) Beeline Capital Advisors Private Limited
Ahasolar Technologies Limited Ahmedabad Solar - Panels 12.85 Medium (10-25 Cr) BSE SME Jul 2023 27.45 Moderately High (20-30) Beeline Capital Advisors Private Limited
Pentagon Rubber Limited Mohali Rubber 16.17 Medium (10-25 Cr) NSE EMERGE Jul 2023 18.76 Average (10-20) Beeline Capital Advisors Private Limited
Remus Pharmaceuticals Limited Ahmedabad Pharmaceutical 47.69 Large (25-50 Cr) NSE EMERGE May 2023 21.09 Moderately High (20-30) Beeline Capital Advisors Private Limited
Sotac Pharmaceuticals Limited Ahmedabad Pharmaceutical 33.30 Large (25-50 Cr) NSE EMERGE Apr 2023 132.14 Extreme (50+) Beeline Capital Advisors Private Limited
Dev Labtech Venture Limited Bhavnagar Jewellery 11.22 Medium (10-25 Cr) BSE SME Mar 2023 32.90 Very High (30-50) Beeline Capital Advisors Private Limited
Vertexplus Technologies Limited Jaipur Information Technology - Data Solutions 14.20 Medium (10-25 Cr) NSE EMERGE Mar 2023 28.83 Moderately High (20-30) Beeline Capital Advisors Private Limited
Viaz Tyres Limited Ahmedabad Rubber 20.00 Medium (10-25 Cr) NSE EMERGE Mar 2023 24.90 Moderately High (20-30) Beeline Capital Advisors Private Limited
Transvoy Logistics India Limited Ahmedabad Logistics 5.11 Small (5-10 Cr) BSE SME Feb 2023 34.63 Very High (30-50) Beeline Capital Advisors Private Limited
Aristo Bio-Tech and Lifescience Limited Vadodara Chemical - Pesticides 13.05 Medium (10-25 Cr) NSE EMERGE Jan 2023 9.46 Low (1-10) Beeline Capital Advisors Private Limited
RBM Infracon Limited Baitalpur Engineering - EPC 8.37 Small (5-10 Cr) NSE EMERGE Jan 2023 11.61 Average (10-20) Beeline Capital Advisors Private Limited
Vital Chemtech Limited Ahmedabad Chemical 64.64 Very Large (>50 Cr) NSE EMERGE Nov 2022 14.94 Average (10-20) Beeline Capital Advisors Private Limited
Trident Lifeline Limited Surat Pharmaceutical 35.34 Large (25-50 Cr) BSE SME Oct 2022 51.53 Extreme (50+) Beeline Capital Advisors Private Limited
Kandarp Digi Smart BPO Limited New Delhi Outsourcing - BPO 8.10 Small (5-10 Cr) NSE EMERGE Sep 2022 28.57 Moderately High (20-30) Beeline Capital Advisors Private Limited
Viviana Power Tech Limited Vadodara Electric Equipments 8.80 Small (5-10 Cr) NSE EMERGE Sep 2022 11.29 Average (10-20) Beeline Capital Advisors Private Limited
Jay Jalaram Technologies Limited Ahmedabad Electric Equipments - OEM 10.80 Medium (10-25 Cr) NSE EMERGE Sep 2022 46.00 Very High (30-50) Beeline Capital Advisors Private Limited
Mangalam Worldwide Limited Ahmedabad Steel 65.58 Very Large (>50 Cr) NSE EMERGE Jul 2022 20.12 Moderately High (20-30) Beeline Capital Advisors Private Limited
Shashwat Furnishing Solutions Limited Jodhpur Furniture 2.51 Very Small (< 5 Cr) BSE SME May 2022 53.60 Extreme (50+) Beeline Capital Advisors Private Limited
Kotyark Industries Limited Vadodara Power and Energy - Bio 11.26 Medium (10-25 Cr) NSE EMERGE Nov 2021 27.00 Moderately High (20-30) Beeline Capital Advisors Private Limited
DK Enterprises Global Limited Panchkula Packaging & Disposables 7.99 Small (5-10 Cr) NSE EMERGE Oct 2021 7.51 Low (1-10) Beeline Capital Advisors Private Limited
Samor Reality Limited Ahmedabad Real Estate 8.06 Small (5-10 Cr) BSE SME Oct 2021 269.57 Extreme (50+) Beeline Capital Advisors Private Limited
Quadpro ITeS Limited Bangalore Information Technology 14.10 Medium (10-25 Cr) NSE EMERGE Sep 2021 68.96 Extreme (50+) Beeline Capital Advisors Private Limited
Walpar Nutritions Limited Gandhinagar Healthcare - Ayurvedic 6.60 Small (5-10 Cr) NSE EMERGE Jul 2021 64.00 Extreme (50+) Beeline Capital Advisors Private Limited
Abhishek Integrations Limited Ahmedabad Human Resources and Manpower 4.95 Very Small (< 5 Cr) NSE EMERGE Jun 2021 125.00 Extreme (50+) Beeline Capital Advisors Private Limited
MRP Agro Limited Tikamgarh Agro - Food Products 3.24 Very Small (< 5 Cr) BSE SME Feb 2021 41.60 Very High (30-50) Beeline Capital Advisors Private Limited
Sigma Solve Limited Ahmedabad Information Technology - Data Solutions 4.95 Very Small (< 5 Cr) NSE EMERGE Oct 2020 9.53 Low (1-10) Beeline Capital Advisors Private Limited
Laxmi Goldorna House Limited Ahmedabad Jewellery 8.28 Small (5-10 Cr) NSE EMERGE Apr 2020 39.00 Very High (30-50) Beeline Capital Advisors Private Limited
Chandra Bhagat Pharma Ltd Mumbai Pharmaceutical 10.20 Medium (10-25 Cr) BSE SME Feb 2020 51.00 Extreme (50+) Beeline Capital Advisors Private Limited
Axita Cotton Limited Mahesana Agro 10.51 Medium (10-25 Cr) BSE SME Jan 2019 30.00 Moderately High (20-30) Beeline Capital Advisors Private Limited
Shubham Polyspin Limited Mahesana Textiles 6.00 Small (5-10 Cr) BSE SME Oct 2018 15.00 Average (10-20) Beeline Capital Advisors Private Limited
Ranjeet Mechatronics Limited Ahmedabad Engineering 4.50 Very Small (< 5 Cr) BSE SME Sep 2018 18.00 Average (10-20) Beeline Capital Advisors Private Limited

Services

IPO Advisory
IPO Advisory
In-depth, experienced and seamless execution throughout the IPO Process.
IPO Readiness
IPO Readiness
IPO Roadmap by improving Business Efficiencies, Financial Parameters and Corporate Structure to become IPO ready.
Fund Raising
Fund Raising
Fuelling a company's growth through Pre IPO Fund Raise, Private Equity, and Angel Investing.
SME : Business Scaling
SME Business Upscaling
Provide support to build a scalable SME business by unleashing the SME potential.
Post IPO Montoring
Post IPO Mentoring
Assisting with post IPO regulatory requirements and Performance Monitoring to achieve the milestone of Mainboard migration.

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