66  Total SME IPOs listed in 2025

2,771.83 Crs.  Total funds raised in 2025

44  SME IPOs listed with Gain in 2025

22  SME IPOs listed with loss in 2025

66  Total SME IPOs listed in 2025

2771.83 Crs.  Total funds raised in 2025

44  SME IPOs listed with Gain in 2025

22  SME IPOs listed with loss in 2025

66  Total SME IPOs listed in 2025

2771.83 Crs.  Total funds raised in 2025

44  SME IPOs listed with Gain in 2025

22  SME IPOs listed with loss in 2025

66  Total SME IPOs listed in 2025

2771.83 Crs.  Total funds raised in 2025

44  SME IPOs listed with Gain in 2025

22  SME IPOs listed with loss in 2025

Merchant Banker: Sarthi Capital Advisors Private Limited

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Summary

PE Ratio*
Highest 48.00
Median 16.64
Lowest 2.15
IPO Size (Cr.)
Highest 105.14
Median 15.54
Lowest 2.00
  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
Vinyas Innovative Technologies Limited Mysore Electric Equipments - OEM 54.66 Very Large (>50 Cr) NSE EMERGE Oct 2023 28.30 Moderately High (20-30) Sarthi Capital Advisors Private Limited
Digikore Studios limited Pune Film and Animation - VFX 30.48 Large (25-50 Cr) NSE EMERGE Oct 2023 9.99 Low (1-10) Sarthi Capital Advisors Private Limited
Spectrum Talent Management Limited New Delhi Human Resources and Manpower 105.14 Very Large (>50 Cr) NSE EMERGE Jun 2023 15.00 Average (10-20) Sarthi Capital Advisors Private Limited
Homesfy Realty Limited Mumbai Real Estate - Broking 15.86 Medium (10-25 Cr) NSE EMERGE Jan 2023 10.87 Average (10-20) Sarthi Capital Advisors Private Limited
Frog Cellsat Limited New Delhi Telecom 41.57 Large (25-50 Cr) NSE EMERGE Oct 2022 10.93 Average (10-20) Sarthi Capital Advisors Private Limited
PE Analytics Limited New Delhi Information Technology - Data Solutions 31.60 Large (25-50 Cr) NSE EMERGE Apr 2022 14.56 Average (10-20) Sarthi Capital Advisors Private Limited
Vivo Collaboration Solutions Limited New Delhi Information Technology - SaaS 4.40 Very Small (< 5 Cr) NSE EMERGE Dec 2021 3.72 Low (1-10) Sarthi Capital Advisors Private Limited
Bonlon Industries Limited New Delhi Engineering 10.52 Medium (10-25 Cr) BSE SME Jul 2020 2.15 Low (1-10) Sarthi Capital Advisors Private Limited
Marshall Machines Limited Ludhiana Engineering 16.25 Medium (10-25 Cr) NSE EMERGE Sep 2018 12.00 Average (10-20) Sarthi Capital Advisors Private Limited
Five Core Electronics Limited New Delhi Information Technology - Hardware 46.66 Large (25-50 Cr) NSE EMERGE May 2018 13.00 Average (10-20) Sarthi Capital Advisors Private Limited
Mittal Life Style Ltd Mumbai Textiles 4.41 Very Small (< 5 Cr) NSE EMERGE Apr 2018 24.00 Moderately High (20-30) Sarthi Capital Advisors Private Limited
Marvel Decor Limited Jamnagar Home Decor 26.26 Large (25-50 Cr) NSE EMERGE Mar 2018 34.00 Very High (30-50) Sarthi Capital Advisors Private Limited
Arvee Laboratories (India) Limited Ahmedabad Chemical - Speciality 8.91 Small (5-10 Cr) NSE EMERGE Feb 2018 52.00 Extreme (50+) Sarthi Capital Advisors Private Limited
Brand Concepts Limited Mumbai Retail 12.62 Medium (10-25 Cr) NSE EMERGE Jan 2018 Extreme (50+) Sarthi Capital Advisors Private Limited
Pulz Electronics Limited Mumbai Electric Equipments 3.92 Very Small (< 5 Cr) NSE EMERGE Nov 2017 9.22 Low (1-10) Sarthi Capital Advisors Private Limited
Sanghvi Brands Limited Pune Healthcare - Personal Care 18.96 Medium (10-25 Cr) BSE SME Nov 2017 0.00 NA Sarthi Capital Advisors Private Limited
Omfurn India Limited Mumbai Furniture 4.17 Very Small (< 5 Cr) NSE EMERGE Oct 2017 9.70 Low (1-10) Sarthi Capital Advisors Private Limited
DP Wires Limited Ratlam Plastic and Polymer 26.88 Large (25-50 Cr) NSE EMERGE Oct 2017 20.00 Average (10-20) Sarthi Capital Advisors Private Limited
Aarvi Encon Limited Mumbai Human Resources and Manpower 21.24 Medium (10-25 Cr) NSE EMERGE Oct 2017 15.00 Average (10-20) Sarthi Capital Advisors Private Limited
Servotech Power Systems Limited New Delhi Electric Equipments 15.13 Medium (10-25 Cr) NSE EMERGE Aug 2017 11.00 Average (10-20) Sarthi Capital Advisors Private Limited
Total Transport Systems Limited Mumbai Logistics 17.01 Medium (10-25 Cr) NSE EMERGE Aug 2017 11.00 Average (10-20) Sarthi Capital Advisors Private Limited
Pushpanjali Realms & Infratech Limited Haridwar Real Estate 14.55 Medium (10-25 Cr) NSE EMERGE Jul 2017 35.00 Very High (30-50) Sarthi Capital Advisors Private Limited
Shri Ram Switchgears Limited Ratlam Electric Equipments 5.07 Small (5-10 Cr) NSE EMERGE Jun 2017 9.80 Low (1-10) Sarthi Capital Advisors Private Limited
Jalan Transolutions (India) Limited New Delhi Logistics 17.71 Medium (10-25 Cr) NSE EMERGE May 2017 16.00 Average (10-20) Navigant Corporate Advisors Limited and Sarthi Capital Advisors Private Limited
InfoBeans Technologies Limited Indore Information Technology 36.78 Large (25-50 Cr) NSE EMERGE May 2017 13.00 Average (10-20) Sarthi Capital Advisors Private Limited
MK Proteins Limited Ambala Agro - Food Products 10.23 Medium (10-25 Cr) NSE EMERGE Apr 2017 53.00 Extreme (50+) Sarthi Capital Advisors Private Limited
Focus Lighting And Fixtures Limited Mumbai Electric Equipments 4.05 Very Small (< 5 Cr) NSE EMERGE Apr 2017 5.00 Low (1-10) Sarthi Capital Advisors Private Limited
Libas Designs Limited Mumbai Textiles 13.60 Medium (10-25 Cr) NSE EMERGE Jan 2017 48.00 Very High (30-50) Sarthi Capital Advisors Private Limited
Jet Freight Logistics Limited Mumbai Logistics 4.07 Very Small (< 5 Cr) NSE EMERGE Dec 2016 15.00 Average (10-20) Sarthi Capital Advisors Private Limited
Jet Knitwears Limited Kanpur Textiles 4.22 Very Small (< 5 Cr) NSE EMERGE Oct 2016 31.00 Very High (30-50) Sarthi Capital Advisors Private Limited
AVSL Industries Limited New Delhi Plastic and Polymer 5.18 Small (5-10 Cr) NSE EMERGE Oct 2016 94.00 Extreme (50+) Sarthi Capital Advisors Private Limited
Husys Consulting Limited Hyderabad Outsourcing 4.20 Very Small (< 5 Cr) NSE EMERGE Sep 2016 41.00 Very High (30-50) Sarthi Capital Advisors Private Limited
Crown Lifters Limited Mumbai Engineering - Heavy Machinery 6.68 Small (5-10 Cr) NSE EMERGE Sep 2016 10.00 Low (1-10) Sarthi Capital Advisors Private Limited
HEC Infra Projects Limited Ahmedabad Engineering - EPC 5.39 Small (5-10 Cr) NSE EMERGE Mar 2016 15.00 Average (10-20) Sarthi Capital Advisors Private Limited
Wealth First Portfolio Managers Limited Ahmedabad Banking and Finance 8.40 Small (5-10 Cr) NSE EMERGE Mar 2016 24.00 Moderately High (20-30) Sarthi Capital Advisors Private Limited
Hi-Tech Pipes Limited New Delhi Steel - Tubes and Pipes 13.65 Medium (10-25 Cr) NSE EMERGE Feb 2016 11.00 Average (10-20) Sarthi Capital Advisors Private Limited
Fourth Dimension Solutions Limited New Delhi Information Technology - Data Solutions 8.68 Small (5-10 Cr) NSE EMERGE Jan 2016 3.00 Low (1-10) Sarthi Capital Advisors Private Limited
Ahimsa Industries Limited Ahmedabad Agro - Sugar 3.80 Very Small (< 5 Cr) NSE EMERGE Oct 2015 0.00 NA Sarthi Capital Advisors Private Limited
Shaival Reality Limited Ahmedabad Real Estate 5.28 Small (5-10 Cr) NSE EMERGE Oct 2015 0.00 NA Sarthi Capital Advisors Private Limited
Pecos Hotels and Pubs Limited Bangalore Hotels and Resorts 2.30 Very Small (< 5 Cr) BSE SME Aug 2015 54.00 Extreme (50+) Sarthi Capital Advisors Private Limited
Mahabir Metallex Limited New Delhi Steel 3.90 Very Small (< 5 Cr) BSE SME Mar 2015 250.00 Extreme (50+) Sarthi Capital Advisors Private Limited
Akme Star Housing Finance Limited Udaipur Banking and Finance 4.80 Very Small (< 5 Cr) BSE SME Mar 2015 53.00 Extreme (50+) Sarthi Capital Advisors Private Limited
JLA Infraville Shoppers Limited Bangalore Retail 2.00 Very Small (< 5 Cr) BSE SME Nov 2014 333.00 Extreme (50+) Sarthi Capital Advisors Private Limited
Starlit Power Systems Limited New Delhi Steel - Iron 2.95 Very Small (< 5 Cr) BSE SME Oct 2014 180.00 Extreme (50+) Sarthi Capital Advisors Private Limited
BC Power Controls Limited New Delhi Cables and Wires 10.37 Medium (10-25 Cr) BSE SME Mar 2014 128.00 Extreme (50+) Sarthi Capital Advisors Private Limited
RCI Industries & Technologies Limited New Delhi Cables and Wires 11.52 Medium (10-25 Cr) BSE SME Jan 2014 30.50 Very High (30-50) Sarthi Capital Advisors Private Limited
Tiger Logistics (India) Limited New Delhi Logistics 7.52 Small (5-10 Cr) BSE SME Sep 2013 8.20 Low (1-10) Sarthi Capital Advisors Private Limited
Bothra Metals and Alloys Limited Mumbai Aluminium 12.21 Medium (10-25 Cr) BSE SME Mar 2013 0.00 NA Sarthi 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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