65  Total SME IPOs listed in 2025

2,746.17 Crs.  Total funds raised in 2025

43  SME IPOs listed with Gain in 2025

22  SME IPOs listed with loss in 2025

65  Total SME IPOs listed in 2025

2746.17 Crs.  Total funds raised in 2025

43  SME IPOs listed with Gain in 2025

22  SME IPOs listed with loss in 2025

65  Total SME IPOs listed in 2025

2746.17 Crs.  Total funds raised in 2025

43  SME IPOs listed with Gain in 2025

22  SME IPOs listed with loss in 2025

65  Total SME IPOs listed in 2025

2746.17 Crs.  Total funds raised in 2025

43  SME IPOs listed with Gain in 2025

22  SME IPOs listed with loss in 2025

Find More IPO

Thinking of
Listing Your Business through
SME IPO?
We can Help!
Contact Us Today

Summary

PE Ratio*
Highest 50.00
Median 18.15
Lowest 2.15
IPO Size (Cr.)
Highest 197.90
Median 21.97
Lowest 0.32
  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 Merchant Banker Performance Tracker

SME IPO Performance of Merchant Bankers in India on NSE Emerge and BSE SME. List of merchant banks with number of SME IPO assisted, Total Fundraise, Average PE Ratio, IPO listed in Gain/loss and Current IPO Performance of the BRLM. Latest SME 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) SME Migrated to Mainboard
Hem Securities Limited 126 2,920.13 13.63 112  (89%)
14  (11%)
92  (73%)
34  (27%)
77  (61%)
49  (39%)
40  (32%)
Pantomath Capital Advisors Private Limited 103 1,678.62 18.29 94  (91%)
9  (9%)
53  (51%)
50  (49%)
52  (50%)
51  (50%)
54  (52%)
Aryaman Financial Services Limited 86 1,224.88 18.56 72  (84%)
14  (16%)
52  (60%)
34  (40%)
52  (60%)
34  (40%)
38  (44%)
Beeline Capital Advisors Private Limited 73 2,353.91 20.62 65  (89%)
8  (11%)
49  (67%)
24  (33%)
37  (51%)
36  (49%)
5  (7%)
First Overseas Capital Limited 51 864.46 22.79 27  (53%)
24  (47%)
12  (24%)
39  (76%)
13  (25%)
38  (75%)
15  (29%)
Gretex Corporate Services Limited 50 891.77 19.08 40  (80%)
10  (20%)
30  (60%)
20  (40%)
27  (54%)
23  (46%)
10  (20%)
Sarthi Capital Advisors Private Limited 48 745.76 15.00 34  (71%)
14  (29%)
26  (54%)
22  (46%)
25  (52%)
23  (48%)
23  (48%)
Finshore Management Services Limited 48 604.88 17.28 36  (75%)
12  (25%)
34  (71%)
14  (29%)
30  (63%)
18  (38%)
6  (13%)
Guiness Corporate Advisors Private Limited 47 585.29 14.93 39  (83%)
8  (17%)
19  (40%)
28  (60%)
19  (40%)
28  (60%)
29  (62%)
Shreni Shares Limited 47 856.84 17.21 45  (96%)
2  (4%)
33  (70%)
14  (30%)
25  (53%)
22  (47%)
2  (4%)
Fedex Securities Private Limited 44 909.41 21.53 34  (77%)
10  (23%)
24  (55%)
20  (45%)
24  (55%)
20  (45%)
7  (16%)
GYR Capital Advisors Private Limited 40 1,295.82 13.70 38  (95%)
2  (5%)
24  (60%)
16  (40%)
17  (43%)
23  (58%)
0  (0%)
Inventure Merchant Banker Services Private Limited 33 427.77 20.17 17  (52%)
16  (48%)
6  (18%)
27  (82%)
6  (18%)
27  (82%)
11  (33%)
Swastika Investmart Limited 33 480.54 23.24 25  (76%)
8  (24%)
16  (48%)
17  (52%)
14  (42%)
19  (58%)
10  (30%)
Navigant Corporate Advisors Limited 23 237.14 22.00 14  (61%)
9  (39%)
9  (39%)
14  (61%)
9  (39%)
14  (61%)
10  (43%)
Corporate Capital Ventures Private Limited 23 818.94 18.22 20  (87%)
3  (13%)
16  (70%)
7  (30%)
6  (26%)
17  (74%)
7  (30%)
Interactive Financial Services Limited 22 693.37 23.15 14  (64%)
8  (36%)
7  (32%)
15  (68%)
6  (27%)
16  (73%)
0  (0%)
Share India Capital Services Private Limited 17 533.05 12.72 11  (65%)
6  (35%)
11  (65%)
6  (35%)
8  (47%)
9  (53%)
1  (6%)
Unistone Capital Private Limited 16 697.68 23.60 12  (75%)
4  (25%)
9  (56%)
7  (44%)
10  (63%)
6  (38%)
0  (0%)
Horizon Management Private Limited 16 694.83 20.45 7  (44%)
9  (56%)
4  (25%)
12  (75%)
4  (25%)
12  (75%)
0  (0%)
Narnolia Financial Services Limited 16 585.89 22.83 14  (88%)
2  (13%)
9  (56%)
7  (44%)
7  (44%)
9  (56%)
0  (0%)
Expert Global Consultants Private Limited 14 372.56 16.48 12  (86%)
2  (14%)
9  (64%)
5  (36%)
5  (36%)
9  (64%)
0  (0%)
Holani Consultants Private Limited 13 273.72 17.49 10  (77%)
3  (23%)
12  (92%)
1  (8%)
9  (69%)
4  (31%)
4  (31%)
Fast Track Finsec Private Limited 13 224.28 18.09 11  (85%)
2  (15%)
5  (38%)
8  (62%)
4  (31%)
9  (69%)
1  (8%)
Monarch Networth Capital Limited 12 195.39 28.78 9  (75%)
3  (25%)
3  (25%)
9  (75%)
3  (25%)
9  (75%)
8  (67%)
Khandwala Securities Limited 11 344.59 21.65 6  (55%)
5  (45%)
3  (27%)
8  (73%)
2  (18%)
9  (82%)
0  (0%)
Mark Corporate Advisors Private Limited 10 320.52 16.73 8  (80%)
2  (20%)
5  (50%)
5  (50%)
4  (40%)
6  (60%)
4  (40%)
Indorient Financial Services Limited 10 489.32 23.76 7  (70%)
3  (30%)
7  (70%)
3  (30%)
4  (40%)
6  (60%)
1  (10%)
Isk Advisors Private Limited 9 341.97 18.85 7  (78%)
2  (22%)
7  (78%)
2  (22%)
6  (67%)
3  (33%)
1  (11%)
Corporate Strategic Allianz Limited 9 179.77 18.67 6  (67%)
3  (33%)
2  (22%)
7  (78%)
2  (22%)
7  (78%)
6  (67%)
Khambatta Securities Limited 8 140.16 12.35 8  (100%)
0  (0%)
5  (63%)
3  (38%)
2  (25%)
6  (75%)
0  (0%)
Swaraj Shares and Securities Private Limited 8 240.79 17.70 7  (88%)
1  (13%)
3  (38%)
5  (63%)
1  (13%)
7  (88%)
0  (0%)
Choice Capital Advisors Private Limited 8 290.77 20.54 5  (63%)
3  (38%)
6  (75%)
2  (25%)
6  (75%)
2  (25%)
2  (25%)
Vivro Financial Services Private Limited 7 412.11 12.41 6  (86%)
1  (14%)
7  (100%)
0  (0%)
7  (100%)
0  (0%)
2  (29%)
Srujan Alpha Capital Advisors Llp 7 196.01 21.84 7  (100%)
0  (0%)
5  (71%)
2  (29%)
4  (57%)
3  (43%)
0  (0%)
Keynote Financial Services Limited 6 142.29 12.00 2  (33%)
4  (67%)
3  (50%)
3  (50%)
2  (33%)
4  (67%)
5  (83%)
Jawa Capital Services Private Limited 6 131.08 22.28 2  (33%)
4  (67%)
1  (17%)
5  (83%)
2  (33%)
4  (67%)
0  (0%)
Systematix Corporate Services Limited 5 138.67 15.74 5  (100%)
0  (0%)
3  (60%)
2  (40%)
3  (60%)
2  (40%)
3  (60%)
Turnaround Corporate Advisors Private Limited 5 42.26 18.83 5  (100%)
0  (0%)
3  (60%)
2  (40%)
3  (60%)
2  (40%)
1  (20%)
Arihant Capital Markets Limited 4 147.99 21.21 3  (75%)
1  (25%)
4  (100%)
0  (0%)
4  (100%)
0  (0%)
2  (50%)
Affinity Global Capital Market Private Limited 4 118.47 15.04 3  (75%)
1  (25%)
2  (50%)
2  (50%)
1  (25%)
3  (75%)
0  (0%)
SKI Capital Services Limited 4 82.35 20.46 3  (75%)
1  (25%)
3  (75%)
1  (25%)
3  (75%)
1  (25%)
0  (0%)
Smart Horizon Capital Advisors Private Limited 4 233.50 13.61 2  (50%)
2  (50%)
3  (75%)
1  (25%)
3  (75%)
1  (25%)
0  (0%)
Vc Corporate Advisors Private Limited (Vcapl) 3 20.67 4.50 1  (33%)
2  (67%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
2  (67%)
Capitalsquare Advisors Private Limited 3 12.73 13.80 2  (67%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
1  (33%)
1  (33%)
Sun Capital Advisory Services (P) Limited 3 29.13 9.09 2  (67%)
1  (33%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
0  (0%)
Oneview Corporate Advisors Private Limited 3 66.53 19.58 3  (100%)
0  (0%)
3  (100%)
0  (0%)
1  (33%)
2  (67%)
0  (0%)
Corpwis Advisors Private Limited 3 139.27 20.73 2  (67%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
1  (33%)
0  (0%)
Bcb Brokerage Private Limited 3 11.16 N/A 2  (67%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
Intensive Fiscal Services Private Limited 3 12.47 19.50 2  (67%)
1  (33%)
3  (100%)
0  (0%)
3  (100%)
0  (0%)
2  (67%)
Sobhagya Capital Options Limited 3 8.12 N/A 3  (100%)
0  (0%)
2  (67%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
Idbi Capital Market Services Limited 3 57.01 8.00 1  (33%)
2  (67%)
2  (67%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
Ekadrisht Capital Private Limited 3 138.33 15.37 3  (100%)
0  (0%)
3  (100%)
0  (0%)
1  (33%)
2  (67%)
0  (0%)
Ajcon Global Services Limited 2 31.91 13.00 1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Quintessence Enterprises Private Limited 2 13.38 N/A 0  (0%)
2  (100%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
0  (0%)
Ckp Financial Services Private Limited 2 38.98 15.50 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
2  (100%)
D And A Financial Services Private Limited 2 12.02 19.00 0  (0%)
2  (100%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Saffron Capital Advisors Private Limited 2 65.78 14.40 1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Mehta Integrated Finance Limited 2 32.02 0.00 1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
2  (100%)
Sundae Capital Advisors 2 101.24 46.82 1  (50%)
1  (50%)
1  (50%)
1  (50%)
2  (100%)
0  (0%)
0  (0%)
Chartered Capital And Investment Limited 2 46.22 18.00 1  (50%)
1  (50%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
Boi Merchant Bankers Limited 2 38.30 30.39 0  (0%)
2  (100%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
Galactico Corporate Service Limited 2 34.19 20.27 0  (0%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
1  (50%)
V B Desai Financial Services Limited 2 6.35 10.00 2  (100%)
0  (0%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
1  (50%)
Comfort Securities Private Limited 2 47.83 5.85 2  (100%)
0  (0%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
Kreo Capital Private Limited 2 89.27 35.48 1  (50%)
1  (50%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
kunvarji finstock private limited 2 66.25 31.01 1  (50%)
1  (50%)
1  (50%)
1  (50%)
0  (0%)
2  (100%)
0  (0%)
Marwadi Chandarana Intermediaries Brokers Private Limited 2 46.22 24.10 2  (100%)
0  (0%)
1  (50%)
1  (50%)
0  (0%)
2  (100%)
0  (0%)
Cumulative Capital Private Limited 2 118.62 10.52 2  (100%)
0  (0%)
2  (100%)
0  (0%)
1  (50%)
1  (50%)
0  (0%)
PL Capital Markets Private Limited 1 35.52 15.00 0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
1  (100%)
Bonanza Portfolio Limited 1 10.62 13.33 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
Smc Capitals Limited 1 42.48 21.00 0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Chartered Finance Management Limited 1 10.23 9.70 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Nirbhay Capital Services Private Limited 1 38.40 17.60 0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Skyline Financial Services Private Limited 1 13.87 16.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
1  (100%)
Spa Capital Advisors Limited 1 6.00 44.00 0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
1  (100%)
Asit C. Mehta Investment Interrmediates Limited 1 54.97 13.00 0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
1  (100%)
Microsec Capital Limited 1 19.25 N/A 0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Tipsons Consultancy Services Private Limited 1 25.50 34.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
1  (100%)
Karvy Investor Services Limited 1 3.58 15.00 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
Unicon Capital Services Private Limited 1 3.02 N/A 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Basan Financial Services Limited 1 3.50 N/A 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Kjmc Corporate Advisors (India) Limited 1 21.00 22.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
1  (100%)
First Call India Equity Advisors Private Limited 1 5.05 0.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
1  (100%)
Corporate Professionals Capital Private Limited 1 22.08 N/A 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
3Dimesnion Capital Services Limited 1 25.99 26.16 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
Socradamus Capital Private Limited 1 19.95 15.74 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Corporate Makers Capital Limited 1 83.65 16.16 0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Almondz Financial Services Limited 1 39.42 7.34 0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Getfive Advisors Private Limited 1 27.13 12.69 0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
New Berry Capitals Private Limited 1 105.84 22.95 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)

Thinking of

Listing your Business through SME IPO?

From planning to listing—we make your IPO journey smooth.


Contact Us

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.

See more >

*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.

Learn More

  • 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