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

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Summary

PE Ratio*
Highest 50.00
Median 21.54
Lowest 5.53
IPO Size (Cr.)
Highest 18300.00
Median 1,995.71
Lowest 100.00
  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.

Year wise IPO Performance 2021

IPO Performance of All IPO based on IPO 2021 in India on NSE and BSE stock exchanges. List of IPO with IPO size, IPO Industry, Merchant Banker, PE Ratio, Issue price and current market price (CMP). Latest IPO Performance of all IPOs listed in IPO 2021 for IPO analysis and review. Track the IPO performance 2021 of Mainboard IPO on NSE and BSE. IPOPlatform provides data-driven insights into how Indian IPOs have performed each Calendar year helping investors, analysts, and businesses understand share market trends. Our comprehensive IPO performance tracker is your go-to source for IPO analytics and performance comparison.

Company Name IPO Year (Listed) IPO Size (Cr.) Sector PE Ratio Merchant Banker Offer Price CMP(%)
Craftsman Automation Limited Mar 2021 823.70 Automobile 46.61 Axis Capital Limited and Iifl Securities Limited 1490.00 5540.50 (272 %)
Data Patterns (India) Limited Dec 2021 588.22 Information Technology - Hardware 65.36 Iifl Securities Limited and Jm Financial Limited 585.00 2740.80 (369 %)
C.E. Info systems limited Dec 2021 1039.61 Information Technology - SaaS 58.79 Axis Capital Limited and Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and Jm Financial Limited and Kotak Mahindra Capital Company Limited 1033.00 1997.50 (93 %)
Anand Rathi Wealth Limited Dec 2021 660.00 Banking and Finance 18.67 Anand Rathi Securities Limited and Bnp Paribas and Equirus Capital Private Limited and Iifl Securities Limited 550.00 1844.10 (235 %)
PB Fintech Limited Nov 2021 5625.00 Banking and Finance - FinTech 0.00 Citigroup Global Markets India Private Limited and Hdfc Bank Limited and ICICI Securities Limited 980.00 1763.70 (80 %)
MTAR Technologies Limited Mar 2021 596.41 Engineering 47.24 Iifl Securities Limited and Jm Financial Limited 575.00 1663.30 (189 %)
CarTrade Tech Limited Aug 2021 2998.51 Online Service Provider 73.38 Axis Capital Limited and Citigroup Global Markets India Private Limited and Kotak Mahindra Capital Company Limited and Nomura Financial Advisory And Securities (India) Private Limited 1618.00 1658.90 (3 %)
Paras Defence And Space Technologies Limited Oct 2021 170.78 Defence 43.21 Anand Rathi Securities Limited 175.00 1616.80 (824 %)
Rolex Rings Limited Aug 2021 731.00 Automobile - Forging and Casting 28.18 Equirus Capital Private Limited and Idbi Capital Market Services Limited and Jm Financial Limited 900.00 1481.10 (65 %)
Tega Industries Limited Dec 2021 619.23 Minerals 63.18 Axis Capital Limited and Jm Financial Limited 453.00 1470.80 (225 %)
Macrotech Developers Limited Apr 2021 2500.00 Real Estate 0.00 Axis Capital Limited and Bob Capital Markets Limited and Edelweiss Financial Services Limited and ICICI Securities Limited and Jm Financial Limited and Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited and Yes Securities (India) Limited 486.00 1409.70 (190 %)
Clean Science and Technology Limited Jul 2021 1546.62 Chemical - Speciality 48.18 Axis Capital Limited and Jm Financial Limited and Kotak Mahindra Capital Company Limited 900.00 1328.90 (48 %)
Nazara Technologies Limited Mar 2021 582.91 Information Technology 0.00 ICICI Securities Limited and Iifl Securities Limited and Jefferies India Private Limited and Nomura Financial Advisory And Securities (India) Private Limited 1101.00 1301.00 (18 %)
G R Infraprojects Limited Jul 2021 963.28 Engineering - EPC 16.73 Equirus Capital Private Limited and Hdfc Bank Limited and ICICI Securities Limited and Kotak Mahindra Capital Company Limited 837.00 1282.10 (53 %)
Sansera Engineering Limited Sep 2021 1282.98 Engineering 40.39 ICICI Securities Limited and Iifl Securities Limited and Nomura Financial Advisory And Securities (India) Private Limited 744.00 1229.80 (65 %)
Dodla Dairy Limited Jun 2021 520.18 Agro 16.41 Axis Capital Limited and ICICI Securities Limited 428.00 1190.00 (178 %)
Metro Brands Limited Dec 2021 1367.51 Footwear 157.23 Ambit Private Limited and Axis Capital Limited and Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and Equirus Capital Private Limited 500.00 1189.10 (138 %)
Ami Organics Limited Sep 2021 569.64 Chemical - Speciality 41.16 Ambit Private Limited and Axis Capital Limited and Intensive Fiscal Services Private Limited 610.00 1188.60 (95 %)
Home First Finance Company India Limited Feb 2021 1153.72 Banking and Finance 42.75 Axis Capital Limited and Credit Suisse Securities (India) Private Limited and ICICI Securities Limited and Kotak Mahindra Capital Company Limited 518.00 1151.30 (122 %)
Glenmark Life Sciences Limited Aug 2021 1513.60 Pharmaceutical 25.09 Bob Capital Markets Limited and Bofa Securities India Limited and Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and Goldman Sachs (India) Securities Private Limited 720.00 1103.60 (53 %)
S.J.S. Enterprises Limited Nov 2021 800.00 Home Decor 43.42 Axis Capital Limited and Edelweiss Financial Services Limited and Iifl Securities Limited 542.00 1089.45 (101 %)
Indigo Paints Limited Feb 2021 1176.00 Chemical - Paint and Adhesives 130.00 Edelweiss Financial Services Limited and ICICI Securities Limited and Kotak Mahindra Capital Company Limited 1490.00 1011.90 (-32 %)
Windlas Biotech Limited Aug 2021 401.54 Pharmaceutical 64.00 Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and Iifl Securities Limited and SBI Capital Markets Limited 460.00 970.95 (111 %)
Anupam Rasayan India Limited Mar 2021 760.00 Chemical - Speciality 86.45 Ambit Private Limited and Axis Capital Limited and Iifl Securities Limited and Jm Financial Limited 555.00 957.20 (72 %)
Vijaya Diagnostic Centre Limited Sep 2021 1895.04 Healthcare - Hospitals and Clinic 41.10 Edelweiss Financial Services Limited and ICICI Securities Limited and Kotak Mahindra Capital Company Limited 531.00 930.10 (75 %)
Tatva Chintan Pharma Chem Limited Jul 2021 500.00 Chemical - Speciality 45.95 ICICI Securities Limited and Jm Financial Limited 1083.00 920.55 (-15 %)
Shyam Metalics and Energy Limited Jun 2021 909.00 Metal 12.83 Axis Capital Limited and ICICI Securities Limited and Iifl Securities Limited and Jm Financial Limited 306.00 903.85 (195 %)
Medplus Health Services Limited Dec 2021 1398.30 Pharmaceutical 71.52 Axis Capital Limited and Credit Suisse Securities (India) Private Limited and Edelweiss Financial Services Limited and Nomura Financial Advisory And Securities (India) Private Limited 796.00 887.55 (12 %)
Go Fashion (India) Limited Nov 2021 1013.61 Textiles 0.00 Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and ICICI Securities Limited and Jm Financial Limited 690.00 854.75 (24 %)
One 97 Communications Limited Nov 2021 18300.00 Banking and Finance - FinTech 0.00 Axis Capital Limited and Citigroup Global Markets India Private Limited and Goldman Sachs (India) Securities Private Limited and Hdfc Bank Limited and Morgan Stanley India Company Private Limited 2150.00 828.45 (-61 %)
Supriya Lifescience Limited Dec 2021 700.00 Pharmaceutical 17.80 Axis Capital Limited and ICICI Securities Limited 274.00 725.50 (165 %)
Aditya Birla Sun Life AMC Limited Oct 2021 2768.26 Banking and Finance 33.09 Axis Capital Limited and Bofa Securities India Limited and Citigroup Global Markets India Private Limited and Hdfc Bank Limited and Jm Financial Limited and Kotak Mahindra Capital Company Limited and Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited and Yes Securities (India) Limited 712.00 708.15 (-1 %)
Krishna Institute of Medical Sciences Limited Jun 2021 2143.74 Healthcare 32.13 Axis Capital Limited and Credit Suisse Securities (India) Private Limited and Iifl Securities Limited and Kotak Mahindra Capital Company Limited 825.00 668.55 (-19 %)
Krsnaa Diagnostics Limited Aug 2021 1213.33 Healthcare - Hospitals and Clinic 80.91 Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and Equirus Capital Private Limited and Iifl Securities Limited and Jm Financial Limited 954.00 645.90 (-32 %)
Antony Waste Handling Cell Limited Jan 2021 300.00 ESG - Waste 15.32 Equirus Capital Private Limited and Iifl Securities Limited 315.00 599.70 (90 %)
Stove Kraft Limited Feb 2021 412.63 Electric Equipments 21.80 Edelweiss Financial Services Limited and Jm Financial Limited 385.00 568.70 (48 %)
Kalyan Jewellers India Limited Mar 2021 1175.00 Jewellery 0.00 Axis Capital Limited and Bob Capital Markets Limited and Citigroup Global Markets India Private Limited and ICICI Securities Limited 87.00 554.10 (537 %)
Sona BLW Precision Forgings Limited Jun 2021 5550.00 Automobile - Forging and Casting 78.86 Credit Suisse Securities (India) Private Limited and J.P. Morgan India Private Limited and Jm Financial Limited and Kotak Mahindra Capital Company Limited 291.00 528.05 (81 %)
Rategain Travel Technologies Limited Dec 2021 1335.74 Information Technology - SaaS 0.00 Iifl Securities Limited and Kotak Mahindra Capital Company Limited and Nomura Financial Advisory And Securities (India) Private Limited 425.00 502.15 (18 %)
CMS Info Systems Limited Dec 2021 1100.00 Corporate Solutions 18.96 Axis Capital Limited and Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and Jefferies India Private Limited and Jm Financial Limited 216.00 486.35 (125 %)
Star Health and Allied Insurance Company Limited Dec 2021 7249.18 Insurance 0.00 Ambit Private Limited and Axis Capital Limited and Bofa Securities India Limited and Citigroup Global Markets India Private Limited and Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and ICICI Securities Limited and Iifl Securities Limited and Jefferies India Private Limited and Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited 900.00 447.85 (-50 %)
Chemplast Sanmar Limited Aug 2021 3850.00 Chemical 20.85 Ambit Private Limited and Axis Capital Limited and Bob Capital Markets Limited and Credit Suisse Securities (India) Private Limited and Iifl Securities Limited and Indusind Bank Limited and Yes Securities (India) Limited 541.00 431.10 (-20 %)
Latent View Analytics Limited Nov 2021 600.00 Information Technology - Data Solutions 43.68 Axis Capital Limited and Haitong Securities India Private Limited and ICICI Securities Limited 197.00 409.80 (108 %)
RailTel Corporation of India Limited Feb 2021 819.24 Infrastructure 33.10 ICICI Securities Limited and Idbi Capital Market Services Limited and SBI Capital Markets Limited 94.00 380.80 (305 %)
Tarsons Products Limited Nov 2021 1023.47 Engineering 35.46 Edelweiss Financial Services Limited and ICICI Securities Limited and SBI Capital Markets Limited 662.00 378.70 (-43 %)
Nuvoco Vistas Corporation Ltd Aug 2021 5000.00 Cement 0.00 Axis Capital Limited and Hsbc Securities & Capital Markets Private limited and ICICI Securities Limited and J.P. Morgan India Private Limited 570.00 357.90 (-37 %)
Aptus Value Housing Finance India Ltd Aug 2021 2780.05 Banking and Finance 65.49 Citigroup Global Markets India Private Limited and Edelweiss Financial Services Limited and ICICI Securities Limited and Kotak Mahindra Capital Company Limited 353.00 336.65 (-5 %)
Barbeque Nation Hospitality Limited Apr 2021 452.87 Hotels and Resorts - QSR 0.00 Ambit Private Limited and Axis Capital Limited and Iifl Securities Limited and SBI Capital Markets Limited 500.00 316.95 (-37 %)
Sapphire Foods India Limited Nov 2021 2073.25 Hotels and Resorts - QSR 0.00 Bofa Securities India Limited and ICICI Securities Limited and Iifl Securities Limited and Jm Financial Limited 1180.00 316.10 (-73 %)
Brookfield India Real Estate Trust Feb 2021 3800.00 Real Estate 0.00 Ambit Private Limited and Axis Capital Limited and Iifl Securities Limited and J.P. Morgan India Private Limited and SBI Capital Markets Limited 275.00 298.93 (9 %)
Heranba Industries Limited Mar 2021 625.24 Chemical - Pesticides 18.91 Batlivala & Karani Securities India Private Limited and Emkay Global Financial Services Limited 627.00 289.55 (-54 %)
Nureca Limited Feb 2021 100.00 Healthcare - Personal Care 5.53 Iti Capital Limited 400.00 251.00 (-37 %)
Fino Payments Bank Limited Nov 2021 1200.29 Banking and Finance 382.12 Axis Capital Limited and Clsa India Private Limited and ICICI Securities Limited and Nomura Financial Advisory And Securities (India) Private Limited 577.00 246.75 (-57 %)
Zomato Limited Jul 2021 9375.00 Online Service Provider 0.00 Bofa Securities India Limited and Citigroup Global Markets India Private Limited and Credit Suisse Securities (India) Private Limited and Kotak Mahindra Capital Company Limited 76.00 229.02 (201 %)
FSN E-Commerce Ventures Limited Nov 2021 5351.92 E-Commerce 377.51 Bofa Securities India Limited and Citigroup Global Markets India Private Limited and ICICI Securities Limited and Jm Financial Limited 1125.00 201.44 (-82 %)
Laxmi Organic Industries Limited Mar 2021 600.00 Chemical - Speciality 37.68 Axis Capital Limited and Dam Capital Advisors Limited (Formerly Idfc Securities Limited) 130.00 192.17 (48 %)
Devyani International Limited Aug 2021 1838.00 FMCG - Snacks and Beverages 0.00 Clsa India Private Limited and Edelweiss Financial Services Limited and Kotak Mahindra Capital Company Limited and Motilal Oswal Investment Advisors Limited 90.00 180.19 (100 %)
India Pesticides Limited Jul 2021 800.00 Chemical - Pesticides 25.34 Axis Capital Limited and Jm Financial Limited 296.00 172.15 (-42 %)
Indian Railway Finance Corporation Limited Jan 2021 4633.38 Banking and Finance 9.00 Hsbc Securities & Capital Markets Private limited and ICICI Securities Limited and Idfc Bank Limited and SBI Capital Markets Limited 26.00 136.83 (426 %)
Suryoday Small Finance Bank Limited Mar 2021 582.34 Banking and Finance 44.27 Axis Capital Limited and ICICI Securities Limited and Iifl Securities Limited and SBI Capital Markets Limited 305.00 125.10 (-59 %)
POWERGRID Infrastructure Investment Trust May 2021 7734.99 Infrastructure 0.00 Axis Capital Limited and Edelweiss Financial Services Limited and Hsbc Securities & Capital Markets Private limited and ICICI Securities Limited 100.00 83.75 (-16 %)
Shriram Properties Limited Dec 2021 600.00 Real Estate 0.00 Axis Capital Limited and ICICI Securities Limited and Nomura Financial Advisory And Securities (India) Private Limited 118.00 82.99 (-30 %)
HP Adhesives Limited Dec 2021 125.96 Chemical - Paint and Adhesives 50.00 Unistone Capital Private Limited 274.00 50.75 (-81 %)
Sigachi Industries Limited Nov 2021 125.43 Chemical 13.93 Unistone Capital Private Limited 163.00 43.38 (-73 %)
Easy Trip Planners Limited Mar 2021 510.00 Online Service Provider 49.87 Axis Capital Limited and Jm Financial Limited 187.00 11.00 (-94 %)
Exxaro Tiles Limited Aug 2021 161.09 Ceramic and Stone - Marble, Tiles and Granite 35.29 Pantomath Capital Advisors Private Limited 120.00 6.56 (-95 %)

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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