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 46.51
Median 9.27
Lowest 3.81
IPO Size (Cr.)
Highest 4326.36
Median 882.67
Lowest 66.00
  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 2023

IPO Performance of All IPO based on IPO 2023 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 2023 for IPO analysis and review. Track the IPO performance 2023 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(%)
DOMS Industries Limited Dec 2023 1200.00 Paper and Stationery 0.00 Bnp Paribas and ICICI Securities Limited and Iifl Securities Limited and Jm Financial Limited 790.00 2555.10 (223 %)
Mankind Pharma Limited May 2023 4326.36 Pharmaceutical 0.00 Axis Capital Limited and Iifl Securities Limited and Jefferies India Private Limited and Kotak Mahindra Capital Company Limited 1080.00 2439.20 (126 %)
Azad Engineering Limited Dec 2023 740.00 Engineering - Heavy Machinery 10.60 Anand Rathi Securities Limited and Axis Capital Limited and ICICI Securities Limited and SBI Capital Markets Limited 524.00 1817.80 (247 %)
Netweb Technologies India Limited Jul 2023 631.00 Information Technology - Data Solutions 0.00 Equirus Capital Private Limited and Iifl Securities Limited 500.00 1810.70 (262 %)
Concord Biotech Limited Aug 2023 1551.00 Pharmaceutical 0.00 Citigroup Global Markets India Private Limited and Jefferies India Private Limited and Kotak Mahindra Capital Company Limited 741.00 1532.10 (107 %)
Jupiter Life Line Hospitals Limited Sep 2023 869.08 Healthcare - Hospitals and Clinic 0.00 ICICI Securities Limited and Jm Financial Limited and Nuvama Wealth Management Limited 735.00 1450.10 (97 %)
RR Kabel Limited Sep 2023 1964.01 Cables and Wires 0.00 Axis Capital Limited and Citigroup Global Markets India Private Limited and Hsbc Securities & Capital Markets Private limited and Jm Financial Limited 1035.00 1302.40 (26 %)
Signatureglobal (India) Limited Sep 2023 730.00 Real Estate 0.00 Axis Capital Limited and ICICI Securities Limited and Kotak Mahindra Capital Company Limited 385.00 1206.40 (213 %)
Inox India Limited Dec 2023 1459.32 Engineering - Heavy Machinery 14.31 Axis Capital Limited and ICICI Securities Limited 660.00 1183.05 (79 %)
Protean eGov Technologies Limited Nov 2023 490.33 Corporate Solutions 46.51 Equirus Capital Private Limited and ICICI Securities Limited and Iifl Securities Limited and Nomura Financial Advisory And Securities (India) Private Limited 792.00 1004.10 (27 %)
Innova Captab Limited Dec 2023 570.00 Pharmaceutical 22.02 ICICI Securities Limited and Jm Financial Limited 448.00 869.00 (94 %)
Avalon Technologies Limited Apr 2023 865.00 Electric Equipments - OEM 55.54 Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and Iifl Securities Limited and Jm Financial Limited and Nomura Financial Advisory And Securities (India) Private Limited 436.00 866.55 (99 %)
India Shelter Finance Corporation Limited Dec 2023 1200.00 Banking and Finance 8.96 Ambit Private Limited and Citigroup Global Markets India Private Limited and ICICI Securities Limited and Kotak Mahindra Capital Company Limited 493.00 849.15 (72 %)
Happy Forgings Limited Dec 2023 1008.59 Automobile - Forging and Casting 9.87 Axis Capital Limited and Equirus Capital Private Limited and Jm Financial Limited and Motilal Oswal Investment Advisors Limited 850.00 824.35 (-3 %)
Blue Jet Healthcare Limited Nov 2023 840.27 Pharmaceutical 26.07 ICICI Securities Limited and J.P. Morgan India Private Limited and Kotak Mahindra Capital Company Limited 346.00 794.35 (130 %)
Tata Technologies Limited Nov 2023 3042.51 Information Technology 43.78 Bofa Securities India Limited and Citigroup Global Markets India Private Limited and Jm Financial Limited 500.00 763.65 (53 %)
EMS Limited Sep 2023 321.24 ESG - Waste 0.00 Khambatta Securities Limited 211.00 643.15 (205 %)
Cello World Limited Nov 2023 1900.00 Paper and Stationery 41.69 ICICI Securities Limited and Iifl Securities Limited and Jm Financial Limited and Kotak Mahindra Capital Company Limited 648.00 613.80 (-5 %)
ideaForge Technology Limited Jul 2023 567.29 Drone 3.81 Iifl Securities Limited and Jm Financial Limited 672.00 542.50 (-19 %)
Divgi TorqTransfer Systems Limited Mar 2023 412.12 Electric Equipments - OEM 35.16 Equirus Capital Private Limited and Inga Ventures Private Limited 590.00 541.10 (-8 %)
Yatharth Hospital and Trauma Care Services Limited Aug 2023 686.55 Healthcare - Hospitals and Clinic 0.00 Ambit Private Limited and Iifl Securities Limited and Intensive Fiscal Services Private Limited 300.00 500.70 (67 %)
Cyient DLM Limited Jul 2023 592.00 Electric Equipments 0.00 Axis Capital Limited and Jm Financial Limited 265.00 478.35 (81 %)
ASK Automotive Limited Nov 2023 834.00 Automobile 12.30 Axis Capital Limited and ICICI Securities Limited and Iifl Securities Limited and Jm Financial Limited 282.00 438.00 (55 %)
Zaggle Prepaid Ocean Services Limited Sep 2023 563.38 Information Technology - SaaS 0.00 Equirus Capital Private Limited and ICICI Securities Limited and Iifl Securities Limited and Jm Financial Limited 164.00 419.50 (156 %)
Senco Gold Limited Jul 2023 405.00 Jewellery 14.85 Ambit Private Limited and Iifl Securities Limited and SBI Capital Markets Limited 317.00 355.05 (12 %)
Updater Services Limited Oct 2023 640.00 Corporate Solutions 5.93 Iifl Securities Limited and Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited 300.00 329.20 (10 %)
Suraj Estate Developers Limited Dec 2023 400.00 Real Estate 15.33 Anand Rathi Securities Limited and Iti Capital Limited 360.00 309.10 (-14 %)
Rishabh Instruments Limited Sep 2023 490.78 Engineering 0.00 Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and Mirae Asset Capital Markets (India) Private Limited and Motilal Oswal Investment Advisors Limited 441.00 289.70 (-34 %)
JSW Infrastructure Limited Oct 2023 2800.00 Logistics 0.00 Axis Capital Limited and Credit Suisse Securities (India) Private Limited and Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and Jm Financial Limited and Kotak Mahindra Capital Company Limited and SBI Capital Markets Limited 119.00 288.30 (142 %)
Flair Writing Industries Limited Dec 2023 593.00 Paper and Stationery 0.00 Axis Capital Limited and Nuvama Wealth Management Limited 304.00 286.29 (-6 %)
IRM Energy Limited Oct 2023 545.40 Oil and Gas 23.54 Bob Capital Markets Limited and Hdfc Bank Limited 505.00 279.75 (-45 %)
Honasa (Mamaearth) Consumer Limited Nov 2023 1701.44 Healthcare - Personal Care 25.03 Citigroup Global Markets India Private Limited and J.P. Morgan India Private Limited and Jm Financial Limited and Kotak Mahindra Capital Company Limited 324.00 275.16 (-15 %)
Manoj Vaibhav Gems 'N' Jewellers Limited Oct 2023 270.20 Jewellery 0.00 Bajaj Capital Limited and Elara Capital (India) Private Limited 215.00 220.04 (2 %)
IKIO Lighting Limited Jun 2023 606.50 Electric Equipments 0.00 Motilal Oswal Investment Advisors Limited 285.00 218.64 (-23 %)
SAMHI Hotels Limited Sep 2023 1370.10 Hotels and Resorts 0.00 Jm Financial Limited and Kotak Mahindra Capital Company Limited 126.00 185.02 (47 %)
Vishnu Prakash R Punglia Limited Sep 2023 308.88 Engineering - EPC 0.00 Choice Capital Advisors Private Limited and Pantomath Capital Advisors Private Limited 99.00 176.29 (78 %)
Indian Renewable Energy Development Agency Ltd Nov 2023 2150.21 Power and Energy 127.00 Bob Capital Markets Limited and Idbi Capital Market Services Limited and SBI Capital Markets Limited 32.00 170.70 (433 %)
Aeroflex Industries Limited Aug 2023 351.00 Engineering 0.00 Pantomath Capital Advisors Private Limited 108.00 166.54 (54 %)
Gandhar Oil Refinery (India) Limited Nov 2023 500.69 Chemical 10.25 ICICI Securities Limited and Nuvama Wealth Management Limited 169.00 164.83 (-2 %)
Pyramid Technoplast Limited Aug 2023 153.05 Packaging & Disposables 11.34 First Overseas Capital Limited and Pnb Investment Services Limited 166.00 159.88 (-4 %)
Ratnaveer Precision Engineering Limited Sep 2023 165.03 Steel - Tubes and Pipes 0.00 Unistone Capital Private Limited 98.00 156.34 (60 %)
Credo Brands Marketing (Mufti) Limited Dec 2023 549.78 Textiles 4.49 Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and ICICI Securities Limited and Keynote Financial Services Limited 280.00 144.87 (-48 %)
RBZ Jewellers Limited Dec 2023 100.00 Jewellery 34.04 Arihant Capital Markets Limited 100.00 141.00 (41 %)
Nexus Select Trust- REIT May 2023 3200.00 Real Estate - REIT 0.00 Axis Capital Limited and Bofa Securities India Limited and Citigroup Global Markets India Private Limited and Hsbc Securities & Capital Markets Private limited and J.P. Morgan India Private Limited and Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited and SBI Capital Markets Limited 100.00 135.29 (35 %)
Muthoot Microfin Limited Dec 2023 960.00 Banking and Finance 0.00 Axis Capital Limited and ICICI Securities Limited and Jm Financial Limited and SBI Capital Markets Limited 291.00 129.94 (-55 %)
Global Surfaces Limited Mar 2023 154.98 Ceramic and Stone 21.84 Unistone Capital Private Limited 140.00 126.30 (-10 %)
TVS Supply Chain Solutions Limited Aug 2023 880.00 Logistics 0.00 Axis Capital Limited and Bnp Paribas and J.P. Morgan India Private Limited and Jm Financial Limited 197.00 125.64 (-36 %)
Sai Silks (Kalamandir) Limited Sep 2023 1201.00 Textiles 0.00 Hdfc Bank Limited and Motilal Oswal Investment Advisors Limited and Nuvama Wealth Management Limited 222.00 116.93 (-47 %)
SBFC Finance Limited Aug 2023 1025.00 Banking and Finance 0.00 Axis Capital Limited and ICICI Securities Limited and Kotak Mahindra Capital Company Limited 57.00 105.74 (86 %)
Valiant Laboratories Limited Oct 2023 152.46 Pharmaceutical 0.00 Unistone Capital Private Limited 140.00 104.52 (-25 %)
Sah Polymers Limited Jan 2023 66.30 Packaging & Disposables 33.51 Pantomath Capital Advisors Private Limited 65.00 101.41 (56 %)
Yatra Online Limited Sep 2023 775.00 Travel and Tourism 0.00 Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and Iifl Securities Limited and SBI Capital Markets Limited 142.00 99.87 (-30 %)
Fedbank Financial Services Limited Nov 2023 1092.26 Banking and Finance 16.66 Bnp Paribas and Equirus Capital Private Limited and ICICI Securities Limited and Jm Financial Limited 140.00 93.82 (-33 %)
Radiant Cash Management Services Limited Jan 2023 256.64 Corporate Solutions 17.34 Iifl Securities Limited and Motilal Oswal Investment Advisors Limited and Yes Securities (India) Limited 94.00 68.62 (-27 %)
Plaza Wires Limited Oct 2023 71.28 Cables and Wires 0.00 Pantomath Capital Advisors Private Limited 54.00 58.07 (8 %)
Udayshivakumar Infra Limited Apr 2023 66.00 Infrastructure 9.67 Saffron Capital Advisors Private Limited 35.00 38.73 (11 %)
HMA Agro Industries Limited Jul 2023 480.00 Agro 0.00 Aryaman Financial Services Limited 585.00 33.87 (-94 %)
ESAF Small Finance Bank Limited Nov 2023 463.00 Banking and Finance 18.69 Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and ICICI Securities Limited and Nuvama Wealth Management Limited 60.00 30.05 (-50 %)
Utkarsh Small Finance Bank Limited Jul 2023 500.00 Banking and Finance 0.00 ICICI Securities Limited and Kotak Mahindra Capital Company Limited 25.00 23.48 (-6 %)
Motisons Jewellers Limited Dec 2023 151.09 Jewellery 0.00 Holani Consultants Private Limited 55.00 17.45 (-68 %)

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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