131 Total SME IPOs listed in 2025

6,147.85 Crs. Total funds raised in 2025

93 SME IPOs listed with Gain in 2025

38 SME IPOs listed with loss in 2025

131 Total SME IPOs listed in 2025

6,147.85 Crs. Total funds raised in 2025

93 SME IPOs listed with Gain in 2025

38 SME IPOs listed with loss in 2025

131 Total SME IPOs listed in 2025

6,147.85 Crs. Total funds raised in 2025

93 SME IPOs listed with Gain in 2025

38 SME IPOs listed with loss in 2025

131 Total SME IPOs listed in 2025

6147.85 Crs. Total funds raised in 2,025.00

93 SME IPOs listed with Gain in 2025

38 SME IPOs listed with loss in 2025

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Summary

PE Ratio^*
Highest	47.00
Median	10.31
Lowest	3.81

IPO Size (Cr.)
Highest	4326.36
Median	866.17
Lowest	66.00

*IPOs with Extreme PE (50+) are excluded from the above calculations.
Above summary is for reference only as the same is based on the limited data set.

Mainboard IPO Performance FY24

IPO Performance of All IPO based on IPO FY24 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 FY24 for IPO analysis and review. Track the IPO performance FY24 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.

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Company Name	IPO Year (Listed)	IPO Size (Cr.)	Sector	PE Ratio	Merchant Banker	Offer Price	CMP	CMP(%)
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	142.32	345%
Netweb Technologies India Limited	Jul 2023	631.00	Information Technology - Data Solutions	0.00	Equirus Capital Private Limited and IIFL Securities Limited	500.00	2104.70	321%
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	2287.70	190%
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	1111.40	189%
Jyoti CNC Automation Limited	Jan 2024	1000.00	Engineering - Heavy Machinery	13.59	Equirus Capital Private Limited and ICICI Securities Limited and SBI Capital Markets Limited	331.00	954.40	188%
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	1507.40	188%
EMS Limited	Sep 2023	321.24	ESG - Waste	0.00	Khambatta Securities Limited	211.00	580.75	175%
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	297.20	150%
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	706.10	135%
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	805.10	133%
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	378.80	131%
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	2467.10	128%
JG Chemicals Limited	Mar 2024	251.19	Chemical	20.08	Centrum Capital Limited and Emkay Global Financial Services Limited and Keynote Financial Services Limited	221.00	479.30	117%
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	1598.00	116%
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	895.70	105%
Innova Captab Limited	Dec 2023	570.00	Pharmaceutical	22.02	ICICI Securities Limited and Jm Financial Limited	448.00	916.70	105%
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	1391.10	89%
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	931.45	89%
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	101.33	78%
SAMHI Hotels Limited	Sep 2023	1370.10	Hotels and Resorts	0.00	Jm Financial Limited and Kotak Mahindra Capital Company Limited	126.00	221.58	76%
Inox India Limited	Dec 2023	1459.32	Engineering - Heavy Machinery	14.31	Axis Capital Limited and ICICI Securities Limited	660.00	1141.10	73%
EPACK Durable Limited	Jan 2024	640.05	Electric Equipments - OEM	47.00	Axis Capital Limited and Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and ICICI Securities Limited	230.00	395.30	72%
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	467.00	66%
Aeroflex Industries Limited	Aug 2023	351.00	Engineering	0.00	Pantomath Capital Advisors Private Limited	108.00	173.42	61%
Cyient DLM Limited	Jul 2023	592.00	Electric Equipments	0.00	Axis Capital Limited and Jm Financial Limited	265.00	425.45	61%
Platinum Industries Limited	Mar 2024	235.32	Chemical	0.00	Unistone Capital Private Limited	171.00	271.80	59%
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	153.81	55%
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	150.29	50%
Ratnaveer Precision Engineering Limited	Sep 2023	165.03	Steel - Tubes and Pipes	0.00	Unistone Capital Private Limited	98.00	132.87	36%
BLS E-Services Limited	Feb 2024	310.91	Corporate Solutions	24.85	Unistone Capital Private Limited	135.00	182.07	35%
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	659.20	32%
Medi Assist Healthcare Services Limited	Jan 2024	1171.58	Insurance	21.86	Axis Capital Limited and IIFL Securities Limited and Nuvama Wealth Management Limited and SBI Capital Markets Limited	418.00	541.00	29%
RBZ Jewellers Limited	Dec 2023	100.00	Jewellery	34.04	Arihant Capital Markets Limited	100.00	129.38	29%
Nova AgriTech Limited	Jan 2024	143.81	Agro	23.06	Bajaj Capital Limited and Keynote Financial Services Limited	41.00	52.54	28%
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	1241.70	20%
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	956.90	13%
Jana Small Finance Bank Limited	Feb 2024	570.00	Banking and Finance	16.36	Axis Capital Limited and ICICI Securities Limited and SBI Capital Markets Limited	414.00	464.90	12%
Bharat Highways Infrastructure Investment Trust	Mar 2024	2500.00	Infrastructure	0.00	Axis Bank Limited and Hdfc Bank Limited and ICICI Securities Limited and IIFL Securities Limited	100.00	110.52	11%
Udayshivakumar Infra Limited	Apr 2023	66.00	Infrastructure	9.67	Saffron Capital Advisors Private Limited	35.00	37.04	6%
Senco Gold Limited	Jul 2023	405.00	Jewellery	14.85	Ambit Private Limited and IIFL Securities Limited and SBI Capital Markets Limited	317.00	332.35	5%
Flair Writing Industries Limited	Dec 2023	593.00	Paper and Stationery	0.00	Axis Capital Limited and Nuvama Wealth Management Limited	304.00	318.30	5%
Vibhor Steel Tubes Limited	Feb 2024	72.17	Steel - Tubes and Pipes	21.99	Khambatta Securities Limited	151.00	156.45	4%
Entero Healthcare Solutions Limited	Feb 2024	1600.00	Healthcare	9.84	Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and ICICI Securities Limited and Jefferies India Private Limited and Jm Financial Limited	1258.00	1288.80	2%
Plaza Wires Limited	Oct 2023	71.28	Cables and Wires	0.00	Pantomath Capital Advisors Private Limited	54.00	55.15	2%
Manoj Vaibhav Gems 'N' Jewellers Limited	Oct 2023	270.20	Jewellery	0.00	Bajaj Capital Limited and Elara Capital (India) Private Limited	215.00	215.15	0%
Exicom Tele-Systems Limited	Mar 2024	429.00	Electric Equipments	0.00	Monarch Networth Capital Limited and Systematix Corporate Services Limited and Unistone Capital Private Limited	142.00	142.04	0%
Apeejay Surrendra Park Hotels Limited	Feb 2024	920.00	Hotels and Resorts	10.30	Axis Capital Limited and ICICI Securities Limited and Jm Financial Limited	155.00	155.01	0%
Mukka Proteins Limited	Mar 2024	224.00	Agro	0.00	Fedex Securities Private Limited	28.00	27.19	-3%
Pyramid Technoplast Limited	Aug 2023	153.05	Packaging & Disposables	11.34	First Overseas Capital Limited and Pnb Investment Services Limited	166.00	160.83	-3%
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	744.30	-6%
Gandhar Oil Refinery (India) Limited	Nov 2023	500.69	Chemical	10.25	ICICI Securities Limited and Nuvama Wealth Management Limited	169.00	152.46	-10%
Rashi Peripherals Limited	Feb 2024	600.00	Information Technology - Data Solutions	14.44	ICICI Securities Limited and Jm Financial Limited	311.00	280.30	-10%
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	126.09	-10%
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	570.45	-12%
Gopal Snacks Limited	Mar 2024	650.00	FMCG - Snacks and Beverages	44.96	Axis Capital Limited and Intensive Fiscal Services Private Limited and Jm Financial Limited	401.00	352.85	-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	263.15	-12%
Krystal Integrated Services Limited	Mar 2024	300.13	Corporate Solutions	24.30	Inga Ventures Private Limited	715.00	625.10	-13%
GPT Healthcare Limited	Feb 2024	525.14	Healthcare	0.00	Jm Financial Limited	186.00	158.33	-15%
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	20.67	-17%
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	258.70	-20%
Suraj Estate Developers Limited	Dec 2023	400.00	Real Estate	15.33	Anand Rathi Securities Limited and Iti Capital Limited	360.00	283.75	-21%
Juniper Hotels Limited	Feb 2024	1800.00	Hotels and Resorts	0.00	Clsa India Private Limited and ICICI Securities Limited and Jm Financial Limited	360.00	282.90	-21%
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	170.46	-23%
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	95.75	-33%
IKIO Lighting Limited	Jun 2023	606.50	Electric Equipments	0.00	Motilal Oswal Investment Advisors Limited	285.00	190.47	-33%
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	292.10	-34%
Capital Small Finance Bank Limited	Feb 2024	523.07	Banking and Finance	35.29	Dam Capital Advisors Limited (Formerly Idfc Securities Limited) and Equirus Capital Private Limited and Nuvama Wealth Management Limited	468.00	300.40	-36%
ideaForge Technology Limited	Jul 2023	567.29	Drone	3.81	IIFL Securities Limited and Jm Financial Limited	672.00	427.85	-36%
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	124.22	-37%
Valiant Laboratories Limited	Oct 2023	152.46	Pharmaceutical	0.00	Unistone Capital Private Limited	140.00	88.13	-37%
IRM Energy Limited	Oct 2023	545.40	Oil and Gas	23.54	Bob Capital Markets Limited and Hdfc Bank Limited	505.00	283.35	-44%
RK SWAMY Limited	Mar 2024	423.56	Corporate Solutions	0.00	IIFL Securities Limited and Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited	288.00	154.44	-46%
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	153.31	-47%
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	30.38	-49%
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	118.36	-58%
Popular Vehicles & Services Limited	Mar 2024	601.55	Automobile	26.22	ICICI Securities Limited and Nuvama Wealth Management Limited	295.00	115.56	-61%
Motisons Jewellers Limited	Dec 2023	151.09	Jewellery	0.00	Holani Consultants Private Limited	55.00	18.95	-66%
HMA Agro Industries Limited	Jul 2023	480.00	Agro	0.00	Aryaman Financial Services Limited	585.00	30.49	-95%

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Summary

PE Ratio^*
Highest	47.00
Median	10.31
Lowest	3.81

IPO Size (Cr.)
Highest	4326.36
Median	866.17
Lowest	66.00

*IPOs with Extreme PE (50+) are excluded from the above calculations.
Above summary is for reference only as the same is based on the limited data set.

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Year Wise SME IPO Performance >> Year wise SME Merchant Banker >>

Year wise Mainboard Merchant Banker >> Top IPOs by Subscription >>

Top IPOs by Listing Gain >> Top IPOs by IPO Size >>

IPOs by Sector >> IPOs by City >>

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.