130  Total SME IPOs listed in 2025

6,045.32 Crs.  Total funds raised in 2025

92  SME IPOs listed with Gain in 2025

38  SME IPOs listed with loss in 2025

130  Total SME IPOs listed in 2025

6,045.32 Crs.  Total funds raised in 2025

92  SME IPOs listed with Gain in 2025

38  SME IPOs listed with loss in 2025

130  Total SME IPOs listed in 2025

6,045.32 Crs.  Total funds raised in 2025

92  SME IPOs listed with Gain in 2025

38  SME IPOs listed with loss in 2025

130  Total SME IPOs listed in 2025

6045.32 Crs.  Total funds raised in 2,025.00

92  SME IPOs listed with Gain in 2025

38  SME IPOs listed with loss in 2025

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Summary

PE Ratio*
Highest 48.95
Median 19.34
Lowest 3.27
IPO Size (Cr.)
Highest 197.90
Median 41.16
Lowest 1.92
  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 IPO Performance FY25

SME IPO Performance of All IPO based on IPO FY25 in India on NSE Emerge and BSE SME. List of IPO with IPO size, IPO Industry, Merchant Banker, PE Ratio, Issue price and current market price (CMP). Latest SME IPO Performance of all IPOs listed in FY25 for IPO analysis and review. Track the IPO performance FY25 of SME 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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FY26
FY25
FY24
FY23
FY22
FY21
FY20
FY19
FY18
FY17
FY16
FY15
FY14
FY13
FY12
Company Name IPO Year (Listed) IPO Size (Cr.) Sector PE Ratio Merchant Banker Offer Price CMP CMP(%)
Afcom Holdings Limited Aug 2024 73.83 Logistics 10.65 GYR Capital Advisors Private Limited 108.00 991.15 818%
TAC Infosec Limited Apr 2024 29.99 Information Technology - SaaS 28.50 Beeline Capital Advisors Private Limited 106.00 903.25 752%
Sodhani Academy of Fintech Enablers Limited Sep 2024 6.12 Education - Edtech 12.44 Srujan Alpha Capital Advisors Llp 40.00 280.65 602%
GSM Foils Limited May 2024 11.01 Packaging & Disposables 24.64 Shreni Shares Limited 32.00 214.70 571%
GP Eco Solutions India Limited Jun 2024 30.79 Solar 17.44 Corporate Capital Ventures Private Limited 94.00 583.90 521%
Ztech India Limited Jun 2024 37.30 Engineering 18.05 Narnolia Financial Services Limited 110.00 560.95 410%
Fabtech Technologies Cleanrooms Limited Jan 2025 27.74 Furniture 9.69 Vivro Financial Services Private Limited 85.00 424.80 400%
Rajesh Power Services Limited Dec 2024 160.47 Power and Energy 10.90 Isk Advisors Private Limited 335.00 1460.20 336%
Aimtron Electronics Limited Jun 2024 87.02 Electric Equipments 24.67 Hem Securities Limited 161.00 694.50 331%
HOAC Foods India Limited May 2024 5.54 Agro - Food Products 18.57 GYR Capital Advisors Private Limited 48.00 204.85 327%
Vilas Transcore Limited Jun 2024 95.26 Engineering 16.46 Hem Securities Limited 147.00 563.70 283%
Slone Infosystems Limited May 2024 11.06 Information Technology 10.96 Jawa Capital Services Private Limited 79.00 291.20 269%
Shubhshree Biofuels Energy Sep 2024 16.56 Recycling 18.92 Hem Securities Limited 119.00 430.00 261%
Yash Highvoltage Limited Dec 2024 110.01 Electric Equipments - Transformers 33.32 Indorient Financial Services Limited 146.00 522.95 258%
Mason Infratech Limited Jul 2024 30.46 Advertising and Media 16.57 Expert Global Consultants Private Limited 64.00 214.00 234%
Divine Power Energy Limited Jul 2024 22.76 Cables and Wires 13.41 Khambatta Securities Limited 40.00 130.00 225%
Prizor Viztech Limited Jul 2024 25.15 Electric Equipments 16.69 Shreni Shares Limited 87.00 267.00 207%
Sathlokhar Synergys E&C Global Limited Aug 2024 92.93 Engineering - EPC 12.89 GYR Capital Advisors Private Limited 140.00 425.40 204%
Vruddhi Engineering Works Limited Apr 2024 4.76 Engineering 23.45 Fedex Securities Private Limited 70.00 211.50 202%
Aprameya Engineering Limited Aug 2024 29.23 Healthcare 31.95 Hem Securities Limited 58.00 172.00 197%
OBSC Perfection Limited Oct 2024 66.02 Metal 16.89 Unistone Capital Private Limited 100.00 293.50 194%
C2C Advanced Systems Limited Dec 2024 99.07 Information Technology 19.33 Beeline Capital Advisors Private Limited and Mark Corporate Advisors Private Limited 226.00 651.60 188%
Osel Devices Limited Sep 2024 70.66 Electric Equipments 19.77 Horizon Management Private Limited 160.00 447.80 180%
Effwa Infra & Research Limited Jul 2024 51.27 Engineering - EPC 13.75 Shreni Shares Limited 82.00 229.35 180%
Ganesh Infraworld Limited Dec 2024 98.58 Infrastructure 9.61 Vivro Financial Services Private Limited 83.00 224.90 171%
Purple United Sales Limited Dec 2024 32.81 Textiles 18.39 Expert Global Consultants Private Limited 126.00 340.10 170%
Winsol Engineers Limited May 2024 23.36 Power and Energy 9.58 Beeline Capital Advisors Private Limited 75.00 200.45 167%
Indobell Insulation Limited Jan 2025 10.14 Engineering 34.18 Finshore Management Services Limited 46.00 122.00 165%
RNFI Services Limited Jul 2024 70.81 Banking and Finance - FinTech 26.30 Choice Capital Advisors Private Limited 105.00 277.00 164%
Envirotech Systems Limited Sep 2024 30.24 Engineering 9.21 Share India Capital Services Private Limited 56.00 146.95 162%
TechEra Engineering LImited Oct 2024 35.90 Defence 28.09 SKI Capital Services Limited 82.00 202.95 148%
Creative Graphics Solutions India Limited Apr 2024 54.40 Advertising and Media 14.25 Corporate Capital Ventures Private Limited 85.00 208.80 146%
Danish Power Limited Oct 2024 197.90 Electric Equipments - Transformers 18.74 Hem Securities Limited 380.00 910.65 140%
Ganesh Green Bharat Limited Jul 2024 125.23 Electric Equipments 23.33 Hem Securities Limited 190.00 455.00 139%
Rajputana Industries Limited Aug 2024 23.88 Metal 16.47 Holani Consultants Private Limited 38.00 88.20 132%
Sat Kartar Shopping Limited Jan 2025 33.80 Healthcare - Ayurvedic 20.23 Narnolia Financial Services Limited 81.00 180.00 122%
Macobs Technologies Limited Jul 2024 19.46 Healthcare - Personal Care 33.20 SKI Capital Services Limited 75.00 164.50 119%
Nisus Finance Services Co Limited Dec 2024 114.24 Banking and Finance 12.86 Beeline Capital Advisors Private Limited 180.00 379.75 111%
Namo eWaste Management Limited Sep 2024 51.20 ESG - Waste 28.46 Hem Securities Limited 85.00 175.10 106%
Greenhitech Ventures Limited Apr 2024 6.30 Oil and Gas 54.95 Beeline Capital Advisors Private Limited 50.00 101.99 104%
VVIP Infratech Limited Jul 2024 61.21 Infrastructure 11.21 Share India Capital Services Private Limited 93.00 187.15 101%
Aesthetik Engineers Limited Aug 2024 26.47 Engineering 19.86 Narnolia Financial Services Limited 58.00 116.70 101%
CLN Energy Limited Jan 2025 72.30 Engineering - Automotive 26.95 Aryaman Financial Services Limited 250.00 502.05 101%
Balaji Phosphates Limited Mar 2025 50.11 Minerals 16.72 Arihant Capital Markets Limited 70.00 140.30 100%
Pelatro Limited Sep 2024 55.98 Information Technology 0.00 Cumulative Capital Private Limited 200.00 400.00 100%
Visaman Global Sales Limited Jul 2024 16.05 Metal 43.84 Shreni Shares Limited 43.00 85.15 98%
Anya Polytech & Fertilizers Limited Jan 2025 44.80 Chemical - Pesticides 9.26 Beeline Capital Advisors Private Limited 14.00 26.40 89%
Toss the Coin Limited Dec 2024 9.17 Information Technology - Data Solutions 14.81 Beeline Capital Advisors Private Limited 182.00 340.00 87%
Solarium Green Energy Limited Feb 2025 105.04 Solar 26.36 Beeline Capital Advisors Private Limited 191.00 355.00 86%
Aelea Commodities Limited Jul 2024 51.00 Agro 11.48 Ekadrisht Capital Private Limited 95.00 171.95 81%
Utssav Cz Gold Jewels Limited Aug 2024 69.50 Jewellery 20.33 Choice Capital Advisors Private Limited 110.00 198.75 81%
HVAX Technologies Limited Oct 2024 33.53 Infrastructure 13.54 Fedex Securities Private Limited 458.00 810.25 77%
Aluwind Architectural Limited Apr 2024 29.70 Aluminium 15.00 Corpwis Advisors Private Limited 45.00 79.50 77%
Avax Apparels And Ornaments Limited Jan 2025 1.92 Jewellery 4.01 SKI Capital Services Limited 70.00 123.00 76%
Refractory Shapes Limited May 2024 18.60 Ceramic and Stone 16.46 Shreni Shares Limited 31.00 52.80 70%
Silkflex Polymers (India) Limited May 2024 18.11 Textiles 17.64 Shreni Shares Limited 52.00 88.50 70%
HP Telecom India Limited Feb 2025 34.23 Telecom 12.28 Interactive Financial Services Limited 108.00 183.00 69%
Ideal Technoplast Industries Aug 2024 16.03 Packaging & Disposables 16.98 Swastika Investmart Limited 121.00 204.50 69%
Voler Car Limited Feb 2025 27.00 Logistics 20.17 GYR Capital Advisors Private Limited 90.00 151.25 68%
Rajputana Biodiesel Limited Dec 2024 24.70 Chemical 11.74 GYR Capital Advisors Private Limited 130.00 216.05 66%
Freshara Agro Exports Limited Oct 2024 75.39 Agro 11.98 GYR Capital Advisors Private Limited 116.00 192.20 66%
Akiko Global Services Limited Jul 2024 23.11 Banking and Finance 21.50 Fast Track Finsec Private Limited 77.00 127.50 66%
Tejas Cargo India Limited Feb 2025 105.84 Logistics 22.95 New Berry Capitals Private Limited 168.00 276.60 65%
Jay Bee Laminations Limited Sep 2024 88.96 Steel 17.03 Swaraj Shares and 146.00 238.75 64%
Avi Ansh Textile Limited Sep 2024 25.99 Textiles 26.16 3Dimesnion Capital Services Limited 62.00 100.90 63%
Dhariwalcorp Limited Aug 2024 25.15 Chemical 21.06 Shreni Shares Limited 106.00 170.85 61%
Shiv Texchem Limited Oct 2024 101.35 Chemical 9.56 Vivro Financial Services Private Limited 166.00 265.00 60%
Ramdevbaba Solvent Limited Apr 2024 50.27 FMCG 17.02 Choice Capital Advisors Private Limited 85.00 134.00 58%
Chandan Healthcare Limited Feb 2025 107.36 Healthcare - Hospitals and Clinic 16.74 Unistone Capital Private Limited 159.00 246.50 55%
Nephro Care India Limited Jul 2024 41.26 Healthcare - Hospitals and Clinic 32.73 Corporate Capital Ventures Private Limited 90.00 139.50 55%
Innomet Advanced Materials Limited Sep 2024 34.24 Metal 51.37 Expert Global Consultants Private Limited 100.00 155.00 55%
Sattrix Information Security Limited Jun 2024 21.78 Information Technology - Data Solutions 22.18 Isk Advisors Private Limited 121.00 186.00 54%
Apex Ecotech Limited Dec 2024 25.54 Recycling - Waste 31.00 Share India Capital Services Private Limited 73.00 111.50 53%
Energy-Mission Machineries (India) Limited May 2024 41.15 Engineering 13.97 Hem Securities Limited 138.00 210.75 53%
Grand Continent Hotels Limited Mar 2025 74.46 Hotels and Resorts 20.67 Indorient Financial Services Limited 113.00 172.10 52%
Shivam Chemicals Limited Apr 2024 20.18 Chemical 79.19 Aryaman Financial Services Limited 44.00 65.40 49%
Leo Dryfruits & Spices Trading Limited Jan 2025 25.12 Agro - Food Products 14.02 Shreni Shares Limited 52.00 76.00 46%
Emerald Tyre Manufacturers Limited Dec 2024 49.26 Rubber 15.12 GYR Capital Advisors Private Limited 95.00 138.05 45%
Vdeal System Limited Sep 2024 18.08 Information Technology 17.59 Affinity Global Capital Market Private Limited 112.00 162.60 45%
Diensten Tech Limited Jul 2024 22.08 Information Technology - Data Solutions Corporate Professionals Capital Private Limited 100.00 144.00 44%
Sunlite Recycling Industries Limited Aug 2024 30.24 Cables and Wires 12.83 Hem Securities Limited 105.00 150.10 43%
Sylvan Plyboard (India) Limited Jul 2024 28.05 Furniture 17.84 Finshore Management Services Limited 55.00 77.60 41%
ABS Marine Services Limited May 2024 96.29 Logistics 15.32 GYR Capital Advisors Private Limited 147.00 199.05 35%
Forcas Studio Limited Aug 2024 37.44 Textiles 25.08 Horizon Management Private Limited 80.00 105.95 32%
Rappid Valves (India) Limited Sep 2024 30.41 Valves 27.89 Shreni Shares Limited 222.00 293.00 32%
Nexxus Petro Industries Limited Oct 2024 19.43 Chemical 20.94 Srujan Alpha Capital Advisors Llp 105.00 138.50 32%
Sahaj Solar Limited Jul 2024 52.56 Solar 14.79 kunvarji finstock private limited 180.00 237.20 32%
Premier Roadlines Limited May 2024 40.36 Logistics 14.59 Hem Securities Limited 67.00 87.85 31%
Mangal Compusolution Limited Nov 2024 16.23 Information Technology - Hardware 18.90 Jawa Capital Services Private Limited 45.00 59.00 31%
Maxvolt Energy Industries Limited Feb 2025 54.00 Electric Equipments 20.57 Smart Horizon Capital Advisors Private Limited 180.00 229.05 27%
Positron Energy Limited Aug 2024 51.21 Oil and Gas 21.62 Beeline Capital Advisors Private Limited 250.00 315.05 26%
United Heat Transfer Limited Oct 2024 30.00 Electric Equipments - OEM 15.41 Swastika Investmart Limited 59.00 74.00 25%
Royal Arc Electrodes Limited Feb 2025 36.00 Cables and Wires 20.98 Fedex Securities Private Limited 120.00 150.05 25%
Travels & Rentals Limited Sep 2024 12.24 Travel and Tourism 15.11 Finshore Management Services Limited 40.00 50.00 25%
Forge Auto International Limited Oct 2024 31.10 Engineering - Automotive 17.63 Hem Securities Limited 108.00 135.00 25%
Paradeep Parivahan Limited Mar 2025 44.86 Logistics 15.07 Share India Capital Services Private Limited 98.00 122.35 25%
Beezaasan Explotech Limited Mar 2025 59.93 Chemical 13.57 Smart Horizon Capital Advisors Private Limited 175.00 215.30 23%
Naturewings Holidays Limited Sep 2024 7.03 Travel and Tourism 20.90 Fedex Securities Private Limited 74.00 90.59 22%
Aztec Fluids & Machinery Limited May 2024 24.12 Corporate Solutions 15.16 Hem Securities Limited 67.00 80.00 19%
Barflex Polyfilms Limited Jan 2025 39.42 Packaging & Disposables 7.34 Almondz Financial Services Limited 60.00 69.55 16%
Esprit Stones Limited Aug 2024 50.42 Ceramic and Stone - Marble, Tiles and Granite 18.51 Choice Capital Advisors Private Limited and Srujan Alpha Capital Advisors Llp 87.00 99.85 15%
Parmeshwar Metal Limited Jan 2025 24.74 Metal 9.55 Beeline Capital Advisors Private Limited 61.00 70.00 15%
B.R.Goyal Infrastructure Limited Jan 2025 85.21 Infrastructure 55.13 Beeline Capital Advisors Private Limited 135.00 154.60 15%
Agarwal Toughened Glass India Limited Dec 2024 62.64 Glass 21.03 Cumulative Capital Private Limited 108.00 123.30 14%
Yash Optics & Lens Limited Apr 2024 53.15 Healthcare 23.74 Shreni Shares Limited 81.00 90.05 11%
Naman In-Store (India) Limited Apr 2024 25.35 Furniture 7.58 GYR Capital Advisors Private Limited 89.00 98.90 11%
Medicamen Organics Limited Jun 2024 10.54 Pharmaceutical 15.41 GYR Capital Advisors Private Limited 34.00 37.40 10%
Indian Emulsifier Limited May 2024 42.39 Chemical - Speciality 17.93 Ekadrisht Capital Private Limited 132.00 145.00 10%
PS Raj Steels Limited Feb 2025 28.28 Steel 13.65 Khambatta Securities Limited 140.00 153.70 10%
NACDAC Infrastructure Limited Dec 2024 10.01 Real Estate 14.28 GYR Capital Advisors Private Limited 35.00 38.01 9%
Hamps Bio Limited Dec 2024 6.22 Pharmaceutical 38.03 Marwadi Chandarana Intermediaries Brokers Private Limited 51.00 54.97 8%
Blue Pebble Limited Apr 2024 18.14 Corporate Solutions 11.75 Hem Securities Limited 168.00 179.00 7%
Kataria Industries Limited Jul 2024 54.58 Cables and Wires 20.63 Interactive Financial Services Limited 96.00 101.80 6%
Shivalic Power Control Limited Jul 2024 64.32 Power and Energy 23.79 Corporate Capital Ventures Private Limited 100.00 105.40 5%
Petro Carbon and Chemicals Limited Jul 2024 113.16 Chemical 4.51 GYR Capital Advisors Private Limited 171.00 178.30 4%
Pranik Logistics Limited Oct 2024 22.47 Logistics 19.46 Narnolia Financial Services Limited 77.00 80.00 4%
Eleganz Interiors Limited Feb 2025 78.07 Home Decor 15.41 Vivro Financial Services Private Limited 130.00 134.75 4%
Teerth Gopicon Limited Apr 2024 44.40 Engineering 14.16 Interactive Financial Services Limited 111.00 115.05 4%
Quest Laboratories Limited May 2024 43.16 Pharmaceutical 15.38 Shreni Shares Limited 97.00 100.00 3%
Grill Splendour Services Limited Apr 2024 16.47 Hotels and Resorts - QSR 67.58 Inventure Merchant Banker Services Private Limited 120.00 123.00 3%
Emmforce Autotech Limited Apr 2024 53.90 Engineering - Automotive 22.90 Beeline Capital Advisors Private Limited 98.00 100.00 2%
Amkay Products Limited May 2024 12.61 Healthcare 16.58 Hem Securities Limited 55.00 56.00 2%
SD Retail Limited Sep 2024 64.98 Textiles 32.28 Beeline Capital Advisors Private Limited 131.00 131.95 1%
Neelam Linens and Garments (India) Limited Nov 2024 13.00 Textiles 15.08 Expert Global Consultants Private Limited 24.00 24.15 1%
Rapid Fleet Management Services Limited Mar 2025 43.87 Logistics 17.68 Gretex Corporate Services Limited 192.00 192.25 0%
Brace Port Logistics Limited Aug 2024 24.41 Logistics 18.48 Holani Consultants Private Limited 80.00 80.00 0%
WOL 3D India Limited Sep 2024 25.56 Information Technology - Hardware 19.23 Hem Securities Limited 150.00 150.00 0%
Vision Infra Equipment Solutions Limited Sep 2024 106.21 Infrastructure 16.75 Hem Securities Limited 163.00 162.70 -0%
TGIF Agribusiness Limited May 2024 6.39 Agro 19.71 Hem Securities Limited 93.00 92.00 -1%
Chamunda Electrical Limited Feb 2025 14.60 Power and Energy 14.66 GYR Capital Advisors Private Limited 50.00 49.40 -1%
Storage Technologies and Automation Limited May 2024 29.95 Corporate Solutions 16.32 Oneview Corporate Advisors Private Limited 78.00 77.00 -1%
Sahasra Electronics Solutions Limited Oct 2024 186.16 Information Technology - Hardware 21.68 Hem Securities Limited 283.00 276.35 -2%
SAR Televenture Limited (FPO) Jul 2024 150.00 Telecom 50.23 Pantomath Capital Advisors Private Limited 210.00 204.75 -3%
GEM Enviro Management Limited Jun 2024 44.93 ESG - Waste 15.09 Share India Capital Services Private Limited 75.00 72.80 -3%
SA Tech Software India Limited Aug 2024 23.01 Information Technology - Data Solutions 7.76 GYR Capital Advisors Private Limited 59.00 56.75 -4%
TBI Corn Limited Jun 2024 44.94 Agro 16.70 Ekadrisht Capital Private Limited and Swastika Investmart Limited 94.00 90.25 -4%
Popular Foundations Limited Sep 2024 19.87 Infrastructure 21.68 Srujan Alpha Capital Advisors Llp 37.00 35.50 -4%
Readymix Construction Machinery Limited Feb 2025 37.66 Infrastructure 96.85 Hem Securities Limited 123.00 117.95 -4%
V.L.Infraprojects Limited Jul 2024 18.52 Infrastructure 10.75 Beeline Capital Advisors Private Limited 42.00 40.00 -5%
Beacon Trusteeship Limited Jun 2024 32.52 Banking and Finance 20.99 Beeline Capital Advisors Private Limited 60.00 57.00 -5%
Share Samadhan Limited Sep 2024 24.06 Banking and Finance - FinTech 23.22 Narnolia Financial Services Limited 74.00 69.99 -5%
Active Infrastructures Limited Mar 2025 77.83 Infrastructure 24.48 Kreo Capital Private Limited 181.00 170.00 -6%
Saj Hotels Limited Oct 2024 27.63 Hotels and Resorts 27.98 Corpwis Advisors Private Limited 65.00 60.80 -6%
Broach Lifecare Hospital Aug 2024 4.02 Healthcare - Hospitals and Clinic 21.75 Fedex Securities Private Limited 25.00 22.88 -8%
Chetana Education Limited Jul 2024 45.90 Education 14.41 Hem Securities Limited 85.00 77.15 -9%
H.M. Electro Mech Limited Jan 2025 27.74 Engineering - EPC 15.39 Beeline Capital Advisors Private Limited 75.00 68.00 -9%
Aeron Composite Limited Sep 2024 56.10 Plastic and Polymer 20.70 Hem Securities Limited 125.00 111.25 -11%
Radiowalla Network Limited Apr 2024 14.25 Advertising and Media 27.41 Narnolia Financial Services Limited 76.00 65.85 -13%
Shanmuga Hospital Limited Feb 2025 20.62 Healthcare - Hospitals and Clinic 11.36 Finshore Management Services Limited 54.00 46.50 -14%
Trom Industries Limited Aug 2024 31.37 Solar 18.46 Expert Global Consultants Private Limited 115.00 97.00 -16%
Picture Post Studios Limited Aug 2024 18.72 Film and Animation - VFX 20.47 Shreni Shares Limited 24.00 19.95 -17%
Rikhav Securities Limited Jan 2025 88.82 Banking and Finance 3.27 Smart Horizon Capital Advisors Private Limited 86.00 71.37 -17%
Thinking Hats Entertainment Solutions Limited Oct 2024 15.09 Advertising and Media 17.77 Horizon Management Private Limited 44.00 36.40 -17%
Dhanlaxmi Crop Science Limited Dec 2024 23.80 Agro 5.47 Finshore Management Services Limited 55.00 45.10 -18%
Kizi Apparels Limited Aug 2024 5.58 Textiles 22.74 Interactive Financial Services Limited 21.00 17.10 -19%
Malpani Pipes & Fittings Limited Feb 2025 25.92 Steel - Tubes and Pipes 12.69 Interactive Financial Services Limited 90.00 72.31 -20%
Landmark Immigration Consultants Limited Jan 2025 40.34 Corporate Solutions 13.74 Shreni Shares Limited 72.00 57.51 -20%
Rapid Multimodal Logistics Limited Aug 2024 8.49 Logistics 17.86 Gretex Corporate Services Limited 84.00 67.00 -20%
Nukleus Office Solutions Limited Mar 2025 31.70 Corporate Solutions 46.82 Sundae Capital Advisors 234.00 185.00 -21%
Lakshya Powertech Limited Oct 2024 49.91 Engineering 12.67 GYR Capital Advisors Private Limited 180.00 140.50 -22%
Paramatrix Technologies Limited Sep 2024 33.84 Information Technology - Data Solutions 30.64 Inventure Merchant Banker Services Private Limited 110.00 84.80 -23%
Jungle Camps India Limited Dec 2024 29.42 Hotels and Resorts 31.07 Khandwala Securities Limited 72.00 55.39 -23%
Technichem Organics Limited Jan 2025 25.25 Chemical 20.15 Shreni Shares Limited 55.00 42.00 -24%
Onyx Biotec Limited Nov 2024 29.34 Pharmaceutical 14.10 Horizon Management Private Limited 61.00 46.15 -24%
Bulkcorp International Limited Aug 2024 20.78 Packaging & Disposables 22.17 Swastika Investmart Limited 105.00 79.00 -25%
Ema Partners India Limited Jan 2025 76.01 Human Resources and Manpower 21.98 Indorient Financial Services Limited 124.00 92.50 -25%
Jay Kailash Namkeen Limited Apr 2024 11.93 FMCG - Snacks and Beverages 60.12 Expert Global Consultants Private Limited 73.00 54.15 -26%
Divyadhan Recycling Industries Limited Oct 2024 24.17 Recycling 38.50 Narnolia Financial Services Limited 64.00 46.85 -27%
DCG Cables & Wires Limited Apr 2024 49.99 Cables and Wires 19.64 Interactive Financial Services Limited 100.00 72.50 -28%
Associated Coaters Limited Jun 2024 5.11 Real Estate 37.78 Gretex Corporate Services Limited 121.00 87.22 -28%
Kabra Jewels Limited Jan 2025 40.00 Jewellery 10.16 Marwadi Chandarana Intermediaries Brokers Private Limited 128.00 92.25 -28%
Identical Brains Studios Limited Dec 2024 19.95 Film and Animation - VFX 15.74 Socradamus Capital Private Limited 54.00 38.80 -28%
Premium Plast Limited Oct 2024 26.20 Engineering - Automotive 16.57 Khandwala Securities Limited 49.00 35.00 -29%
Boss Packaging Solutions Limited Sep 2024 8.41 Packaging & Disposables 29.04 Fedex Securities Private Limited 66.00 46.40 -30%
L.K.Mehta Polymers Limited Feb 2025 7.38 Plastic and Polymer 48.95 Swastika Investmart Limited 71.00 49.75 -30%
Divine Hira Jewellers Limited Mar 2025 31.84 Jewellery 23.50 Horizon Management Private Limited 90.00 62.30 -31%
Subam Papers Limited Oct 2024 93.70 Paper and Stationery 10.57 Gretex Corporate Services Limited 152.00 105.00 -31%
Paramount Speciality Forgings Limited Sep 2024 32.34 Steel 16.01 Swaraj Shares and 59.00 40.75 -31%
Veritaas Advertising Limited May 2024 8.48 Corporate Solutions 17.10 Horizon Management Private Limited 114.00 78.70 -31%
Vishwas Agri Seeds Limited Apr 2024 25.80 Agro - Plantation 9.53 Isk Advisors Private Limited 86.00 58.10 -32%
Three M Paper Boards Limited Jul 2024 39.83 Packaging & Disposables 11.70 Comfort Securities Private Limited 69.00 46.45 -33%
NeoPolitan Pizza and Foods Limited Oct 2024 12.00 Hotels and Resorts - QSR 16.14 Turnaround Corporate Advisors Private Limited 20.00 13.30 -34%
My Mudra Fincorp Limited Sep 2024 33.26 Banking and Finance - FinTech 15.00 Hem Securities Limited 110.00 72.90 -34%
Piotex Industries Limited May 2024 14.47 Textiles - Fabrics 15.95 Beeline Capital Advisors Private Limited 94.00 62.00 -34%
Khyati Global Ventures Limited Oct 2024 18.30 FMCG 18.24 Aryaman Financial Services Limited 99.00 65.00 -34%
Faalcon Concepts Limited Apr 2024 12.09 Corporate Solutions 18.74 Navigant Corporate Advisors Limited 62.00 40.57 -35%
Durlax Top Surface Limited Jun 2024 40.80 Furniture 22.39 Expert Global Consultants Private Limited 68.00 43.95 -35%
Aditya Ultra Steel Limited Sep 2024 45.88 Steel 19.43 Swastika Investmart Limited 62.00 39.05 -37%
Kalana Ispat Limited Sep 2024 32.59 Metal 36.37 Jawa Capital Services Private Limited 66.00 40.95 -38%
Sai Swami Metals & Alloys Limited May 2024 15.00 Steel 16.58 Swastika Investmart Limited 60.00 37.00 -38%
Jeyyam Global Foods Limited Sep 2024 81.94 Agro 19.20 Corpwis Advisors Private Limited 61.00 37.50 -39%
Mach Conferences and Events Limited Sep 2024 125.28 Advertising and Media - Events 18.08 Beeline Capital Advisors Private Limited 225.00 137.35 -39%
PDP Shipping & Projects Limited Mar 2025 12.65 Logistics 17.05 Sun Capital Advisory Services (P) Limited 135.00 81.37 -40%
Abha Power and Steel Limited Dec 2024 38.54 Steel - Iron 19.26 Horizon Management Private Limited 75.00 44.40 -41%
Trust Fintech Limited Apr 2024 63.45 Banking and Finance - FinTech 16.53 Corporate Capital Ventures Private Limited 101.00 59.45 -41%
Ken Enterprises Limited Feb 2025 83.65 Textiles 16.16 Corporate Makers Capital Limited 94.00 55.00 -41%
K2 Infragen Limited Apr 2024 40.54 Engineering - EPC 12.36 Expert Global Consultants Private Limited 119.00 69.05 -42%
Winny Immigration and Education Services Limited Jun 2024 9.13 Travel and Tourism 77.36 Interactive Financial Services Limited 140.00 79.85 -43%
Sati Poly Plast Limited Jul 2024 17.36 Packaging & Disposables 19.57 Beeline Capital Advisors Private Limited 130.00 74.00 -43%
Delta Autocorp Limited Jan 2025 54.60 Electric Equipments 24.11 GYR Capital Advisors Private Limited 130.00 73.85 -43%
Ambey Laboratories Limited Jul 2024 44.68 Chemical - Pesticides 23.54 Fast Track Finsec Private Limited 68.00 38.40 -44%
GConnect Logitech and Supply Chain Limited Apr 2024 5.60 Logistics 32.52 Fedex Securities Private Limited 40.00 22.58 -44%
Amwill Health Care Limited Feb 2025 59.98 Healthcare - Personal Care 17.04 Unistone Capital Private Limited 111.00 62.30 -44%
Paramount Dye Tec Limited Oct 2024 28.43 Textiles 22.94 Gretex Corporate Services Limited 117.00 65.00 -44%
Rulka Electricals Limited May 2024 26.40 Engineering - EPC 16.21 Beeline Capital Advisors Private Limited 235.00 128.95 -45%
Indian Phosphate Limited Sep 2024 67.36 Chemical 20.44 Beeline Capital Advisors Private Limited 99.00 54.15 -45%
Excellent Wires and Packaging Limited Sep 2024 12.60 Cables and Wires 48.48 Inventure Merchant Banker Services Private Limited 90.00 48.60 -46%
Rexpro Enterprises Limited Jan 2025 53.65 Furniture 21.04 Horizon Management Private Limited 145.00 78.00 -46%
Unilex Colours and Chemicals Limited Oct 2024 31.32 Chemical 19.21 Hem Securities Limited 87.00 46.00 -47%
Usha Financial Services Limited Oct 2024 98.45 Banking and Finance 18.11 Narnolia Financial Services Limited and Unistone Capital Private Limited 168.00 85.50 -49%
Shreenath Paper Products Limited Mar 2025 23.36 Paper and Stationery 26.97 Galactico Corporate Service Limited 44.00 22.05 -50%
GB Logistics Commerce Limited Jan 2025 25.07 Logistics 16.53 SKI Capital Services Limited 102.00 50.36 -51%
Supreme Facility Management Limited Dec 2024 50.00 Corporate Solutions 19.59 Khandwala Securities Limited 76.00 37.00 -51%
Tunwal E-Motors Limited Jul 2024 115.64 Engineering - Automotive 27.62 Horizon Management Private Limited 59.00 28.55 -52%
Resourceful Automobile Limited Aug 2024 11.99 Automobile 18.71 Swastika Investmart Limited 117.00 54.87 -53%
Ashapura Logistics Limited Aug 2024 52.66 Logistics 15.80 Beeline Capital Advisors Private Limited 144.00 67.25 -53%
NAPS Global India Limited Mar 2025 11.88 Textiles 19.49 Aryaman Financial Services Limited 90.00 41.00 -54%
Capital Numbers Infotech Limited Jan 2025 169.37 Information Technology - Data Solutions 23.50 GYR Capital Advisors Private Limited 263.00 119.40 -55%
Aspire & Innovative Advertising Limited Apr 2024 21.97 Electric Equipments 10.42 Hem Securities Limited 54.00 24.50 -55%
3C IT Solutions & Telecoms (India) Limited Jun 2024 11.44 Information Technology 46.47 Kreo Capital Private Limited 52.00 22.58 -57%
Davin Sons Retail Limited Jan 2025 8.78 Textiles 19.67 Navigant Corporate Advisors Limited 55.00 23.81 -57%
Magenta Lifecare Limited Jun 2024 7.00 Textiles 74.03 Fedex Securities Private Limited 35.00 14.64 -58%
Mandeep Auto Industries Limited May 2024 25.25 Engineering - Automotive 21.97 Jawa Capital Services Private Limited 67.00 26.00 -61%
Citichem India Limited Jan 2025 12.60 Chemical 59.65 Horizon Management Private Limited 70.00 27.05 -61%
United Cotfab Limited Jun 2024 36.29 Textiles 13.88 Beeline Capital Advisors Private Limited 70.00 27.00 -61%
Clinitech Laboratory Limited Aug 2024 5.78 Healthcare 59.03 Inventure Merchant Banker Services Private Limited 96.00 35.80 -63%
Dindigul Farm Product Limited Jun 2024 34.83 Agro 16.81 Beeline Capital Advisors Private Limited 54.00 19.99 -63%
Manglam Infra and Engineering Limited Jul 2024 27.62 Infrastructure 14.57 Unistone Capital Private Limited 56.00 20.50 -63%
Super Iron Foundry Limited Mar 2025 68.05 Steel - Iron 19.89 Horizon Management Private Limited 108.00 38.03 -65%
Gajanand International Limited Sep 2024 20.65 Agro - Plantation 30.31 Fast Track Finsec Private Limited 36.00 12.50 -65%
Solve Plastic Products Aug 2024 11.85 Plastic and Polymer 28.12 Finshore Management Services Limited 91.00 31.55 -65%
QVC Exports Limited Aug 2024 24.07 Metal 22.89 Khandwala Securities Limited 86.00 29.65 -66%
Phoenix Overseas Limited Sep 2024 36.03 Agro 22.51 Khandwala Securities Limited 64.00 21.90 -66%
Swasth Foodtech India Limited Feb 2025 14.92 Agro - Food Products 15.05 Horizon Management Private Limited 94.00 30.77 -67%
Newmalayalam Steel Limited Dec 2024 41.76 Steel 14.98 Khandwala Securities Limited 90.00 28.60 -68%
SPP Polymer Limited Sep 2024 24.49 Packaging & Disposables 24.86 Interactive Financial Services Limited 59.00 17.70 -70%
Deccan Transcon Leasing Limited Sep 2024 65.06 Logistics 20.76 Unistone Capital Private Limited 108.00 31.40 -71%
BikeWo GreenTech Limited Sep 2024 24.09 Automobile 48.36 Khandwala Securities Limited 62.00 17.10 -72%
Varyaa Creations Limited Apr 2024 20.10 Jewellery 10.23 Inventure Merchant Banker Services Private Limited 150.00 38.20 -75%
Finelistings Technologies Limited May 2024 13.53 Information Technology - Data Solutions 14.80 Fedex Securities Private Limited 123.00 29.78 -76%
Falcon Technoprojects India Limited Jun 2024 13.69 Infrastructure 47.22 kunvarji finstock private limited 92.00 17.60 -81%
Lamosaic India Limited Nov 2024 61.20 Furniture 9.61 Inventure Merchant Banker Services Private Limited 200.00 37.20 -81%

Find More IPO

Summary

PE Ratio*
Highest 48.95
Median 19.34
Lowest 3.27
IPO Size (Cr.)
Highest 197.90
Median 41.16
Lowest 1.92
  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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Year Wise IPO Performance >> Year wise Mainboard Merchant Banker >>
Year wise SME Merchant Banker >> SME IPOs on NSE Emerge >>
Top SME IPOs by Subscription >> Top SME IPOs by Listing Gain >>
SME IPOs on BSE SME >> Year Wise Merchant Bankers >>

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.

Flywings Simulator Training Centre Limited

   Gurgaon

   Education

Date of DRHP : 02 Aug 2025
Revenue* : 16.24
PAT* : 5.48
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Neochem Bio Solutions Limited

   Ahmedabad

   Chemical

Date of DRHP : 01 Aug 2025
Revenue* : 84.17
PAT* : 7.75
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Infinity Infoway Limited

   Rajkot

   Information Technology - SaaS

Date of DRHP : 31 Jul 2025
Revenue* : 13.19
PAT* : 4.19
Exchange : BSE SME
Read DRHP
Detailed Review

Sharp Agricom Limited

   New Delhi

   Agro - Food Products

Date of DRHP : 30 Jul 2025
Revenue* : 380.04
PAT* : 10.73
Exchange : BSE SME
Read DRHP
Detailed Review

Kanishk Aluminium India Limited

   Jodhpur

   Aluminium

Date of DRHP : 30 Jul 2025
Revenue* : 49.68
PAT* : 2.46
Exchange : BSE SME
Read DRHP
Detailed Review

Ravelcare Limited

   Mumbai

   Healthcare - Personal Care

Date of DRHP : 30 Jul 2025
Revenue* : 24.97
PAT* : 5.24
Exchange : BSE SME
Read DRHP
Detailed Review

Value 360 Communications Limited

   Delhi

   Advertising and Media

Date of DRHP : 29 Jul 2025
Revenue* : 44.44
PAT* : 4.30
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Inspros Engineers Limited

   Bhopal

   Electric Equipments - OEM

Date of DRHP : 29 Jul 2025
Revenue* : 91.26
PAT* : 15.97
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Finbud Financial Services Limited

   Bangalore

   Banking and Finance - FinTech

Date of DRHP : 27 Jul 2025
Revenue* : 223.28
PAT* : 8.49
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Om Metallogic Limited

   New Delhi

   Aluminium

Date of DRHP : 26 Jul 2025
Revenue* : 59.16
PAT* : 3.35
Exchange : BSE SME
Read DRHP
Detailed Review

Encompass Design India Limited

   Mumbai

   Retail

Date of DRHP : 25 Jul 2025
Revenue* : 54.64
PAT* : 10.79
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Nityanand Udyog Limited

   Nagpur

   Plastic and Polymer

Date of DRHP : 24 Jul 2025
Revenue* : 22.23
PAT* : 4.80
Exchange : BSE SME
Read DRHP
Detailed Review

Bharatrohan Airborne Innovations Limited

   New Delhi

   Agro

Date of DRHP : 24 Jul 2025
Revenue* : 28.17
PAT* : 7.58
Exchange : BSE SME
Read DRHP
Detailed Review

Avience Biomedicals Lmited

   New Delhi

   Healthcare

Date of DRHP : 23 Jul 2025
Revenue* : 45.23
PAT* : 7.29
Exchange : NSE EMERGE
Read DRHP
Detailed Review

TKW Supply Chain International Limited

   New Delhi

   Logistics

Date of DRHP : 18 Jul 2025
Revenue* : 190.70
PAT* : 10.35
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Exim Routes Limited

   Gurugram

   Paper and Stationery

Date of DRHP : 16 Jul 2025
Revenue* : 19.15
PAT* : 3.54
Exchange : NSE EMERGE
Read DRHP
Detailed Review

Riyaasat Lifestyle Limited

   Ahmedabad

   Textiles - Fabrics

Date of DRHP : 14 Jul 2025
Revenue* : 24.97
PAT* : 3.78
Exchange : BSE SME
Read DRHP
Detailed Review

Mehul Telecom Limited

   Rajkot

   Telecom

Date of DRHP : 14 Jul 2025
Revenue* : 115.38
PAT* : 5.73
Exchange : BSE SME
Read DRHP
Detailed Review

True Colors Limited

   Surat

   Chemical

Date of DRHP : 13 Jul 2025
Revenue* : 233.54
PAT* : 24.69
Exchange : BSE SME
Read DRHP
Detailed Review

Shri Kanha Stainless Limited

   Jaipur

   Steel - Tools

Date of DRHP : 11 Jul 2025
Revenue* : 145.79
PAT* : 5.79
Exchange : NSE EMERGE
Read DRHP
Detailed Review
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

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