| Company | Opening Date | Closing Date | Listing Date | Issue Price (₹) | Total Issue Amount (₹ Cr.) | Listing At | Lead Manager |
|---|---|---|---|---|---|---|---|
Neptune Logitek IPO |
Mon, Dec 15, 2025 |
Wed, Dec 17, 2025 |
Mon, Dec 22, 2025 |
₹126 |
₹46.62 Cr |
BSE SME |
Galactico Corporate Services Ltd. |
Exim Routes IPO |
Fri, Dec 12, 2025 |
Tue, Dec 16, 2025 |
Fri, Dec 19, 2025 |
₹83 to ₹88 |
₹43.73 Cr |
NSE SME |
Narnolia Financial Services Ltd. |
Stanbik Agro IPO |
Fri, Dec 12, 2025 |
Tue, Dec 16, 2025 |
Fri, Dec 19, 2025 |
₹30 |
₹12.28 Cr |
BSE SME |
Grow House Wealth Management Pvt.Ltd. |
Pajson Agro India IPO |
Thu, Dec 11, 2025 |
Mon, Dec 15, 2025 |
Thu, Dec 18, 2025 |
₹112 to ₹118 |
₹74.45 Cr |
BSE SME |
Smart Horizon Capital Advisors Pvt.Ltd. |
Ashwini Container Movers IPO |
Fri, Dec 12, 2025 |
Tue, Dec 16, 2025 |
Fri, Dec 19, 2025 |
₹135 to ₹142 |
₹71.00 Cr |
NSE SME |
Corporate Professionals Capital Pvt.Ltd. |
HRS Aluglaze IPO |
Thu, Dec 11, 2025 |
Mon, Dec 15, 2025 |
Thu, Dec 18, 2025 |
₹94 to ₹96 |
₹50.92 Cr |
BSE SME |
Cumulative Capital Pvt.Ltd. |
Unisem Agritech IPO |
Wed, Dec 10, 2025 |
Fri, Dec 12, 2025 |
Wed, Dec 17, 2025 |
₹63 to ₹65 |
₹21.45 Cr |
BSE SME |
GetFive Advisors Pvt.Ltd. |
Prodocs Solutions IPO |
Mon, Dec 8, 2025 |
Wed, Dec 10, 2025 |
Mon, Dec 15, 2025 |
₹131 to ₹138 |
₹27.60 Cr |
BSE SME |
Cumulative Capital Pvt.Ltd. |
KV Toys |
Mon, Dec 8, 2025 |
Wed, Dec 10, 2025 |
Mon, Dec 15, 2025 |
₹227 to ₹239 |
₹40.15 Cr |
BSE SME |
GYR Capital Advisors Pvt.Ltd. |
Fri, Dec 5, 2025 |
Tue, Dec 9, 2025 |
Fri, Dec 12, 2025 |
₹194 |
₹103.02 Cr |
BSE SME |
Horizon Management Pvt Ltd | |
Mahamaya Lifesciences Ltd. IPO |
Tue, Nov 11, 2025 |
Thu, Nov 13, 2025 |
– |
108.00 to 114.00 |
70.44 |
BSE SME |
Oneview Corporate |
Workmates Core2Cloud Solution Ltd. IPO |
Tue, Nov 11, 2025 |
Thu, Nov 13, 2025 |
– |
200.00 to 204.00 |
69.84 |
BSE SME |
Horizon Management |
Shining Tools Ltd. IPO | Fri, Nov 07, 2025 | Tue, Nov 11, 2025 | – | 114 | 17.10 | BSE SME | Sobhagya Capital |
Curis Lifesciences Ltd. IPO |
Fri, Nov 07, 2025 |
Tue, Nov 11, 2025 |
– |
120.00 to 128.00 |
27.52 |
NSE SME |
Finaxx Advisors |
Finbud Financial Services Ltd. IPO |
Thu, Nov 06, 2025 |
Mon, Nov 10, 2025 |
– |
140.00 to 142.00 |
71.68 |
NSE SME |
SKI Capital |
Shreeji Global FMCG Ltd. IPO |
Tue, Nov 04, 2025 |
Fri, Nov 07, 2025 |
– |
120.00 to 125.00 |
85.00 |
NSE SME |
Interactive Financial |
Safecure Services Ltd. IPO |
Wed, Oct 29, 2025 |
Fri, Oct 31, 2025 |
– |
102 |
30.60 |
BSE SME |
Sun Capital |
Game Changers Texfab Ltd. IPO (CLOSE) |
Tue, Oct 28, 2025 |
Thu, Oct 30, 2025 |
Yet to list |
96.00 to 102.00 |
54.84 |
BSE SME |
Corpwis |
Jayesh Logistics Ltd. IPO (CLOSE) |
Mon, Oct 27, 2025 |
Wed, Oct 29, 2025 |
Yet to list |
122 |
28.63 |
NSE SME |
IndCap |
SK Minerals & Additives Ltd. IPO |
Fri, Oct 10, 2025 |
Tue, Oct 14, 2025 |
Fri, Oct 17, 2025 |
127 |
41.15 |
BSE SME |
Khambatta Securities |
Understanding SME IPO Landscape
The SME IPO market in India has witnessed remarkable activity throughout 2025, with small and medium enterprises leveraging dedicated stock exchange platforms to raise capital and achieve public market status. These latest listings on NSE Emerge and BSE SME platforms showcase the growing confidence of emerging businesses in India’s capital markets, offering investors access to high-growth potential companies at early stages of their public market journey.
In 2025, a total of 184 SME IPOs have been listed, raising ₹8,604.69 crores collectively, with 126 IPOs delivering positive listing gains while 58 experienced listing day losses. This performance metric demonstrates the mixed yet promising nature of the SME IPO segment, where due diligence and careful selection remain paramount for investment success.
What Defines a SME IPO?
A SME IPO refers to small and medium enterprise public offerings that have been launched or listed within the current or previous financial quarter. These offerings represent companies transitioning from private to public ownership through dedicated SME platforms—NSE Emerge for National Stock Exchange listings and BSE SME for Bombay Stock Exchange listings.
SME IPOs typically exhibit certain characteristics that distinguish them from both older SME listings and mainboard offerings:
Fresh Market Entry: Companies that have listed within the last three to six months, providing investors with opportunities to participate in newly public businesses before broader market discovery occurs.
Contemporary Valuations: Pricing based on current market conditions, reflecting real-time investor sentiment and sector-specific dynamics rather than historical benchmarks.
Growth Stage Visibility: Recent listings offer transparency into early public market performance, allowing investors to assess management execution, operational delivery on promises made in prospectuses, and market reception.
Recent SME IPO Performance Analysis 2025
Listing Day Performance Breakdown
The performance of recent SME IPOs on listing day serves as a crucial indicator of market sentiment and investor appetite. Refractory Shapes Ltd achieved the highest listing gains in 2025, with an impressive 351.29% increase from its issue price of ₹31 to a listing price of ₹139.9, showcasing exceptional investor demand for select offerings.
However, not all recent listings have performed uniformly. Market dynamics, company fundamentals, and broader economic conditions significantly influence listing day outcomes.
| Performance Category | Number of IPOs (2025) | Percentage |
|---|---|---|
Positive Listing Gains |
126 IPOs |
68.5% |
Negative Listing Performance |
58 IPOs |
31.5% |
Total SME IPOs Listed |
184 IPOs |
100% |
Total Capital Raised |
₹8,604.69 crores |
– |
Post-Listing Performance Trends
While listing day performance garners immediate attention, post-listing trajectories reveal the true investment potential of recent SME IPOs. Refractory Shapes, despite delivering exceptional listing gains, subsequently declined 22.48% from its listing price to an LTP (Last Traded Price) of ₹108.45, illustrating the volatility inherent in newly listed SME stocks.
Conversely, some recent SME IPOs have demonstrated sustained momentum. HRH Next Services Limited’s stock surged to an LTP of ₹104.00, reflecting a significant gain of 91.35% and strong performance post-listing, indicating that quality businesses can continue delivering value beyond initial listing euphoria.
Top Performing Recent SME IPOs in 2025
Exceptional Gainers
Several recent SME IPOs have emerged as standout performers, rewarding early investors with substantial returns:
1. Refractory Shapes Limited
- Business: Manufacturer of refractory products including bricks, castables, high alumina catalysts and ceramic balls since 1996
- Issue Price: ₹31 per share
- Listing Price: ₹139.9 per share
- Listing Gain: 351.29%
- Current Status: Trading volatility post-listing
2. HRH Next Services Limited
- Business: BPO provider offering inbound/outbound voice, chat, email and backend support services
- Incorporation: February 2007
- Sector Focus: Telecom, e-commerce, healthcare with ISO certifications
- Post-Listing Performance: 91.35% gain
- Current LTP: ₹104.00
Sector-Wise Recent SME IPO Distribution
| Sector | Number of Recent IPOs | Average Listing Gain | Key Characteristics |
|---|---|---|---|
Manufacturing |
45 IPOs |
+12.8% |
Capital-intensive, moderate growth |
Technology & IT Services |
32 IPOs |
+18.5% |
High scalability, investor preference |
Healthcare & Pharmaceuticals |
28 IPOs |
+15.2% |
Regulatory compliance, stable demand |
Engineering & Infrastructure |
24 IPOs |
+9.7% |
Project-based, cyclical nature |
Consumer Goods & FMCG |
22 IPOs |
+14.3% |
Brand-driven, steady consumption |
Financial Services |
18 IPOs |
+11.4% |
Regulatory oversight, capital needs |
Others |
15 IPOs |
+8.9% |
Diverse businesses, varied performance |
Recent SME IPO Application Process
Applying for recent SME IPOs has become increasingly streamlined through digital platforms, enabling retail investors to participate efficiently:
Step-by-Step Application Guide
┌──────────────────────────────┐
│ Monitor Recent SME IPO │
│ Announcements & Open Dates │
└──────────┬───────────────────┘
│
▼
┌──────────────────────────────┐
│ Review Prospectus, Business │
│ Model & Financial Details │
└──────────┬───────────────────┘
│
▼
┌──────────────────────────────┐
│ Access Broker Platform or │
│ Banking App with UPI │
└──────────┬───────────────────┘
│
▼
┌──────────────────────────────┐
│ Select SME IPO & Enter Bid │
│ Details (Price, Lot Size) │
└──────────┬───────────────────┘
│
▼
┌──────────────────────────────┐
│ Provide UPI ID & Submit │
│ Application Electronically │
└──────────┬───────────────────┘
│
▼
┌──────────────────────────────┐
│ Approve UPI Mandate on Your │
│ Payment App (Block Funds) │
└──────────┬───────────────────┘
│
▼
┌──────────────────────────────┐
│ Track Subscription Status │
│ During Bidding Period │
└──────────┬───────────────────┘
│
▼
┌──────────────────────────────┐
│ Check Allotment Status on │
│ Registrar's Website │
└──────────┬───────────────────┘
│
▼
┌──────────────────────────────┐
│ Receive Shares in Demat │
│ Account Before Listing │
└──────────┬───────────────────┘
│
▼
┌──────────────────────────────┐
│ Monitor Listing Performance │
│ on NSE Emerge/BSE SME │
└──────────────────────────────┘Key Application Requirements
For participating in recent SME IPOs, investors must fulfill certain prerequisites:
- Minimum Investment: ₹1 lakh (significantly higher than mainboard IPOs)
- Demat Account: Active demat account linked with trading account
- Bank Account: Linked to UPI for seamless fund blocking
- KYC Compliance: PAN card and Aadhaar verification completed
- UPI Limit: Ensure UPI mandate limit supports the application amount
How to Track Recent SME IPO Listings
Staying informed about recent SME IPO launches and listings requires systematic monitoring across multiple channels:
Official Exchange Platforms
NSE Emerge Website: Provides official announcements, prospectuses, and listing schedules for SME IPOs on the National Stock Exchange platform.
BSE SME Portal: Offers comprehensive information on Bombay Stock Exchange SME listings, including subscription data and allotment details.
Financial Information Platforms
Investors can track recent SME IPOs through dedicated IPO tracking websites that aggregate information on:
- Upcoming SME IPO calendars with opening and closing dates
- Subscription status updates across investor categories
- Grey market premium (GMP) indications for market sentiment
- Allotment status and basis of allotment details
- Listing day performance and post-listing price movements
Broker Trading Applications
Modern broker platforms provide integrated SME IPO sections featuring:
- One-click application submission
- Real-time subscription data
- Allotment status tracking
- Post-listing portfolio integration
Investment Strategies for Recent SME IPO
Pre-Investment Due Diligence Framework
Successful investing in recent SME IPOs demands rigorous evaluation beyond marketing narratives:
1. Financial Health Assessment
- Analyze three years of audited financial statements
- Evaluate revenue growth consistency and sustainability
- Assess profitability margins and cash flow generation
- Review debt levels and working capital management
2. Business Model Viability
- Understand revenue streams and customer concentration
- Evaluate competitive positioning and market share
- Assess scalability potential and growth catalysts
- Review dependency on key suppliers or customers
3. Management Quality Evaluation
- Research promoter background and track record
- Assess management depth and succession planning
- Review corporate governance practices
- Check for past regulatory issues or disputes
4. Utilization of IPO Proceeds
- Verify fund deployment plans are growth-oriented
- Ensure debt repayment doesn’t dominate fund utilization
- Assess capex plans for realistic execution
- Review working capital requirements
5. Valuation Analysis
- Compare valuations with listed peers in the same sector
- Assess price-to-earnings ratios for reasonableness
- Review issue pricing relative to book value
- Consider growth prospects versus current valuation
Post-Listing Investment Approach
| Strategy | Timeframe | Risk Level | Investor Profile |
|---|---|---|---|
Listing Day Profit Booking |
Same day |
High |
Risk-seeking, short-term traders |
Short-term Trading (1-3 months) |
1-3 months |
Medium-High |
Active investors, momentum players |
Medium-term Holding (6-12 months) |
6-12 months |
Medium |
Growth-focused, patient investors |
Long-term Investment (1-3 years) |
1-3+ years |
Medium-Low |
Fundamental analysts, value seekers |
Risks Associated with Recent SME IPO Investments
Market-Related Risks
Liquidity Constraints: Recent SME IPOs often experience lower trading volumes compared to mainboard stocks, making entry and exit potentially challenging during volatile periods.
Price Volatility: Newly listed SME stocks exhibit higher price fluctuations due to smaller market capitalization, limited float, and evolving investor understanding of the business.
Limited Research Coverage: Unlike mainboard companies, recent SME IPOs receive minimal analyst coverage, creating information asymmetry and requiring investors to conduct independent research.
Company-Specific Risks
Execution Uncertainties: Companies launching recent SME IPOs may face challenges delivering on growth projections outlined in their prospectuses, particularly first-time public entities.
Governance Concerns: Smaller enterprises transitioning to public markets may lack robust corporate governance frameworks, potentially exposing investors to management-related risks.
Operational Scale Limitations: Recent SME IPO companies typically have smaller operational scales, making them more vulnerable to competitive pressures, supply chain disruptions, and market downturns.
Regulatory and Compliance Risks
Lock-in Period Impact: Promoters in SME IPOs must lock in a minimum of 20% of post-issue capital for at least 3 years from the date of allotment, but post-lock-in selling can create supply pressure.
Compliance Burden: Newly listed companies adjusting to public market disclosure requirements may face compliance challenges, potentially affecting investor confidence.
Recent SME IPO vs Established SME Stocks
| Parameter | Recent SME IPO | Established SME Stock |
|---|---|---|
Price Discovery |
Ongoing, volatile |
Relatively stabilized |
Information Availability |
Limited post-listing data |
Multiple quarters of public data |
Trading Liquidity |
Lower initial volumes |
Better established liquidity |
Investor Awareness |
Building phase |
Established following |
Risk Profile |
Higher uncertainty |
More predictable patterns |
Return Potential |
High volatility, possibility of multibagger gains |
Moderate, based on fundamentals |
Research Coverage |
Minimal or none |
Some analyst coverage possible |
Analyzing Grey Market Premium for Recent SME IPO
Grey Market Premium (GMP) represents the premium at which recent SME IPO shares trade in the unofficial market before official listing. While not legally recognized, GMP serves as a sentiment indicator:
Positive GMP (₹20-100+ premium): Indicates strong demand and potential listing gains, though not guaranteed.
Zero or Negative GMP: Suggests weak investor appetite, potentially signaling listing day losses or muted performance.
Important Disclaimer: GMP operates in the informal market without regulatory oversight. It should never be the sole basis for investment decisions and must be considered alongside fundamental analysis.
Tax Implications of Recent SME IPO Investments
Understanding tax treatment is crucial for recent SME IPO investors:
Short-Term Capital Gains (STCG)
Shares sold within 12 months of allotment attract STCG taxation at 20% on profits (as per current tax regulations).
Long-Term Capital Gains (LTCG)
Shares held beyond 12 months qualify for LTCG taxation at 12.5% without indexation benefit on gains exceeding ₹1.25 lakh annually.
Securities Transaction Tax (STT)
STT applies on both purchase and sale transactions on stock exchanges, already factored into trading costs.
Note: Tax regulations evolve; consult qualified tax professionals for personalized guidance based on current laws and individual circumstances.
Recent SME IPO Success Stories
Several recent SME IPOs have emerged as compelling success narratives, demonstrating that quality businesses can deliver exceptional shareholder value:
Case Study: Technology Services Provider
A recent SME IPO in the IT services sector, specializing in cybersecurity solutions, listed at a 45% premium and continued its upward trajectory, doubling investor wealth within six months post-listing. The company’s strong execution on client acquisition, consistent quarter-on-quarter revenue growth, and transparent communication with stakeholders contributed to sustained investor confidence.
Case Study: Specialty Manufacturing
A niche manufacturer of precision engineering components for the automotive sector recently listed on NSE Emerge. Despite initial listing day volatility, the stock stabilized and appreciated 80% over nine months as the company demonstrated robust order book growth, expanded manufacturing capacity, and secured long-term contracts with major OEMs.
Warning Signs in Recent SME IPO Prospectuses
Vigilant investors should watch for red flags when evaluating recent SME IPO offerings:
Excessive Debt Repayment: When a significant portion of IPO proceeds targets debt repayment rather than growth initiatives, it may indicate financial stress.
High Promoter OFS Component: The offer-for-sale is capped at 20% of the issue size or 50% of the holding, whichever is lower—approaching these limits may signal promoter exit intent rather than confidence.
Customer Concentration: Heavy dependence on a few customers (more than 40-50% revenue from top three clients) creates vulnerability.
Frequent Management Changes: Recent changes in key management positions prior to IPO may indicate internal instability.
Unclear Business Model: Vague descriptions of revenue generation mechanisms or competitive advantages warrant caution.
Litigation and Contingencies: Material legal disputes or significant contingent liabilities disclosed in risk factors deserve careful evaluation.
Future Outlook for Recent SME IPO Market
The recent SME IPO ecosystem in India is positioned for continued evolution, driven by several factors:
Regulatory Enhancements
SEBI’s ongoing efforts to strengthen SME IPO regulations aim to balance investor protection with capital access for genuine enterprises, potentially improving overall market quality.
Digital Infrastructure
Enhanced digital application processes, instant allotment status updates, and seamless demat integration are reducing friction for retail investors participating in recent SME IPOs.
Market Maturity
As the SME IPO segment matures, improved investor education, better research availability, and quality market making services may reduce volatility and enhance liquidity.
Sectoral Diversification
Recent trends indicate increasing SME IPO activity across diverse sectors including technology, healthcare, green energy, and specialized manufacturing, offering investors broader choices.
FAQs About Recent SME IPO
You can track recent SME IPOs through official exchange websites (NSE Emerge and BSE SME), broker trading platforms, dedicated IPO tracking websites like – ipogmpindia.com/recent-sme-ipo, and financial news portals that provide comprehensive listing calendars and performance data.
SME IPOs typically list on stock exchanges at 10:00 AM on the scheduled listing date, following a pre-open session. The exact timing may vary slightly based on exchange procedures and specific circumstances.
Yes, retail investors can sell their allotted shares immediately after listing on the exchange. However, limited liquidity in newly listed SME stocks may affect execution prices, especially for larger quantities.
Post-listing underperformance despite strong initial gains can occur due to profit booking by investors who received allotments, weak company fundamentals becoming apparent, broader market corrections, or initial overvaluation correcting to fair value levels.
Compare the IPO’s price-to-earnings ratio with listed peers in the same sector, assess the issue price relative to net asset value, review projected growth rates against industry benchmarks, and analyze the company’s competitive positioning and market opportunity size.
There is no mandatory minimum holding period for retail investors in SME IPOs. However, holding shares for more than 12 months provides tax advantages through lower long-term capital gains tax rates compared to short-term rates.
If a recent SME IPO fails to attract sufficient investor interest and remains undersubscribed, the company may choose to withdraw the issue or proceed with a smaller capital raise than initially planned, subject to exchange and regulatory approvals.
Market makers appointed for SME IPOs are obligated to provide continuous buy and sell quotes for at least three years from listing, maintaining minimum bid-ask spreads and depth, thereby ensuring basic liquidity even when natural trading volumes are low.
Recent SME IPOs typically allocate shares to Non-Institutional Investors (NII) and Retail Individual Investors (RII) categories. Some issues may include allocations for Qualified Institutional Buyers (QIB), but institutional participation is generally lower than in mainboard IPOs.
Post-listing performance can be tracked through exchange websites (NSE Emerge/BSE SME), broker trading platforms showing real-time prices, financial websites offering SME stock quotes, and specialized IPO tracking portals providing historical performance data and analytics.
Conclusion: Navigating the Recent SME IPO Landscape
The recent SME IPO market in India presents a unique investment proposition—offering access to emerging businesses with significant growth potential while demanding heightened due diligence and risk management. With 184 IPOs raising over ₹8,600 crores in 2025 and delivering mixed but promising results, the segment continues attracting both issuers and investors.
Success in recent SME IPO investments requires balancing optimism about growth opportunities with realistic assessment of inherent risks. Exceptional performers like Refractory Shapes Limited and HRH Next Services Limited demonstrate the wealth-creation potential, while the 31.5% of listings experiencing losses underscore the importance of selective participation.
Whether you’re an active trader seeking listing day gains or a long-term investor identifying tomorrow’s market leaders, recent SME IPOs demand thorough fundamental analysis, continuous monitoring, and disciplined investment strategies. Always conduct comprehensive research, diversify your portfolio, and consider consulting financial advisors before committing capital to recent SME IPO opportunities in India’s dynamic capital markets.