In recent years, India’s SME IPO market has entered a golden era. With unprecedented investor enthusiasm and record-breaking listings, several small and medium enterprises have redefined what success looks like on public exchanges. These listings are not just local triumphs — some have even drawn global comparisons as among the biggest SME IPOs of all time.
As 2025 unfolds, the momentum continues to build, positioning India’s SMEs as a central force in capital market growth. Let’s explore the biggest SME IPOs of all time, the trends fueling this expansion, and what it means for investors.
Biggest SME IPOs of All Time
Here’s a snapshot of the top SME IPOs in India ranked by issue size and listing performance:
| IPO Name | Issue Size (INR crore) | Listing Return % |
|---|---|---|
| Danish Power | 197.90 | 57.50 |
| KP Green Engineering | 189.50 | 45.83 |
| Sahasra Electronics | 186.16 | 99.49 |
| Rajesh Power Services | 160.47 | 99.49 |
| SAR Televenture | 149.99 | 10.76 |
| Mach Conferences | 125.28 | 30.67 |
| Ganesh Green Bharat | 125.23 | 99.50 |
| Tunwal E-Motors | 115.64 | 3.05 |
| Nisus Finance | 114.24 | 31.25 |
| Petro Carbon | 113.16 | 84.21 |
| Yash HighVoltage | 110.01 | 99.49 |
| Vision Infra | 106.21 | 32.06 |
| Shiv Texchem | 101.35 | 51.17 |
| C2C Advanced Systems | 99.07 | 99.49 |
| Ganesh Infraworld | 98.58 | 99.46 |
| Usha Financial Services | 98.45 | -7.23 |
| Baweja Studios | 97.20 | -3.42 |
| ABS Marine Services | 96.29 | 90.00 |
| Vilas Transcore | 95.26 | 53.57 |
| WTi Cabs | 94.68 | 39.29 |
These listings exemplify the scale and investor appetite that now define the biggest SME IPOs of all time in India’s vibrant market.
What’s Driving Investor Enthusiasm for SME IPOs?
The success of the biggest SME IPOs of all time stems from a combination of economic recovery, retail participation, and strong investor sentiment.
Key drivers include:
- Post-Pandemic Economic Rebound: India’s robust recovery has revitalized the SME sector, spurring demand and profitability.
- Rising Retail Investor Participation: A new generation of investors is venturing beyond large-cap stocks, turning to SMEs for higher growth opportunities.
- Historic Oversubscription Rates: Some SME IPOs have achieved record-breaking demand — for instance, HOAC Foods India was oversubscribed 1,994 times, while Toss the Coin achieved 1,025 times, marking them among the most sought-after SME offerings.
Notably, companies like Sahasra Electronics and Rajesh Power Systems stand tall among the biggest SME IPOs of all time, proving that innovation, credibility, and execution excellence can propel SMEs to remarkable success.
Government’s Role in Driving the Biggest SME IPOs of All Time
Government initiatives have been instrumental in shaping the success of the SME IPO ecosystem. In the Union Budget, Finance Minister Nirmala Sitharaman allocated INR 22,137.95 crore to strengthen the MSME sector through targeted programs:
- Credit Guarantee Scheme (CGTMSE): Provides collateral-free loans up to INR 5 crore, enabling over 67 lakh MSMEs to access funds easily.
- Udyam Registration Portal: Simplifies registration, helping SMEs qualify for multiple government benefits.
- Skill Development & Market Access: Initiatives like PMEGP and schemes promoting women entrepreneurs have empowered a new wave of business owners.
Given that SMEs contribute nearly 30% of India’s GDP and employ over 11 crore people, these initiatives are not only boosting growth but also setting the stage for more record-breaking SME IPOs in the future.
Why Investors Should Track the Biggest SME IPOs of All Time
The SME IPO market can be complex, but reliable data and insights make it accessible. A well-curated resource helps investors track issue sizes, subscription levels, and post-listing performance, making it easier to identify potential winners.
By studying the biggest SME IPOs of all time, investors can uncover emerging trends, understand sectoral strengths, and make informed decisions that balance opportunity with risk.
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Conclusion
The story of the biggest SME IPOs of all time mirrors India’s evolution as a thriving investment hub. These IPOs are more than just financial milestones — they symbolize innovation, ambition, and the rise of new economic champions.
With sustained government support, strong investor participation, and expanding market depth, the SME segment will continue to be a transformative engine of growth. For investors seeking the next big opportunity, following the biggest SME IPOs of all time is not just insightful — it’s essential.