Explore the list of highest SME IPO subscription in 2024, covering all public offers launched on the NSE and BSE SME platforms during the year.
SME IPOs that achieve record-high subscriptions often share certain key characteristics — strong fundamentals, experienced management, and the involvement of external investors. These elements build investor confidence, resulting in heightened demand and increased activity in the grey market.
Because much of the price discovery in SME IPOs happens after listing, investors are often willing to pay a premium for companies that appear fundamentally sound. Consequently, the most-subscribed SME IPOs tend to deliver strong listing gains and demonstrate robust post-listing performance.
List of Highest SME IPO Subscription in 2024
| IPO Name | QIB (X) | NII (X) | Retail (X) | Overall (X) | Listing Returns (%) |
|---|---|---|---|---|---|
| NACDAC Infrastructure | 236.39 | 4,084.91 | 2,503.68 | 2,209.86 | 99.49 |
| HOAC Foods | NA | 1,402.48 | 2,542.10 | 1,994.62 | 190.94 |
| Hamps Bio | NA | 773.05 | 1,327.22 | 1,050.62 | 99.49 |
| Toss The Coin | 147.69 | 964.54 | 1,550.76 | 1,025.84 | 99.48 |
| Magenta Lifecare | NA | 1,188.08 | 778.41 | 983.24 | 35.00 |
| Kay Cee Energy | 127.71 | 1,151.14 | 1,311.10 | 959.53 | 343.33 |
| Maxposure | 162.35 | 1,369.18 | 1,034.23 | 904.82 | 317.42 |
| GPES Solar | 236.64 | 1,825.61 | 793.20 | 856.37 | 318.88 |
| Medicamen Organics | 173.03 | 1,304.00 | 1,027.72 | 843.72 | 325.59 |
| Greenhitech Ventures | NA | 942.60 | 597.41 | 770.01 | 99.50 |
| Koura Fine Diamond Jewelry | NA | 380.68 | 1,083.98 | 733.08 | 43.09 |
| Rajputana Biodiesels | 177.38 | 1,346.49 | 746.57 | 718.92 | 99.50 |
| Nephrocare | 245.14 | 1,787.56 | 634.12 | 715.85 | 99.50 |
| Aesthetik Engineers | 207.31 | 1,934.32 | 461.58 | 705.33 | 99.48 |
| Amkay Products | 173.04 | 721.96 | 973.14 | 693.44 | 99.49 |
| Winsol Engineers | 207.23 | 1,088.17 | 780.15 | 682.21 | 411.00 |
| Rulka Electricals | 204.22 | 1,350.51 | 658.32 | 676.90 | 112.23 |
| Signoria Creation | 107.56 | 1,290.85 | 649.88 | 669.64 | 111.62 |
| BracePort Logistics | 450.04 | 854.68 | 588.74 | 657.87 | 99.50 |
| Fonebox Retail | 139.70 | 819.30 | 882.52 | 657.37 | 200.00 |
Key Insights
- High subscription ≠ guaranteed allotment: Oversubscribed SME IPOs have lower allotment probabilities due to SEBI’s lottery-based system for cases where demand exceeds available shares.
- Investor interest remains robust in companies showing clear potential for scalable growth and operational efficiency.
- Top-performing issues often see near-maximum subscription across all categories — QIB, NII, and Retail — and correspondingly deliver strong listing gains.