Explore the list of highest SME IPO subscription in 2025, 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 2025
| IPO Name | QIB (X) | NII (X) | Retail (X) | Ovreall (X) | Listing Return % |
|---|---|---|---|---|---|
| Austere Systems | 236.50 | 2149.54 | 1090.93 | 1077.12 | 44.22 |
| Shyam Dhani | 256.24 | 1613.08 | 1137.95 | 988.40 | 99.50 |
| SatKartar Shopping | 177.52 | 1126.79 | 264.92 | 952.71 | 99.44 |
| Exato Technologies | 327.08 | 1489.07 | 1068.74 | 947.28 | 99.50 |
| Fabtech Technologies Cleanrooms | 224.50 | 1485.86 | 715.05 | 740.45 | 99.49 |
| Chamunda Electrical | 155.85 | 1943.47 | 554.09 | 738.03 | 33.00 |
| TechD Cybersecurity | 284.17 | 1279.38 | 726.06 | 718.37 | 99.48 |
| Cryogenic OGS | 209.59 | 1155.73 | 773.80 | 695.02 | 99.49 |
| Luxury Time | 205.58 | 677.63 | 860.53 | 635.67 | 99.50 |
| Parmeshwar Metal | 177.32 | 1203.16 | 597.09 | 607.14 | 45.44 |
| BLT Logistics | 81.80 | 1018.18 | 637.42 | 560.91 | 27.32 |
| Srigee DLM | 137.59 | 1535.01 | 243.71 | 491.31 | 99.49 |
| Anya Polytech and Fertilizers | 150.80 | 1100.80 | 321.81 | 440.03 | 28.21 |
| Ravelcare | 155.91 | 752.52 | 463.13 | 437.67 | 46.88 |
| Technichem Organics | 101.49 | 1079.28 | 329.43 | 425.17 | 9.29 |
| Citichem India | 285.63 | 543.18 | 414.40 | -2.57 | |
| Current Infraprojects | 191.77 | 640.84 | 396.50 | 379.52 | 90.94 |
| Gallard Steel | 228.48 | 624.90 | 351.58 | 375.62 | 56.17 |
| Medistep Healthcare | 289.26 | 461.17 | 375.29 | 17.09 | |
| Kabra Jewels | 154.53 | 557.58 | 384.90 | 356.17 | 99.49 |
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.