Top Performing SME IPOs of the Last 5 Years

In the fast-evolving Indian equity market, SME IPOs (Small and Medium Enterprises Initial Public Offerings) have gained strong momentum among retail and HNI investors. While Mainline IPOs dominate headlines, SME IPOs are quietly creating wealth, especially for early investors. Over the last five years, several SME IPOs have delivered multibagger returns, outperforming broader market indices and even some large-cap stocks.

If you're looking to explore opportunities in upcoming SME IPOs in India, it's important to study the best-performing SME IPOs from recent years. This article highlights some of the top-performing SME IPOs of the last 5 years, their listing gains, long-term performance, and lessons for upcoming SME IPO investors.

🔍 What is an SME IPO?

An SME IPO refers to an initial public offering of shares by a small or medium-sized enterprise on dedicated platforms like BSE SME or NSE Emerge. These platforms allow growing companies to raise capital and offer investors a chance to participate in early-stage growth stories.

SME IPOs generally come with:

• Smaller issue sizes (₹10–50 crore)
• Lower price bands
• Minimum application lot size higher than Mainline IPOs
• Higher volatility but also higher reward potential

📈 Top Performing SME IPOs (2019–2024)

Here’s a list of top SME IPOs in India that delivered exceptional returns in the last 5 years:

1. Vasa Denticity Ltd (2023)

• Issue Price: ₹121
• Listing Price: ₹300+
• Returns: ~150% on listing, over 3x in a few months
• Vasa Denticity’s strong financials and niche in the dental supply market helped it generate massive listing gains and sustained rally.

1. Inox Green Energy Services (2022)

• Though not a massive Mainline issue, it was one of the more robust SME-like structured plays in the green energy sector.
• Returns: Over 100% in 12 months post-listing

1. Eighty Jewellers Ltd (2022)

• Issue Price: ₹41
• Returns: Over 250% within a year
• Focused on jewelry retail in Chhattisgarh, this SME IPO surprised investors with strong profits and solid management.

1. Shigan Quantum Technologies Ltd (2022)

• A CNG kit manufacturer that tapped into India’s push for clean mobility
• Listing Gains: ~75%, with consistent growth thereafter

1. Dollex Agrotech Ltd (2022)

• Operating in the sugar industry with integrated processing, it caught investors’ attention during a commodity boom.
• Returns: Over 150% post-listing

🧠 What Made These SME IPOs Successful?

The common traits of the top SME IPOs include:

• Strong revenue and profit growth
• Clean balance sheet
• Scalable business model
• Niche market leadership
• Reasonable pricing and investor-friendly valuations

Investors who did their due diligence, focused on fundamentals, and understood the grey market premium (GMP) trends often benefited the most.

🔮 What to Expect from Upcoming SME IPOs in 2025?

As investor interest in SMEs continues to grow, the list of upcoming SME IPOs in 2025 looks promising. Sectors like:

• Renewable energy
• FMCG startups
• Tech-enabled service companies
• Specialty chemicals are expected to dominate the SME IPO pipeline.

Staying updated with IPO GMP today, tracking subscription status, and understanding allotment patterns can give you an edge as a retail investor.

💡 Tips Before Investing in SME IPOs

1. Read the DRHP & Financials Carefully
2. Watch IPO GMP trends but don’t rely solely on them
3. Avoid hype-driven subscriptions
4. Check if the promoter group has prior business success
5. Look for dividend-paying, profitable SMEs

✅ Conclusion

The past five years have shown that SME IPOs in India are not just high-risk ventures—they can be high-reward opportunities when approached with research and discipline. While Mainline IPOs get all the buzz, some of the best SME IPOs have delivered multibagger returns, often quietly.

With a strong IPO pipeline in 2025, now is a great time to stay tuned to upcoming SME IPOs, monitor their GMP, and learn from past successes. Remember, in the world of small caps, the right pick at the right time can transform your portfolio.

🙋 Frequently Asked Questions (FAQs)

• What is the difference between an SME IPO and a Mainline IPO?

SME IPOs are launched by small and medium enterprises on platforms like BSE SME or NSE Emerge with smaller issue sizes, while Mainline IPOs are launched on NSE/BSE with larger issue sizes and lower minimum investment.

• Are SME IPOs riskier than Mainline IPOs?

Yes, SME IPOs carry higher risk due to lower liquidity and business size, but they also offer higher return potential for early investors who choose wisely.

• How can I invest in upcoming SME IPOs?

You can apply for SME IPOs through your trading account or banking apps (ASBA facility). Make sure your broker supports SME platform subscriptions.

• Do SME IPOs list on NSE or BSE?

SME IPOs list on BSE SME or NSE Emerge, which are special platforms for small and medium enterprises.

• Where can I track SME IPO GMP today?

You can visit websites like Upcoming IPO Watch to track the latest SME IPO GMP and market sentiment updates.