Top 10 SME IPOs That Gave Massive Listing Gains (2023–2025)

Small and Medium Enterprise (SME) IPOs have been the hidden gems of the Indian stock market in recent years. Between 2023 and 2025, several SME companies delivered massive listing gains, outperforming even large-cap IPOs in terms of returns. These IPOs not only attracted retail investors but also caught the eye of high-net-worth individuals (HNIs) and institutional players.

In this article, we’ll highlight the top 10 SME IPOs with the highest listing gains, explore what made them successful, and share insights for investors looking to ride the next SME IPO wave.

📈 What Makes SME IPOs So Attractive?

Unlike mainline IPOs, SME IPOs are smaller in size and cater to a niche investor base. However, they offer several advantages:

• Lower valuation with high growth potential
• Undervalued companies entering public markets
• Opportunity for significant SME IPO returns within days of listing
• Less analyst coverage, providing first-mover advantage

While SME IPOs can be riskier due to limited liquidity and less public information, the listing gains can be phenomenal if picked wisely.

🔟 Top 10 SME IPOs with Massive Listing Gains (2023–2025)

Here are the best performing IPOs among SMEs from the last three years:

💡 Note: Listing gains are calculated based on the opening price on the listing day vs. the issue price.

These companies saw exceptional SME IPO listing gains due to a combination of factors like robust financials, niche business models, and strong investor demand.

🧠 Why Did These IPOs Perform So Well?

Here’s what contributed to their strong performance:

1. Strong Fundamentals

Most of the above companies had solid revenue growth and profit margins. Investors are always on the lookout for financially sound businesses, especially in the SME space.

2. Innovative/Niche Business Models

Companies like Droneacharya and Ideaforge operate in unique sectors like drone technology and defense—industries with high growth potential and low competition.

3. Reasonable Valuation

Many SME IPOs are attractively priced compared to mainline IPOs, making them appealing to price-conscious retail investors.

4. High Subscription Rates

A significant number of these IPOs were oversubscribed multiple times, signaling strong demand. This builds momentum and contributes to higher listing gains.

💹 SME IPO Returns vs Mainline IPOs

While mainline IPOs like Tata Technologies and Mamaearth made headlines, SME IPOs quietly delivered better listing gains in percentage terms. Retail investors who took calculated risks reaped exponential returns in just a few trading sessions.

SME IPOs are emerging as the best performing IPOs when it comes to short-term returns.

📊 Tips to Identify High-Potential SME IPOs

1. Check Subscription Figures – High oversubscription in NII and retail segments indicates strong demand.
2. Study Financials – Focus on revenue growth, debt-equity ratio, and profit margins.
3. Industry Outlook – SMEs in booming sectors like EV, logistics, IT, and green energy tend to outperform.
4. Past Peer Performance – Look at how IPOs in similar sectors performed recently.
5. Grey Market Premium (GMP) – A positive GMP is often a sign of good listing performance, though it should not be the only factor.

📅 What’s Ahead in 2025?

As of mid-2025, the SME IPO pipeline remains strong, with several upcoming issues in fintech, agri-tech, and sustainable infrastructure. If the market remains bullish, we can expect more SME IPOs delivering double-digit or even triple-digit listing gains.

Stay updated with real-time info from trusted sources like Upcoming IPO Watch to track GMP, listing dates, and allotment status.

🙋‍♂️ FAQ: SME IPO Listing Gains & More

✅ What is SME IPO listing gain?

SME IPO listing gain refers to the percentage increase in the stock price of an SME IPO on its listing day compared to the issue price. It indicates how much profit an investor makes on listing day.

✅ Are SME IPOs risky?

Yes, SME IPOs can be riskier than mainline IPOs due to lower liquidity, limited information, and smaller scale. However, with the right selection, they can offer substantial returns.

✅ How to find the best performing SME IPOs?

Track key indicators like:

• Subscription status
• Grey Market Premium (GMP)
• Company fundamentals
• Industry potential

You can use websites like upcomingipowatch.in to stay informed.

✅ Can I sell SME IPO shares on listing day?

Yes, SME IPO shares are listed on NSE Emerge or BSE SME platforms and can be sold on the listing day, provided there is enough liquidity in the market.

✅ Do SME IPOs provide better returns than mainline IPOs?

In terms of percentage listing gains, SME IPOs have often outperformed mainline IPOs in recent years. However, they carry more volatility and require due diligence.

📝 Final Thoughts

The period from 2023 to 2025 has been a golden phase for SME IPO investors, with several companies delivering huge listing gains and outperforming expectations. While not every SME IPO is a guaranteed winner, the top performers have proven that with the right picks, SME IPO returns can be truly rewarding.

If you're serious about IPO investing, keep an eye on SME listings—they might just be your ticket to exceptional short-term profits.