2025 turned out to be another blockbuster year for the Indian primary market, as companies across a diverse range of sectors entered Dalal Street in a bid to expand the scale of their operations.
The IPO market served as an effective platform for both companies and investors. While companies leveraged it to secure capital for growth, investors diversified their portfolios into emerging sectors, pushing overall fund mobilisation to record highs.
According to a report by Motilal Oswal, 365 IPOs raised ₹1.95 trillion in 2025, surpassing the previous record of ₹1.90 trillion raised by 336 IPOs in CY24. Of these, 106 were mainboard listings, raising ₹1.83 trillion, while 259 were SME IPOs.
Despite record fundraising, only a few IPOs delivered exceptional returns for retail investors. In this article, we highlight the top 10 SME IPOs that generated significant wealth for early investors.
10 SME IPOs soar 177–601% over offer prices
According to Trendlyne IPO data, Anondita Medicare topped the charts, as the stock, which was listed in early September, has delivered a stellar return of 601%, surging from its IPO price of ₹145 apiece to the current trading price of ₹1,017.
An investor who received the minimum retail allotment of two lots, comprising 2,000 shares, and remained invested to date would have seen the investment grow by about ₹20.34 lakh in just four months.
Tankup Engineers was another stellar performer in the SME segment, with shares rising from the IPO price of ₹140 apiece to the latest trading price of ₹708, translating into a massive gain of 405%.
Sacheerome, which entered the Indian stock market in June, has maintained a strong uptrend over the following six months, closing five of them higher, resulting in 274% gains above its IPO price of ₹102 apiece.
After a bumper listing in January, Fabtech Technologies Cleanrooms maintained a strong winning trend. Although the stock has come under pressure lately, it is still trading 262.4% above its IPO price of ₹85 apiece.
Listed with a 90% premium in July, Cryogenic OGS shares have also exhibited strong upward momentum, surging 247% above their issue price of ₹47 apiece.
Other SME IPOs, including Monolithisch India, Avax Apparels and Ornaments TechD Cybersecurity, Zelio E-Mobility, and Maxvolt Energy Industries, are also trading between 177% and 244.4% above their issue prices, Trendlyne data showed.
The data also shows that as many as 29 stocks, or nearly 11% of the 269 total SME issues, are currently trading with gains of above 100%.
India’s IPO momentum set to continue in 2026
According to primedatabase.com, the IPO pipeline continues to be staggering. Currently, 96 companies, planning to raise around ₹1.25 lakh crore, have received SEBI approval and are waiting to hit the market. Another 106 companies, looking to raise approximately ₹1.40 lakh crore, are awaiting SEBI approval. Out of these 202 companies, only seven are NATCs (Non-Applicable to Trading Companies), planning to raise roughly ₹22,500 crore, the report added.
Pranav Haldea, Managing Director, PRIME Database Group, said the next few years can be a golden era for India’s IPO market if valuation discipline is maintained by issuers and the secondary market continues to remain stable.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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