Upcoming SME IPOs in 2025

Upcoming SME IPOs in 2025
Find details about upcoming SME IPOs and stay updated.
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Date announced
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25 Nov 2025 Opening

How to apply for IPOs on Upstox

Step 1

Go to www.upstox.com/ipo or open the Upstox mobile app and select the IPO you wish to apply for from the 'Open IPO' section

Step 2

Click on apply, enter the lot size, price and provide your UPI mandate.

Step 3

Approve the UPI mandate on your UPI app and you are all set!


Latest News on IPO

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Sudeep Pharma IPO, which is aiming to raise ₹895 crore, consists of a fresh issue of shares valued at ₹95 crore and an offer for sale (OFS) of 13,490,726 equity shares worth ₹800 crore by promoters Sujeet Jaysukh Bhayani HUF, Sujeet Jaysukh Bhayani, Avani Sujit Bhayani and Shanil Sujit Bhayani.

3 min read

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Excelsoft Technologies IPO Day 3: The ₹500 crore initial share sale, with a price band of ₹114 to ₹120 per share, was a fresh issuance of shares aggregating to ₹180 crore and an offer for sale of 2.67 crore shares worth ₹320 crore by promoter selling shareholder Pedanta Technologies Pvt Ltd.

3 min read

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Upcoming IPOs: Agro-food products SSMD Agrotech India's initial share sale will be open for subscription from November 25 to November 27. The ₹34.09 crore IPO, which has set a price band of ₹114 to ₹121 per share, is exclusively a fresh issuance of 0.28 crore shares.

3 min read

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Capillary Technologies share price: The ₹877.70 crore initial share sale was a fresh issuance of equity shares valued at ₹345.20 crore and an offer for sale of 92.28 lakh shares valued at ₹532.50 crore by promoter Capillary Technologies International and investor Trudy Holdings.

2 min read

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2025 saw 93 mainboard IPOs, more than the 76 seen in 2024. They raised ₹1.54 lakh crore in total, slightly surpassing the ₹1.53 lakh crore raised by mainboard IPOs last year. But barring a few exceptions like Groww and PhysicsWallah, 2025 IPOs witnessed lacklustre listing gains. Further, overall subscription numbers were also lower in 2025 as compared to 2024.

3 min read

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Sudeep Pharma IPO aims to raise ₹895 crore through its public issue. The company is one of the leading manufacturers of pharmaceutical and speciality ingredients, serving over 1,100 clients worldwide, including 14 Fortune 500 multinational corporations. The company will use the net IPO proceeds for the procurement of machinery at Nandesari Facility I and for general corporate purposes.

5 min read

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Capillary Technologies IPO Listing Date: The initial public offering, which sought to raise ₹877.70 crore, was a fresh issuance of ₹345 crore and an offer for sale (OFS) for 92.28 lakh shares aggregating to ₹532.50 crore by the promoter, Capillary Technologies International, and the investor, Trudy Holdings.

3 min read

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Excelsoft Technologies IPO: The ₹500-crore initial share sale, with a price band of ₹114 to ₹120 per share, has a fresh issue aggregating up to ₹180 crore and an offer for sale (OFS) valued at ₹320 crore. A lot consists of 125 shares.

3 min read

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Pajson Agro India IPO is entirely a fresh issue of a little over 63.09 lakh shares with a face value of ₹10 each, according to the draft red herring prospectus (DRHP).

2 min read

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Fujiyama Power Systems share price: The book-build issue, which aimed to raise ₹828 crore, was a combination of new equity shares totalling ₹600 crore and an offer for sale (OFS) of shares aggregating to ₹228 crore by promoters Pawar Kumar Gard and Yogesh Dua.

2 min read

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Capillary Technologies IPO allotment status: The initial public offering included a fresh issuance of shares worth ₹345 crore as well as an offer for sale (OFS) for 92,28,796 equity shares aggregating to ₹532.50 crore by promoter Capillary Technologies International and investor Trudy Holdings.

3 min read

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Tenneco Clean Air share price: The initial share sale was solely an offer for sale of 9.07 crore equity shares worth ₹3,600 crore by promoter Tenneco Mauritius Holdings Ltd. As there was no fresh issue component, the company will not get any proceeds from the IPO. The money raised will go to selling shareholder.

3 min read

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Excelsoft Technologies IPO: The initial share sale, with a price band of ₹114 to ₹120 per share, aims to raise ₹500 crore by offering new equity shares valued at ₹180 crore and an offer for sale (OFS) of ₹320 crore by promoter Pedanta Technologies.

3 min read

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Sudeep Pharma IPO: The ₹895 crore initial share sale is a mix of fresh issuance of shares totalling ₹95 crore and an offer for sale (OFS) of 1.35 crore shares aggregating to ₹800 crore.

2 min read

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New IPO Alert: The proposed initial share sale seeks to raise ₹1,100 crore by offering new equity shares valued at ₹800 crore and an offer for sale of ₹300 crore.

2 min read

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Fujiyama Power Systems IPO allotment status: The ₹828 crore book-build issue, with a price band of ₹216 to ₹228 per equity share, was a mix of fresh issuance of shares valued at ₹600 crore and an offer for sale (OFS) of ₹228 crore by promoters Pawar Kumar Gard and Yogesh Dua.

4 min read

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Capillary Technologies IPO: The ₹877.50 crore initial share sale consists of a fresh issue of shares worth ₹345 crore and an offer for sale (OFS) of ₹532.50 crore by promoter Capillary Technologies International Pte Ltd and investor Trudy Holdings.

3 min read

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Tenneco Clean Air IPO Listing Date: The initial share sale sought to raise ₹3,600 crore via an offer for sale of 9.07 crore equity shares by promoter Tenneco Mauritius Holdings Ltd.

3 min read

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Emmvee Photovoltaic share price: The ₹2,900 crore IPO was a fresh issue of shares amounting to ₹2,143.86 crore and an offer for sale of shares aggregating to ₹756.14 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi.

2 min read

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PhysicsWallah share price: The initial public offering was a fresh issuance of shares amounting to ₹3,100 crore and an offer for sale, or OFS, of up to ₹380 crore by promoters Prateek Boob and Alakh Pandey.

3 min read

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Tenneco Clean Air IPO allotment status finalised: The company's ₹3,600 crore issue, with a price band of ₹378 to ₹397 per equity share, was entirely an offer-for-sale (OFS) by promoter Tenneco Mauritius Holdings, with no fresh equity issuance.

3 min read

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Sudeep Pharma IPO date: The initial share sale, with a price band of ₹563 to ₹593 per share, seeks to raise ₹895 crore by offering new equity shares worth ₹95 crore and an offer for sale (OFS) of ₹800 crore by promoters Sujit Jaysukh Bhayani, Sujeet Jaysukh Bhayani HUF, Avani Sujit Bhayani and Shanil Sujit Bhayani.

3 min read

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Some of the recently listed IPOs, including Ola Electric, Lenskart Solutions, Swiggy, Tata Capital and others, created a lot of social media buzz and bold narratives around sector leadership and future growth prospects. However, thier post-listing gains have failed to live up to investors' expectations.

5 min read

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Fujiyama Power Systems IPO Day 3: The ₹828 crore initial share sale, with a price band of ₹216 to ₹228 per share, is a mix of fresh issuance of shares aggregating to ₹600 crore and an offer for sale (OFS) of ₹228 crore by promoters Yogesh Dua and Pawan Kumar Garg.

3 min read

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Capillary Technologies IPO: The ₹877.5-crore initial share sale, which will conclude on November 18, has fixed a price band of ₹549 to ₹577 per share. The application size is 25 shares.

3 min read


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Reasons to invest in upcoming SME IPOs

Investing in upcoming SME IPOs offers several advantages. It’s an opportunity for investors to gain from the growth potential of small and medium enterprises. The SME IPOs also help with portfolio diversification, spreading the investment risk across various sectors. By investing in upcoming SME IPOs the investors get an opportunity to buy shares at a lower price than future market value if the company does well. In addition, SMEs with high growth potential could be undervalued and investing in an IPO helps to reap the benefits from the early-stage expansion of the company.

Who can participate in investing in SME IPOs?

Upcoming SME IPOs offer opportunities for a wide range of investors, from individual retail investors to large institutional participants. Retail investors can explore high-growth opportunities through SME IPO listings, as the lower application size makes it easier for those with modest capital to invest. This allows them to diversify their portfolios and tap into small-cap IPO listings that may have significant growth potential. Domestic institutions, including venture capital funds, mutual funds and portfolio management schemes, are also attracted to SME IPOs. Similarly, foreign investors, including NRIs and foreign venture capital funds, can also invest in SME IPOs.

A step-by-step guide to apply for SME IPOs

Web: You can apply for an IPO on the Upstox website. Go to https://upstox.com/ipo/ and log in with your credentials. From the list of open IPOs, select the IPO you want to apply for and click "Apply." Enter details like the cutoff price, lot size, and UPI ID for the mandate. Approve the UPI mandate on your UPI application. You can track your application status from the My Application tab.

App: Here’s how you can invest in SME IPOs through Upstox app:

  • Open the Upstox app and log in using your 6-digit PIN or Biometrics.
  • From the bottom menu, tap on the More tab and select the IPO option.
  • In the Explore section, check the Show SME IPOs box to see all the available SME IPOs.
  • Browse through the listed SME IPOs and click on Pre-apply now or Apply Now for your desired IPO.
  • Enter the required details like quantity and price, then click on Continue to apply.
  • Provide your UPI ID linked to your bank account and click Continue to apply.
  • Monitor your application status by selecting Timeline or Summary. A message will appear regarding the pending UPI mandate.
  • Open your UPI app and approve the payment mandate.
  • Once the mandate is accepted, track your application under the View Application tab.
  • To see a detailed IPO timeline, check the Timeline section for date-wise updates.

Frequently asked questions

What is the maximum number of lots I can apply for in an SME IPO?

The maximum number of lots you can apply for in an SME IPO depends on the lot size and the maximum bid amount fixed by the company. Each IPO will have a fixed lot size for different categories. There’s no fixed universal cap, the company determines the limits for each category. The investors can bid for at least a single lot size in their respective categories during the subscription of upcoming SME IPOs.

What distinguishes the DRHP from the RHP in the context of SME IPOs?

In the context of SME IPOs, the Draft Red Herring Prospectus (DRHP) is the initial filing with the stock exchanges, offering preliminary details about the company’s operations and the proposed IPO. It’s the first step in the IPO process and the subsequent approval. Any required changes are made before moving to the next stage. The Red Herring Prospectus (RHP) is a more detailed document filed after making changes as per the observations made by the stock exchanges. It includes important information like financial updates, changes in shareholding and final offer size, among others. The RHP is filed closer to the launch of the upcoming SME IPOs.
Other IPO Links
  1. Upcoming IPOs