Upcoming SME IPOs in 2025

Upcoming SME IPOs in 2025
Find details about upcoming SME IPOs and stay updated.
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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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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, post-listing gains have failed to live up to investors' expectations.

5 min read

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Several recently listed IPOs, including NSDL, Orkla India and Tata Capital, showed that high grey market premium (GMP) doesn’t always guarantee strong listing day gains. This article highlights different scenarios in which GMP may not be a reliable indicator of the IPO listing price.

6 min read

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PhysicsWallah IPO allotment status: The ₹3,480 crore issue comprised a fresh issue of equity shares totalling ₹3,100 crore and an offer for sale (OFS) of up to ₹380 crore by promoters Alakh Pandey and Prateek Boob.

3 min read

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Upcoming IPOs: Global vertical SaaS company Excelsoft Technologies will launch its ₹500 crore initial share sale on November 19 and conclude on November 21. It has set a price band of ₹114 to ₹120 per share.

2 min read

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Tenneco Clean Air IPO: The ₹3,600 crore initial share sale is an offer-for-sale by promoter Tenneco Mauritius Holdings Limited. There is no fresh issue component.

3 min read

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Emmvee Photovoltaic IPO allotment status: The initial share sale, with a price band of ₹206 to ₹217 per equity share, comprises a fresh issue of shares aggregating to ₹2,143.86 crore and an offer for sale (OFS) of ₹756.14 crore by promoters, taking the issue size to ₹2,900 crore.

3 min read

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Capillary Technologies IPO aims to raise ₹877.50 crore through its public issue. The company offers AI-based Software-as-a-Service (“SaaS”) products and solutions primarily to enterprise customers. The company will use net IPO proceeds for cloud infrastructure setup, investment in development of new products, purchase of computer systems and for general corporate purposes.

6 min read

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Pine Labs share price: The ₹3,900.17 crore IPO was a fresh issue of shares worth ₹2,080.26 crore and an offer for sale (OFS) of more than 8.23 crore equity shares, valuing ₹1,819.91 crore by existing shareholders.

2 min read

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Emmvee Photovoltaic Power IPO: The ₹2,900 crore issue, which has fixed price band at ₹206 to ₹217 per share, consists of a fresh issue of shares valued at ₹2,143.86 crore and an offer for sale of ₹756.14 crore. The fresh issue proceeds will be used for loan repayment and general corporate purposes.

3 min read

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PhysicsWallah IPO Day 3: The ₹3,480 crore book-build issue is a mix of a fresh issuance of ₹3,100 crore and an offer for sale of ₹380 crore by promoters Alakh Pandey and Prateek Boob. The fresh issue proceeds will be used for the company's expansion and growth initiatives.

3 min read

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Fujiyama Power Systems IPO: The initial share sale aims to raise ₹828 crore by fresh issuance of ₹600 crore and an offer for sale of ₹228 crore by promoters Pawan Kumar Garg and Yogesh Dua.

3 min read

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Tenneco Clean Air India IPO, with a price band of ₹378 to ₹397 per share, is only an offer-for-sale of ₹3,600 crore by promoter Tenneco Mauritius Holdings Ltd, with no fresh equity issuance.

3 min read

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Pine Labs IPO allotment status: The company aimed to raise ₹3,899.91 crore via a fresh issue of ₹2,080 crore and an offer for sale of ₹1,819.91 crore. With a price band of ₹210 to ₹221 per equity share, a lot consisted of 67 shares.

4 min read

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Excelsoft Technologies IPO: The ₹500 crore initial share sale is a fresh issue of ₹180 crore and an offer for sale (OFS) of ₹320 crore by promoter Pedanta Technologies Pvt Ltd.

2 min read

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Groww share price: The initial public offering was a fresh issue of equity shares totalling ₹1,060 crore, along with an offer-for-sale (OFS) component of 55.72 crore shares aggregating to ₹5,572.30 crore.

3 min read

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PhysicsWallah IPO, which has an application size of 137 shares, comprises a fresh issuance of shares worth ₹3,100 crore and an Offer for Sale (OFS) of up to ₹380 crore by the promoters.

3 min read

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Tenneco Clean Air IPO Day 1: The ₹3,600 crore initial share sale, with a price band of ₹378 to ₹397 per share, is exclusively an offer for sale (OFS) of 9.07 crore shares by promoter Tenneco Mauritius Holdings Limited. There is no fresh issue component.

3 min read

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Fujiyama Power IPO aims to raise ₹828 crore through its public issue. The company offers end-to-end rooftop solar systems and power backup products under its flagship brands “UTL Solar” and “Fujiyama Solar. Know about the company’s financials, risks and threats ahead of issue opening.

6 min read

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Pine Labs IPO is looking to raise ₹3,899.91 crore by offering new equity shares valued at ₹2,080 crore and an offer for sale (OFS) of ₹1,819.91 crore by existing investors.

3 min read

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Emmvee Photovoltaic IPO: The ₹2,900 crore book-building issue is a mix of fresh issuance of ₹2,143.86 crore and an offer for sale of ₹756.14 crore.

3 min read

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PhysicsWallah IPO: The ₹3,480 crore book-build issue consists of new equity shares valued at ₹3,100 crore and an offer for sale of shares totalling ₹380 crore by promoters Prateek Boob and Alakh Pandey.

3 min read

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Groww IPO Listing Date: The initial share sale sought ₹6,632.30 crore by a combination of new equity shares valued at ₹1,060 crore and an offer for sale of ₹5,572.30 crore.

3 min read

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Capillary Technologies IPO: The initial share sale is a fresh issuance of ₹345 crore as well as an offer for sale of ₹532.50 crore by Capillary Technologies International Pte Ltd and Trudy Holdings.

2 min read

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Groww IPO allotment status finalised: The ₹6,632.30 crore initial share sale consisted of new equity shares worth ₹1,060 crore and an offer for sale (OFS) of ₹5,572.30 crore by existing investors.

4 min read

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Both companies, which filed their preliminary IPO papers with SEBI in August, obtained their observations between October 30 and November 4, according to the update.

2 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