Upcoming SME IPOs in India 2025: 2025 Listings

Upcoming SME IPOs in 2025

Find details about upcoming SME IPOs and stay updated.

+91

+91

All Open Upcoming Closed Listed

Dates yet to be announced

Solar91 Cleantech IPOPower Generation/Distribution, SME

---

Victory Electric Vehicles International IPOSME

RHP Filed

RHP

Name	Status
Solar91 Cleantech IPOSME, Power Generation/Distribution	---	---
Victory Electric Vehicles International IPOSME	RHP Filed	RHP

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

HDB Financial Services Dividend Policy: According to the RHP, if there is any declaration and payment of dividends on equity shares in the future, the recommendation will be made by HDB Financial Services Ltd's Board to the shareholders for their approval at the Annual General Meeting (AGM).

3 min read

Eppeltone Engineers share price: The ₹43.96 crore initial public offer was exclusively a fresh issuance of 34.34 lakh shares without an offer for sale component. The price band was ₹125 to ₹128 per share.

2 min read

Real estate developer Kalpataru's initial share sale is a fresh capital raise of ₹1,590 crore. There is no offer for sale component. The price band has been set at ₹387 to ₹414 per share, and a lot consists of 36 shares.

3 min read

Meesho has merged its Delaware-based unit, Meesho Inc., with its Indian entity. This move has received approval from the National Company Law Tribunal (NCLT), Bengaluru bench, a regulatory filing showed.

2 min read

Arisinfra Solutions IPO allotment: The initial share sale is an entirely fresh issuance of 2.25 crore equity shares, valued at ₹499.60 crore. There is no offer for sale (OFS) component. The price band was ₹210 to ₹222 per share, with a lot consisting of 67 shares.

2 min read

Paper Arizona aims to strengthen regional footprints in North India, before expanding into select markets across Eastern and Western India in the coming years.

2 min read

PhonePe IPO: As of March 2024, FIT Holdings SARL, a Luxembourg-based company of Walmart, held an 83.91% stake in PhonePe, General Atlantic Singapore held 5.14%, and PhonePe's Singapore unit held 6.7%.

2 min read

Ellenbarrie Industrial Gases' ₹852.5 crore IPO opens on June 24 and closes on June 26. The issue includes fresh shares and an OFS. Net proceeds from the fresh issue will be used for debt repayment, plant expansion, and general purposes. The company operates nine manufacturing facilities and is a key industrial gas supplier in East and South India.

4 min read

Globe Civil Projects IPO: For the nine months ended December 2024, the company reported a revenue from operations of ₹254.65 crore and a net profit of ₹17.78 crore.

3 min read

HDB Financial Services aims to raise ₹12,500 crore via its initial public offering. The mainboard IPO will open for subscription on Wednesday, Jun 25, 2025. HDFC Bank shareholders can bid for the HDB Financial Services IPO under the shareholders’ quota.

5 min read

Patil Automation share price: The company had launched its initial public offer to raise ₹69.61 crore at a price band of ₹114-₹120 per share. The initial share sale was exclusively a fresh issuance of 58.01 lakh shares.

2 min read

Indogulf Cropsciences IPO: The ₹200 crore initial share sale is a mix of a fresh capital raise of ₹160 crore as well as an offer for sale (OFS) component of 3,603,603 shares.

2 min read

Upcoming IPOs: The key initial share sales to open in the week starting June 23 include Globe Civil Projects, Ellenbarrie Industrial Gases, Kalpataru, Sambhv Steel Tubes, HDB Financial Services, and Indogulf Cropsciences.

4 min read

NSE IPO: When asked about whether the issue will happen before Diwali 2025, the SEBI chief declined to share any timeline.

2 min read

Kalpataru Limited IPO opens on June 24 to raise ₹1,590 crore. The real estate firm offers a fresh issue of 3.84 crore shares at ₹387–₹414 per share. The IPO proceeds will be used to repay debt and for general corporate needs. Kalpataru focuses on residential and commercial projects in MMR and other cities. The stock listing is expected on July 1.

5 min read

Icon Facilitators intends to utilise ₹16 crore of the total IPO proceeds towards working capital requirements and the remaining for general corporate purposes, according to the red herring prospectus (RHP).

2 min read

Arisinfra Solutions IPO: The ₹499.60 crore initial public offering, with a price band of ₹210 to ₹222 per share, is only a fresh issuance of shares aggregating to ₹499.6 crore. There is no offer for sale component.

2 min read

HDB Financial Services, Kalpataru, and three others are the key upcoming IPOs raising nearly ₹15,601 crore in the next week. HDB Financial Services is the largest by size and most tracked IPO in the coming week, while the other four companies also hold potential for strong demand.

5 min read

Aegis Vopak Terminals share price: The net profit attributable to owners of the company surged 9.33% to ₹41.33 crore in the latest March quarter. The post-tax profit was reported at ₹37.8 crore in Q3 FY25.

2 min read

Sambhv Steel Tubes IPO: The ₹540 crore initial share sale consists of a fresh issuance of equity shares worth ₹440 crore as well as an offer for sale (OFS) valued at ₹100 crore by promoters.

2 min read

IPO allotments of Mayasheel Ventures, Aakaar Medical Technologies and Safe Enterprises will be finalised on June 25, while stock listing will take place on June 27.

2 min read

Oswal Pumps IPO was a combination of new equity shares worth ₹890 crore and an offer-for-sale component of 81 lakh shares aggregating to ₹497.34 crore by promoter Vivek Gupta.

2 min read

HDB Financial Services IPO is a mix of a fresh issuance of equity shares valued at ₹2,500 crore and an offer for sale of ₹10,000 crore by promoter HDFC Bank.

2 min read

Proceeds from Capillary Technologies' fresh issuance worth ₹120 crore will be utilised for funding the company's cloud infrastructure cost, ₹151.54 crore for investment in research, designing, and development of its products and platform. Furthermore, ₹10.32 crore will be used for investing in the purchase of computer systems for its business.

2 min read

HDB Financial Services IPO consists of new equity shares aggregating to ₹2,500 crore and an offer-for-sale (OFS) component of ₹10,000 crore by promoter HDFC Bank.

2 min read

What our users have to say

IPO section is awesome now.

⁠Kazi Bakibillah Twasin

I have been using Upstox for the past three years, and it is the best app for investing. I have secured around 10 to 15 IPOs since last year, starting from Tata Technologies to Vishal Mega Mart.

Shubham Kumbhar

Excellent experience in trading with good chart and a good access to ipo and its status.

Ulhas S

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.

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!