SME IPO Performance Summary for 2023

This analysis highlights the strong performance of select SME IPOs in 2023, with some achieving extraordinary gains both on listing day and over time. The hit rate of listing gains is 86% (5 out of every 6 IPO returned profit on listing) and hit rate of profit as on November 25, 2024 is 72% (4 out of 5 retuned profit after listing also)

In 2023, India’s SME IPO landscape was notably diverse, with several sectors leading in the number of listings.

Total Number of SME IPOs in 2023 – 179

● Positive Listing Day Performance: 148

● Negative Listing Day Performance: 31

● Positive Performance as of Nov 25, 2024: 129

● Negative Performance as of Nov 25, 2024: 50

Gowth of SME IPO’s from 2011 – 2024

SME IPO per Year 2011-2024Fy Year	Issue Size in Cr	Number of IPOs
2024	₹ 6535.79 Cr	171
2023	₹ 6123.55 Cr	179
2022	₹ 2371.36 Cr	126
2021	₹ 913.96 Cr	67
2020	₹ 272.80 Cr	29
2019	₹ 470.92 Cr	47
2018	₹ 1620.08 Cr	106
2017	₹ 2225.33 Cr	155
2016	₹ 834.08 Cr	81
2015	₹ 310.52 Cr	50
2014	₹ 249.74 Cr	38
2013	₹ 285.68 Cr	37
2012	₹ 207.75 Cr	24
2011	₹ 7.25 Cr	1

1. Record Listings

🔸The year 2023 saw a significant number of SME IPOs across various sectors, driven by favorable market conditions and the need for businesses to expand and modernize.

🔸Dominant sectors included Capital Goods, FMCG, IT, Healthcare, and Industrial Products.

2. High Subscription Rates

🔸Many SME IPOs were oversubscribed, with some receiving overwhelming demand from investors.

🔸Sectors such as IT and Healthcare attracted strong interest due to their growth potential and market relevance.

3. Robust Listing Gains

A large percentage of SME IPOs delivered positive listing gains, indicating strong initial demand. Examples of high performers include:

🔸Trident Techlabs Limited: Listing gain of 194.43%.

🔸Goyal Salt Limited: Listing gain of 258.16%.

🔸Sungarner Energies Limited: Listing gain of 216.08%.

4. Exceptional Post-Listing Market Gains

Certain IPOs continued to perform exceptionally well post-listing, delivering multi-fold returns. Notable examples:

🔸Trident Techlabs Limited: Current gain of 2862.86%.

🔸RBM Infracon Limited: Current gain of 2240.14%.

🔸Oriana Power Limited: Current gain of 1843.47%.

5. Market Volatility

🔸While many SME IPOs delivered stellar returns, a few underperformed, reflecting the inherent risk associated with SME investments.

🔸Sectors with cyclical demand or weaker fundamentals showed more volatility.

6. Regulatory Changes

🔸The Securities and Exchange Board of India (SEBI) introduced stricter regulations to protect investors and ensure quality listings, such as:

➝ Minimum IPO issue size of over ₹10 crore.

➝ Higher application thresholds for investors.

🔸These changes aim to balance growth with investor protection.

7. Regional and Sectoral Growth

🔸 SME IPOs in 2023 showcased geographical diversity, with companies from various states listing on exchanges.

🔸 Sectoral leaders, such as Capital Goods and FMCG, highlighted the resilience of traditional industries alongside the growth of modern sectors like IT.

Insights for Investors

🔸 Opportunities: High returns on certain IPOs indicate that the SME market can be lucrative with careful selection.

🔸 Risks: Volatility and potential underperformance in some IPOs emphasize the need for thorough research.

🔸 Strategy: Diversifying investments and focusing on fundamentally strong companies can help mitigate risks.

The SME IPO market in 2023 reflected the dynamic growth of India’s small and medium enterprises, signaling their rising contribution to the economy. The market’s strong performance and evolving regulatory framework make it a promising space for both companies and investors.

Top 3 IPOs by Listing Day Performance – As of 25 Nov 2024

Top 3 IPOs by Current Market Gains – As of 25 Nov 2024

Performance of all SME IPO’s listed in 2023

Company Name	Listed On– 2023	Issue Price	Listing Day Close	Listing Gain (%)	Current Price	Gain as of 25 Nov 2024 (%)
Trident Techlabs Limited	29-Dec-23	35	103	194	1037	2863
Indifra Limited	29-Dec-23	65	68	5	30	-55
Supreme Power Equipment Limited	29-Dec-23	65	103	58	218	236
Shanti Spintex Limited	27-Dec-23	70	80	14	63	-9
Electro Force (India) Limited	27-Dec-23	93	105	13	59	-36
Sahara Maritime Limited	26-Dec-23	81	81	0	52	-36
Siyaram Recycling Industries Limited	21-Dec-23	46	58	26	161	250
Shree OSFM E-Mobility Limited	21-Dec-23	65	68	5	140	115
Benchmark Computer Solutions Limited	21-Dec-23	66	77	17	48	-27
S J Logistics (India) Limited	19-Dec-23	125	184	47	647	418
Presstonic Engineering Limited	18-Dec-23	72	147	104	99	38
Accent Microcell Limited	15-Dec-23	140	315	125	243	73
Graphisads Limited	13-Dec-23	111	106	-5	70	-37
Sheetal Universal Limited	11-Dec-23	70	75	8	62	-11
Marinetrans India Limited	08-Dec-23	26	31	19	22	-17
Net Avenue Technologies Limited	08-Dec-23	18	40	122	14	-20
AMIC Forging Limited	06-Dec-23	126	251	99	1249	891
Deepak Chemtex Limited	06-Dec-23	80	160	99	120	50
Swashthik Plascon Limited	05-Dec-23	86	126	47	73	-15
Rockingdeals Circular Economy Limited	30-Nov-23	140	315	125	528	277
Arrowhead Seperation Engineering Limited	28-Nov-23	233	238	2	145	-38
Sunrest Lifescience Limited	20-Nov-23	84	80	-5	54	-36
Kalyani Cast Tech Ltd	17-Nov-23	139	277	99	450	224
ROX Hi-Tech Limited	16-Nov-23	83	142	71	104	25
Baba Food Processing India Limited	15-Nov-23	76	72	-5	54	-30
Micropro Software Solutions Limited	10-Nov-23	81	76	-6	35	-56
SAR Televenture Limited	08-Nov-23	55	110	100	321	484
Mish Designs Limited	07-Nov-23	122	152	25	151	24
Maitreya Medicare Limited	07-Nov-23	82	154	88	340	315
Transteel Seating Technologies Limited	06-Nov-23	70	93	33	44	-37
Vrundavan Plantation Limited	06-Nov-23	108	102	-6	48	-55
KK Shah Hospitals Limited	06-Nov-23	45	59	31	45	0
Shanthala FMCG Products Limited	03-Nov-23	91	104	14	39	-57
Paragon Fine And Speciality Chemicals Limited	03-Nov-23	100	214	114	107	7
On Door Concepts Limited	01-Nov-23	208	203	-2	365	76
Rajgor Castor Derivatives Limited	31-Oct-23	50	61	22	24	-52
WomanCart Limited	27-Oct-23	86	123	43	256	197
Arvind and Company Shipping Agencies Limited	25-Oct-23	45	80	78	87	93
Committed Cargo Care Limited	18-Oct-23	77	86	12	50	-35
Plada Infotech Services Limited	13-Oct-23	48	56	17	33	-31
Karnika Industries Limited	12-Oct-23	76	83	9	293	286
Sharp Chucks And Machines Limited	12-Oct-23	58	65	12	131	126
Vivaa Tradecom Limited	12-Oct-23	51	43	-17	42	-19
Canarys Automations Limited	11-Oct-23	31	41	33	34	10
Sunita Tools Limited	11-Oct-23	145	147	2	582	301
Goyal Salt Limited	11-Oct-23	38	136	258	203	434
Oneclick Logistics India Limited	11-Oct-23	99	133	34	100	1
Vishnusurya Projects and Infra Limited	10-Oct-23	68	77	13	269	296
City Crops Agro Limited	10-Oct-23	25	25	2	27	6
Kontor Space Limited	10-Oct-23	93	116	25	123	33
E Factor Experiences Limited	09-Oct-23	75	121	61	273	264
Arabian Petroleum Limited	09-Oct-23	70	76	9	89	27
Vinyas Innovative Technologies Limited	06-Oct-23	165	347	110	770	367
Organic Recycling Systems Limited	06-Oct-23	200	226	13	289	45
Inspire Films Limited	05-Oct-23	59	68	15	26	-56
Newjaisa Technologies Limited	05-Oct-23	47	71	51	85	81
Mangalam Alloys Limited	04-Oct-23	80	76	-5	38	-53
Digikore Studios Limited	04-Oct-23	171	284	66	278	63
Saakshi Medtech and Panels Limited	03-Oct-23	97	153	58	181	86
Master Components Limited	29-Sep-23	140	140	0	274	96
Marco Cables & Conductors Limited	28-Sep-23	36	41	13	68	88
Cellecor Gadgets Limited	28-Sep-23	92	97	5	56	-39
Hi-Green Carbon Limited	28-Sep-23	75	81	8	264	252
Techknowgreen Solutions Limited	27-Sep-23	86	91	6	248	189
Kody Technolab Limited	27-Sep-23	160	179	12	2853	1683
Madhusudan Masala Limited	26-Sep-23	70	114	63	193	176
Kundan Edifice Limited	26-Sep-23	91	79	-13	157	72
Holmarc Opto-Mechatronics Limited	25-Sep-23	40	69	71	171	327
Chavda Infra Limited	25-Sep-23	65	86	33	145	124
Unihealth Consultancy Limited	21-Sep-23	132	133	1	146	11
Meson Valves India Limited	21-Sep-23	102	203	99	528	418
Jiwanram Sheoduttrai Industries Limited	18-Sep-23	23	29	24	15	-34
Kahan Packaging Limited	15-Sep-23	80	160	99	73	-9
Saroja Pharma Industries India Limited	13-Sep-23	84	68	-19	53	-37
Pramara Promotions Limited	13-Sep-23	63	117	85	138	120
Basilic Fly Studio Limited	11-Sep-23	97	285	193	296	205
Mono Pharmacare Limited	07-Sep-23	28	30	9	34	21
C P S Shapers Limited	07-Sep-23	185	473	155	457	147
Sahaj Fashions Limited	06-Sep-23	30	30	1	14	-53
Sungarner Energies Limited	31-Aug-23	83	262	216	520	527
Bondada Engineering Limited	30-Aug-23	75	150	99	604	706
Crop Life Science Limited	30-Aug-23	52	53	2	46	-12
Shoora Designs Limited	29-Aug-23	48	96	100	85	76
Shelter Pharma Limited	23-Aug-23	42	42	0	53	26
Srivari Spices and Foods Limited	18-Aug-23	42	107	154	220	424
Sangani Hospitals Limited	17-Aug-23	40	42	5	71	77
Yudiz Solutions Limited	17-Aug-23	165	181	10	77	-53
Vinsys IT Services Limited	11-Aug-23	128	218	70	364	185
Oriana Power Limited	11-Aug-23	118	317	169	2293	1843
Zeal Global Services Limited	09-Aug-23	103	170	65	193	87
Khazanchi Jewellers Limited	07-Aug-23	140	149	7	621	344
Innovatus Entertainment Networks Limited	04-Aug-23	50	47	-7	28	-44
Shri Techtex Limited	04-Aug-23	61	85	40	58	-5
Yasons Chemex Care Limited	03-Aug-23	40	34	-16	21	-48
Service Care Limited	26-Jul-23	67	68	1	82	22
Asarfi Hospital Limited	26-Jul-23	52	104	99	83	60
Drone Destination Limited	21-Jul-23	65	102	57	191	194
Ahasolar Technologies Limited	21-Jul-23	157	213	36	225	43
AccelerateBS India Limited	19-Jul-23	90	115	28	170	89
Kaka Industries Limited	19-Jul-23	58	116	99	263	353
Alphalogic Industries Limited	14-Jul-23	96	96	0	243	153
Tridhya Tech Limited	13-Jul-23	42	44	5	43	3
Synoptics Technologies Limited	13-Jul-23	237	226	-5	122	-49
Global Pet Industries Limited	10-Jul-23	49	53	8	118	141
Pentagon Rubber Limited	07-Jul-23	70	124	76	84	20
Greenchef Appliances Limited	06-Jul-23	87	109	26	72	-17
Magson Retail And Distribution Limited	06-Jul-23	65	96	47	92	41
Essen Speciality Films Limited	06-Jul-23	107	147	37	734	586
Veefin Solutions Limited	05-Jul-23	82	90	10	568	593
Aatmaj Healthcare Limited	30-Jun-23	60	53	-11	25	-59
Vilin Bio Med Limited	30-Jun-23	30	29	-5	21	-29
Cosmic CRF Limited	30-Jun-23	314	239	-24	1445	360
Cell Point (India) Limited	28-Jun-23	100	95	-5	29	-71
Bizotic Commercial Limited	23-Jun-23	175	171	-2	100	-43
Urban Enviro Waste Management Limited	22-Jun-23	100	148	48	472	372
Spectrum Talent Management Limited	22-Jun-23	173	147	-15	212	22
Sonalis Consumer Products Limited	19-Jun-23	30	40	33	80	167
Kore Digital Limited	14-Jun-23	180	191	6	1912	962
Comrade Appliances Limited	13-Jun-23	54	91	69	104	92
Sahana System Limited	12-Jun-23	135	171	27	1505	1015
CFF Fluid Control Limited	12-Jun-23	165	184	11	613	272
Infollion Research Services Limited	08-Jun-23	82	199	142	427	421
Proventus Agrocom Limited	05-Jun-23	771	862	12	1570	104
Hemant Surgical Industries Limited	05-Jun-23	90	180	100	137	53
Vasa Denticity Limited	02-Jun-23	128	222	73	620	385
Crayons Advertising Limited	02-Jun-23	65	95	45	100	53
Remus Pharmaceuticals Limited	29-May-23	1229	1797	46	2425	97
Krishca Strapping Solutions Limited	26-May-23	54	113	109	271	403
Auro Impex & Chemicals Limited	23-May-23	78	76	-3	73	-6
Innokaiz India Limited	11-May-23	78	156	100	40	-48
De Neers Tools Limited	11-May-23	101	181	79	326	223
Retina Paints Limited	03-May-23	30	31	2	70	134
Quicktouch Technologies Limited	02-May-23	61	61	0	118	93
A G Universal Limited	24-Apr-23	60	60	0	58	-3
Pattech Fitwell Tube Components Limited	21-Apr-23	50	58	15	127	153
Sancode Technologies Limited	18-Apr-23	47	61	29	64	36
MOS Utility Limited	18-Apr-23	76	95	24	284	273
Infinium Pharmachem Limited	17-Apr-23	135	148	9	333	147
Exhicon Events Media Solutions Limited	17-Apr-23	64	67	5	246	284
Sotac Pharmaceuticals Limited	13-Apr-23	111	121	9	117	6
Maiden Forgings Limited	06-Apr-23	63	60	-5	78	24
Command Polymers Limited	29-Mar-23	28	27	-5	29	3
Dev Labtech Venture Limited	29-Mar-23	51	50	-2	79	54
Nirman Agri Genetics Limited	28-Mar-23	99	101	2	403	307
Bright Outdoor Media Limited	24-Mar-23	146	158	8	455	212
Quality Foils (India) Limited	24-Mar-23	60	98	63	90	50
Labelkraft Technologies Limited	23-Mar-23	55	56	1	73	33
Sudarshan Pharma Industries Ltd	22-Mar-23	73	69	-5	43	-41
VELS Film International Limited	22-Mar-23	99	103	4	40	-59
MCON Rasayan India Limited	20-Mar-23	40	50	26	153	282
Prospect Commodities Limited	20-Mar-23	61	61	1	107	76
Vertexplus Technologies Limited	15-Mar-23	96	106	10	105	9
Systango Technologies Limited	15-Mar-23	90	103	14	202	124
ITCONS E-Solutions Limited	13-Mar-23	51	49	-3	600	1076
ResGen Limited	13-Mar-23	47	47	-1	116	148
Amanaya Ventures Limited	09-Mar-23	23	19	-17	15	-34
Srivasavi Adhesive Tapes Limited	09-Mar-23	41	42	2	110	168
SVJ Enterprises Limited	09-Mar-23	36	36	0	151	319
Patron Exim Limited	06-Mar-23	27	27	0	8	-71
Macfos Limited	01-Mar-23	102	175	71	1116	994
Viaz Tyres Limited	01-Mar-23	62	68	10	63	1
Sealmatic India Limited	01-Mar-23	225	236	5	546	143
Agarwal Float Glass India Limited	23-Feb-23	42	44	5	89	112
Lead Reclaim and Rubber Products Limited	21-Feb-23	25	28	11	89	254
Indong Tea Company Limited	21-Feb-23	26	22	-16	25	-4
Shera Energy Limited	17-Feb-23	57	67	18	216	279
Earthstahl & Alloys Limited	08-Feb-23	40	58	44	41	3
Gayatri Rubbers and Chemicals Limited	07-Feb-23	30	37	23	463	1443
Transvoy Logistics India Limited	02-Feb-23	71	75	5	214	202
DHARNI Capital Services Limited	31-Jan-23	20	20	1	45	126
Aristo Bio-Tech and Lifescience Limited	30-Jan-23	72	84	17	148	106
Ducol Organics And Colours Limited	19-Jan-23	78	118	51	118	51
Eastern Logica Infoway Limited	17-Jan-23	225	284	26	220	-2
Chaman Metallics Limited	16-Jan-23	38	65	70	108	183
SVS Ventures Limited	12-Jan-23	20	22	8	12	-41
Rex Sealing and Packing Industries Limited	12-Jan-23	135	144	7	223	65
Anlon Technology Solutions Limited	10-Jan-23	100	264	164	351	251
RBM Infracon Limited	04-Jan-23	36	55	53	842	2240
Homesfy Realty Limited	02-Jan-23	197	288	46	505	156

DISCLAIMER: Investments in the securities market are subject to market risks, read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Brokerage will not exceed the SEBI prescribed limit.