The small and medium enterprise (SME) initial public offering (IPO) landscape in India has shown a nearly balanced win-loss ratio in 2025. Out of 254 SMEs that entered the primary market by December 19, 120 stocks have appreciated in value, while 132 have declined. Notably, two stocks remain at their IPO price. Among the gainers, one stock surged to five times its IPO price, while the worst-performing stock plummeted by 82%. This data highlights the mixed performance of SMEs in the market this year.
Performance Overview of SME IPOs
In 2025, the SME IPO market has witnessed a total of 254 listings, with the Bombay Stock Exchange accounting for the majority at 144 listings. The performance of these stocks has been varied. On the BSE, 63 stocks have shown positive returns, while 81 have lost value, resulting in a gain-loss ratio of 44% to 56%. Conversely, the National Stock Exchange has reported a more favorable outcome, with 57 of its 110 listings generating wealth for investors, leading to a gain-loss percentage of 52% to 48%. This indicates that the NSE has outperformed the BSE regarding wealth creation among SME stocks this year.
Top Wealth Creators in the SME Sector
Among the standout performers in the SME sector is Tankup Engineers, which has emerged as the top wealth creator. Since its IPO in April 2025 at Rs 140, the stock has skyrocketed to Rs 722 by December 19, marking a remarkable gain of 416%. The company specializes in manufacturing vehicle superstructures for complex mobility and storage solutions, including products like self-bunded fuel tanks and aircraft refuelers. Other notable wealth creators include Anondita Medicare, which has increased by 406% since its September 1 listing, and Fabtech Tech, which has risen by 296%. Cryogenic OGS and Sacheerome have also performed well, with increases of 270% and 265%, respectively.
Stocks That Have Lost Value
Conversely, several stocks have significantly decreased in value this year. Velancia India, which listed on the BSE’s SME platform in July, has seen its stock price plummet by 82%, closing at Rs 20 compared to its IPO price of Rs 110. The company is involved in real estate and the export-import of food and non-food items. Other significant value destroyers include Studio LSD, which has fallen by 75%, and Aten Papers, Swasth Foodtech, and Siddhi Cotspin, all of which have experienced declines of 72%. These figures underscore the volatility and risks associated with investing in the SME IPO market.
Digihunt is not a financial advisor and this is not investment advice.