SME IPO List India 2026 – BSE SME & NSE Emerge IPOs, GMP & Subscription Data
Last Updated: 24 March 2026 — The SME IPO list India 2026 is MarketCreed’s complete tracker of all Small and Medium Enterprise IPOs listed on BSE SME and NSE Emerge platforms in 2026. SME IPOs offer a unique opportunity to invest in small, high-growth companies at early stages — but come with higher risk, higher minimum investment, and lower post-listing liquidity compared to mainboard IPOs.
⚠️ SME IPO Risk Warning: SME IPOs carry significantly higher risk than mainboard IPOs. Companies are smaller, have shorter track records, lower liquidity post-listing, and higher minimum investment amounts (₹1–3 lakh per lot). Always read the full RHP and consult a SEBI-registered financial advisor before investing.
📊 IPO GMP TodayLive GMP including SME IPOs
✅ Allotment StatusCheck all SME allotments
🗓️ IPO Calendar IndiaAll IPO dates 2026
🧮 GMP CalculatorEstimate SME listing price
📊 SME IPO List India 2026 — Active & Opening Today (24 March)
| SME IPO Name | Exchange | Open Date | Close Date | Price Band (₹) | Lot Size | Min Investment | Allotment | Listing | GMP | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| 🔸 Highness Microelectronics | BSE SME | 24 Mar | 27 Mar | 114–120 | SME | TBA | ~29 Mar | 2 Apr 2026 | ~+₹7 | 🔸 OPENS TODAY (Day 1) |
| 🔸 Tipco Engineering India | BSE SME | 23 Mar | 25 Mar | 84–89 | 1,600 shares | ~₹1,42,400 | ~26 Mar | 1 Apr 2026 | ₹0 (flat) | 🔸 OPEN Day 2 (23–25 Mar) |
| ⏰ Novus Loyalty & Business | BSE SME | 17 Mar | 19 Mar | 139–146 | TBA | TBA | 23 Mar (✅ Done) | 25 Mar 2026 | ₹0 (flat) | 🚀 LISTS TOMORROW (25 Mar) |
SME IPO data sourced from NSE Emerge, BSE SME, and grey market sources. GMP is unofficial. Not investment advice. Last updated: 24 March 2026.
⭐ Star Listing — Apsis Aerocom +39.09% (18 March 2026)
⭐ Apsis Aerocom — Best SME IPO Listing of 2026 So Far:
Issue Price: ₹110 | Listed 18 March 2026 (NSE Emerge) | Actual Listing Price: ₹153 (+39.09% / +₹43 per share)
Final Subscription: 3.37x overall | QIB: 129.33x | Retail: ~0.26x
Pre-listing GMP was only +₹8–9 — the actual listing beat GMP expectations by more than 4x.
✔️ Key lesson: Even with low overall subscription (3.37x), exceptional QIB demand (129.33x) drove a stellar listing. Always check QIB separately from overall subscription for SME IPOs.
Issue Price: ₹110 | Listed 18 March 2026 (NSE Emerge) | Actual Listing Price: ₹153 (+39.09% / +₹43 per share)
Final Subscription: 3.37x overall | QIB: 129.33x | Retail: ~0.26x
Pre-listing GMP was only +₹8–9 — the actual listing beat GMP expectations by more than 4x.
✔️ Key lesson: Even with low overall subscription (3.37x), exceptional QIB demand (129.33x) drove a stellar listing. Always check QIB separately from overall subscription for SME IPOs.
✅ Recently Listed SME IPOs in India 2026
| SME IPO Name | Exchange | Issue Price (₹) | Subscription | GMP at Listing | Listing Price (₹) | Listing Gain % | Listing Date |
|---|---|---|---|---|---|---|---|
| ⭐ Apsis Aerocom | NSE Emerge | 110 | 3.37x (QIB 129.33x) | +₹8–9 | 153 | +39.09% 🔥 | 18 Mar 2026 |
| Elfin Agro India | BSE SME | 47 (Fixed) | 1.35x | ₹0 (flat) | 47.31 | +0.66% | 12 Mar 2026 |
| Striders Impex | NSE Emerge | 72 (Fixed) | 1.33x | ₹0 (flat) | 69.84 | −3.00% | 6 Mar 2026 |
| Shree Ram Twistex | NSE Emerge | 112 | 43.66x | ₹4 | 116 | +3.57% | 2 Mar 2026 |
Listing data sourced from BSE/NSE official records. Full history at IPO Listing Gains 2026.
🏢 What is an SME IPO? BSE SME vs NSE Emerge Explained
| Feature | BSE SME | NSE Emerge | Mainboard (BSE/NSE) |
|---|---|---|---|
| Company Size | Small & Medium | Small & Medium | Large Cap / Mid Cap |
| Min. Paid-up Capital | ₹1 Cr to ₹25 Cr | ₹1 Cr to ₹25 Cr | ₹10 Cr+ (mainboard) |
| Min. Lot Size | ₹1–3 lakh per lot | ₹1–3 lakh per lot | ~₹14,000–15,000 per lot |
| Post-listing Liquidity | Very Low | Very Low | High |
| Trading Availability | BSE SME platform only | NSE Emerge platform only | BSE + NSE both |
| Risk Level | 🔴 High | 🔴 High | 🟡 Moderate |
🔍 How to Research an SME IPO Before Applying
| Research Area | What to Check | Red Flags |
|---|---|---|
| Revenue & Profit Trend | 3-year revenue and PAT growth. Look for consistent growth of 15%+. | Flat or declining revenue; sudden spike in listing year |
| Profit Margin | EBITDA margin and PAT margin. Higher margins = better quality business. | PAT margin below 5% in a service business |
| Valuation (P/E Ratio) | Compare P/E at issue price to industry peers. Fair P/E for SMEs is typically 15–25x for manufacturing. | P/E above 40x for SME with no strong moat |
| Use of Proceeds | Fresh issue proceeds going to capex, working capital, or debt repayment? | 100% OFS; proceeds only for general corporate purposes |
| Promoter Background | Promoter experience, shareholding post-IPO, whether they are diluting stake | Promoters selling all shares; no industry experience |
| Customer Concentration | Top 5 customers as % of revenue. High concentration = revenue risk. | One customer = 50%+ of revenue |
| Subscription Data | Track Day 1, Day 2, Day 3 subscription ratios by category. Check QIB separately! | QIB at 0x even on last day = institutional avoidance |
⚠️ SME IPO Risks: What Every Investor Must Know
| Risk Type | Description | How to Mitigate |
|---|---|---|
| Liquidity Risk | SME stocks often trade with very few buyers/sellers post-listing. Exiting large positions can be difficult. | Only invest amounts you can afford to lock up for 6–12 months |
| Valuation Risk | Some SME IPOs are priced aggressively. Thin margins may not justify premium P/E multiples. | Compare P/E to listed peers; avoid P/E above 30x for early-stage SMEs |
| Business Risk | Small companies are more vulnerable to single-customer loss, key-person dependency, or sector downturns. | Check customer concentration and promoter track record in DRHP |
| Market Timing Risk | SME IPOs in weak markets (like March 2026) often list at discounts regardless of fundamentals. Highness Micro opens today in a volatile market environment. | Avoid applying to SME IPOs during high VIX (>20) periods |
| Manipulation Risk | Some SME IPOs have been subject to price manipulation post-listing. SEBI has taken action against several cases. | Stick to well-known registrars and established brokerages |
❓ Frequently Asked Questions: SME IPO List India 2026
What is the minimum investment for an SME IPO?
The minimum investment for SME IPOs is 1 lot, which typically ranges from ₹1 lakh to ₹3 lakh. The exact minimum investment is: Upper Price Band × Lot Size. For example, Tipco Engineering at ₹89 upper price band with 1,600 shares per lot = minimum ₹1,42,400.
Can I apply for SME IPOs through Zerodha or Groww?
Yes. Most major SEBI-registered brokers including Zerodha, Groww, Angel One, Upstox, and others allow SME IPO applications through their platforms, subject to availability. Check your broker’s IPO section for each SME IPO in the list above.
What is the difference between BSE SME and NSE Emerge?
Both are dedicated SME listing platforms — BSE SME on the Bombay Stock Exchange and NSE Emerge on the National Stock Exchange. Stocks listed on BSE SME can only be traded on BSE, while NSE Emerge stocks are only on NSE. The regulatory framework and norms are similar across both platforms as set by SEBI.
How is allotment done for SME IPOs?
For oversubscribed SME IPOs, allotment is done by computerised lottery. Each retail applicant gets either 1 lot or 0 lots. For undersubscribed SME IPOs, all valid applicants get full allotment. Check allotment via our IPO Allotment Status 2026 page.
Can SME companies migrate to mainboard?
Yes. An SME company can migrate to the main board after meeting SEBI eligibility criteria: typically minimum 3 years of listing, paid-up capital above ₹10 crore, satisfactory track record, and minimum number of shareholders. Migration is a positive signal — it means the company has grown and earned greater market credibility.
Where can I track live SME IPO subscription data?
Live SME IPO subscription data (Day 1, Day 2, Day 3) is updated on our IPO Subscription Status page. Official data is available on NSE India and BSE India after market hours each day.
🔗 Related SME IPO Resources
📊 IPO GMP TodayLive GMP including all SME IPOs
📈 GMP Trend ChartsHistorical SME GMP data
🧮 GMP CalculatorEstimate SME listing price
📅 All Upcoming IPOs 2026Mainboard + SME + InvIT
🗓️ IPO Calendar India 2026All IPO dates and timelines
✅ IPO Allotment StatusCheck BSE, NSE, registrar
📊 Subscription StatusLive Day-by-day data
🏆 Listing Gains 2026All SME listing performance
Disclaimer: The SME IPO list India 2026 on MarketCreed is for informational and educational purposes only. SME IPOs are high-risk investments. GMP data is from unofficial grey market sources and is not regulated by SEBI. Not investment advice. Please read the full Red Herring Prospectus (RHP) and consult a SEBI-registered financial advisor before investing in any SME IPO. Last Updated: 24 March 2026.