SME IPOs in India 2024 - A Record-Breaking Year of Growth and Investor Returns
The year 2024 turned out to be a landmark year for India’s SME IPO market. With 247 SME IPOs hitting the market, it recorded the highest number of listings so far, marking nearly a 40% jump compared to 2023. On average, investors witnessed almost one IPO per working day throughout the year, highlighting the growing enthusiasm for small and medium enterprises raising capital via the stock market.
Out of these listings, 223 IPOs delivered positive listing day gains, and as of January 2025, 173 IPOs continue to trade above their issue price. This translates to a 90% success rate, which is almost identical to the performance in 2023, reinforcing the market’s resilience and investor trust.
Key Statistics of SME IPOs – 2024
- Total SME IPOs: 247
- Positive Listing Day Gains: 223
- Negative Listing Day Gains: 24
- Still Above Issue Price (as on Jan 9, 2025):
- Positive Closing Prices: 173
- Negative Closing Prices: 74
The market also saw significant fundraising activity. Funds raised via SME IPOs crossed ₹9,000 crore in FY 2024, with several large issues driving this milestone.
Top Performers by Listing Day Gains
2024 produced some spectacular listing day performances, with several SME IPOs delivering 3x to 4x returns on debut. The best performers recorded gains of over 400% on listing day, showcasing the strong appetite among investors for quality SME offerings.
Top Performers by Current Price Performance
Beyond listing gains, many SME IPOs sustained momentum in the secondary market. Several companies continued to trade multiple times above their issue prices, with some delivering over 1000% returns to investors within the year. This highlights the long-term wealth creation potential in the SME segment.
Growth of SME IPOs (2011 – 2024)
From a modest start in 2011, India’s SME IPO market has witnessed consistent growth. By 2024, it has not only scaled up in terms of the number of issues but also in the volume of capital raised. With ₹9,000+ crore mobilized in FY 2024 alone, SME exchanges are now a mainstream capital-raising platform for ambitious enterprises across sectors.
Performance Snapshot of 2024 SME IPOs
A closer look at SME IPOs listed in 2024 reveals a strong mix of high-return multibaggers and moderate performers. For instance:
- Several IPOs delivered listing gains between 150% – 400%.
- More than 170 IPOs remain above their issue price, proving resilient post-listing.
- Some IPOs achieved 10x to 12x returns within the year, cementing SME IPOs as one of the hottest investment avenues in 2024.
Conclusion
The year 2024 clearly underscored the strength and depth of India’s SME IPO ecosystem. With record listings, strong subscription demand, and consistent post-listing performance, SMEs have firmly established themselves as value creators for investors.
Looking ahead, if the momentum continues, India’s SME IPO market is well-positioned to maintain its growth trajectory, further deepening retail and institutional participation.