The Indian primary market stayed in the spotlight through 2025. Big names, small names, old businesses, new-age firms—everyone tapped Dalal Street to raise capital and expand scale.
But beneath the headline numbers, a quieter story played out in the SME IPO space.
A handful of SME IPOs didn’t just list well. They went on to deliver outsized gains, even as broader markets swung between optimism and volatility. For investors tracking SME IPO performance in 2025, these stocks stood out for one simple reason—numbers spoke louder than narratives.
This article breaks down 10 SME IPOs that delivered exceptional post-listing performance, strictly based on available data.
Market Performance: SME IPOs Shine Amid Volatility
2025 proved that momentum in India’s IPO market wasn’t limited to mainboard listings.
- 365 IPOs collectively raised ₹1.95 trillion during the year
- This crossed the earlier high of ₹1.90 trillion raised in CY24
- 106 mainboard IPOs raised ₹1.83 trillion
- 259 SME IPOs also entered the market during the year
Despite such a large number of listings, only a small subset went on to deliver meaningful wealth creation. That’s where SME IPOs grabbed attention.
Main News: 10 SME IPOs Deliver 177%–601% Gains
Data from Trendlyne shows just how sharply returns differed across SME listings. Some stocks moved steadily higher month after month, while a few stood out with explosive gains.
Here’s how the top-performing 10 SME IPOs of 2025 stacked up:
Anondita Medicare
This stock led the charts decisively.
- IPO Price: ₹145
- Current Price: ₹1,017
- Total Gain: 601%
From its early-September listing, Anondita Medicare moved fast. The price journey was sharp, sustained, and left little room for doubt about its place at the top.
Tankup Engineers
Another standout from the SME space.
- IPO Price: ₹140
- Current Price: ₹708
- Total Gain: 405%
Tankup Engineers saw consistent upward movement following its listing, turning into one of the strongest wealth creators among SME IPOs.
Sacheerome
Listed in June, this stock maintained a steady rhythm.
- IPO Price: ₹102
- Total Gain: 274%
Out of six months post-listing, five closed higher—an unusual consistency in a volatile year.
Fabtech Technologies Cleanrooms
Momentum stayed intact even after early gains.
- IPO Price: ₹85
- Price Performance: 262.4% above issue price
Despite some recent pressure, the stock continues to trade far above its listing level.
Cryogenic OGS
A strong debut set the tone here.
- Issue Price: ₹47
- Listing Premium: 90%
- Total Gain: 247%
Post-listing momentum carried forward, pushing returns steadily higher.
Other SME IPOs With 177%–244% Gains
Several names also delivered strong triple-digit returns:
- Monolithisch India
- Avax Apparels and Ornaments
- TechD Cybersecurity
- Zelio E-Mobility
- Maxvolt Energy Industries
Each of these stocks is trading between 177% and 244.4% above their issue prices.
Bigger Picture: How Rare Are These Returns?
The broader SME IPO universe offers important context.
- Total SME IPOs tracked: 269
- Stocks trading above 100% gains: 29
- Share of multibaggers: ~11%
In simple terms, only about one in ten SME IPOs managed to double investors’ money or more. That scarcity is what makes these 10 SME IPOs stand out.
Company-Level Snapshot: What the Numbers Tell?
Across these high-performing SME IPOs, a few patterns emerge purely from price data:
- Sharp post-listing momentum
- Sustained buying interest over several months
- Gains extending far beyond listing-day premiums
What’s notable is that these moves unfolded over time, not just on debut. That distinction mattered in a year filled with short-lived listing pops.
What Lies Ahead for the IPO Market?
While 2025 delivered record numbers, the pipeline remains crowded.
- 96 companies have SEBI approval to raise about ₹1.25 lakh crore
- 106 companies await approval for around ₹1.40 lakh crore
- Combined pipeline: 202 companies
- Only 7 of them are classified as NATCs
- NATCs plan to raise roughly ₹22,500 crore
These figures underline that IPO activity—both mainboard and SME—is far from slowing down.
Summary: 10 SME IPOs That Defined 2025
To sum it up:
- 10 SME IPOs delivered returns between 177% and 601%
- Just 11% of SME IPOs crossed the 100% gain mark
- Anondita Medicare led with a 601% surge
- Tankup Engineers and Sacheerome followed with 405% and 274% gains
- Strong post-listing performance, not just debut hype, made the difference
In a year dominated by record fundraising and crowded listings, these SME IPOs carved out a separate identity—one defined purely by numbers on the screen and sustained market action.
Source: Livemint
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