SME IPO meltdown: 30 NSE listings in 2025 slump up to 58% versus 9 mainboard laggards

The Indian primary market has been buzzing in 2025, with 121 IPOs hitting Dalal Street so far. Of these, 39 stocks are trading below their issue price, slipping as much as 58%. SME IPOs have borne the brunt, with 30 issues in the red, while 9 mainboard listings are also quoting below their price band.

SME stock Arunaya Organics has fallen the most at 58% below the issue price (Rs 58), followed by ATC Energies System, Delta Autocorp, Ken Enterprises and Ganga Bath Fittings, which fell 47% each.

Other with double-digit fall from the issue price are Rexpro Enterprises, Accretion Pharmaceuticals, Kaytex Fabrics, Renol Polychem, Mahendra Realtors & Infrastructure Realtors & Infrastructure, Studio LSD, Dar Credit & Capital, Kabra Jewels, Cedaar Textile, Suntech Infra and Silky Overseas Solutions are down between 44% and 11% from their issue prices.


Jyoti Global Plast, Samay Project Services, Chamunda Electrical, Active Infrastructures, Rama Telecom, Medistep Healthcare, Readymix Construction Machinery, Bhadora Industries, Divine Hira Jewellers, Pushpa Jewellers, TSC India, Aaradhya Disposal Industries, Smarten Power Systems and Rapid Fleet Management Services have seen their stock prices fall between 9% and 1% below the issue price post listing.


SME listings on only NSE Emerge platforms have been taken into account.

In the mainboard category Arisinfra Solutions has proved to be a major laggard. The technology-driven B2B procurement platform backed by PharmEasy co-founder Siddharth Shah is trading 33% below the issue price. Laxmi Dental and Laxmi India Finance are other major mainboard IPOs where a double-digit decline of 20% and 16% is witnessed.

Indiqube Spaces, Kalpataru, Brigade Hotel Ventures, Schloss Bangalore, Indogulf Cropsciences and Borana Weaves are down up to 7%.


Over the past one year, 224 IPOs have been launched and in this 131 IPOs are currently trading above their respective issue prices while 93 are trading below the issue price. In this, 169 had seen listing gains while 55 stocks were listed at a discount.

In August there has been a deluge of 40 IPOs comprising both SMEs and mainboards.

Road ahead

Notwithstanding the troubles in the secondary market, experts see the upbeat sentiment to continue going ahead. While Foreign Institutional Investors (FIIs) have been selling Indian equities in the secondary markets, they have remained gung-ho about the new companies.

Samir Arora, founder and fund manager at Helios Capital Management calls FII selling as marginal rebalancing where foreign investors are buying stakes in Indian companies via IPO and QIP routes.

Also Read: Why FIIs selling Indian stocks is not wrong: Helios Capital's Samir Arora explains

Arihant Capital Market's Joint Managing Director Arpit Jain expects the momentum to continue in the coming months, especially in the mid-cap space.

“The rest of the year is expected to see some improvement in the mid-cap segment, driven by a surge in IPOs, including some notable ones in August. However, the success of these IPOs will depend on various factors like market conditions, investor sentiment, regulatory approvals, and valuation,” he said.

There is a great amount of anticipation around public issues of Tata Capital, Zepto and PhonePe, HeroFinCorp and FabIndia.

Echoing this optimism, Khushi Mistry, Research Analyst at Bonanza said that September could see a sizable number of IPOs, partly supported by strong investor sentiment and liquidity.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)