SME IPOs hit an eight-month high, industrial sector leads in listings: NSE Market Pulse

Small and medium enterprise (SME) initial public offerings (IPOs) on the NSE Emerge platform surged to an eight-month high in June, marking robust investor interest across sectors and geographies, according to the latest NSE Market Pulse report for June 2025.

The initial public offering (IPO) refers to the process by which companies sell their shares to the public to raise equity capital from investors.

A total of 21 companies debuted on the exchanges during the month--six on the Mainboard and fifteen on the SME-focused Emerge platform.

In terms of sectoral activity, the industrial sector led with 13 companies collectively raising Rs 2,176 crore, followed by the consumer discretionary segment, which saw eight companies mobilising Rs 9,033 crore--the highest among sectors.

The energy sector, though smaller in terms of the number of listings, stood second in IPO proceeds, with two companies raising Rs 2,873 crore. Regionally, Gujarat and Maharashtra topped the charts with nine listings each, the NSE monthly report said.

Gujarat-based companies raised Rs 3,374 crore, slightly ahead of Maharashtra's Rs 3,300 crore.

The National Capital Territory (NCT) of Delhi, despite only four listings, recorded the highest proceeds among states at Rs 3,657 crore.

On the Mainboard, fresh capital accounted for 83 per cent of the total issue size, with the remaining 17 per cent through offers for sale (OFS).

This was lower than the 93 per cent fresh equity seen in May but significantly higher than June 2024, when fresh issuances comprised just 40 per cent. For 2024-25 overall, Mainboard IPOs saw fresh issuances at only 35 per cent, with OFS dominating at 65 per cent.

In contrast, the SME Emerge platform continued to be driven by new equity capital. Fresh issuances constituted 96 per cent of total proceeds in 2025-26 so far (as of June 2025), up from 94 per cent in 2024-25.

Performance on listing day was mixed--twelve Emerge companies posted gains, two recorded losses, and one remained unchanged. On the Mainboard, two companies posted listing gains, three opened below issue price, and one debuted flat.