78 SME IPO listings raised a total of Rs 3752 crores in H1 CY26: B2K Analytics
According to B2K Analytics, 78 SMEs got listed during the H1 CY26 at a cumulative issue size of Rs 3,752 crores. Fresh Capital remained the primary source of funds, contributing Rs 3,555 crore, or nearly 95% of the total issue size in H1 CY26. The Offer for Sale (OFS) component stood at Rs 197 crore, lower than Rs 328 crore in H1 CY25, pointing that issuers are raising primary capital to fund business expansion rather than facilitate exits for existing shareholders.
While the number of listings was lower than H1 CY25 (88) and H1 CY24 (116), the overall amount raised remained tad lower than the Rs 4,004 crore raised in H1 CY25. This indicates that despite fewer IPOs, the companies raised sizeable capital from the market.
According to Ritaban Basu, CEO, B2K Analytics, compared with earlier periods, the SME IPO market in H1 CY26 reflects a more measured pace of listings while maintaining healthy fundraising levels. “Although issuance has moderated from the highs seen in H1 CY24 and H1 CY25, the ability to raise nearly Rs 3,800 crore through fewer listings suggests continued investor interest in quality SME offerings and sustained access to equity capital for growth-oriented businesses,” he says.
Compared with Q2 CY25, the number of IPOs entered the capital market remained almost unchanged at 38, while the total amount raised increased to around Rs 1,891 crore from Rs 1,644 crore. According to B2K Analytics, compared with the previous few quarters, IPO activity in Q2 CY26 remained steady from the exceptionally high levels recorded in Q3 CY25 and Q4 CY25, when the market witnessed 95 and 86 SME IPOs, respectively. However, the latest quarter was broadly in line with Q1 CY27 and the corresponding quarter of the previous year, suggesting that the SME IPO market has settled into a more balanced level of activity after the strong surge seen during the Q4CY25.
Fresh Capital continued to account for the bulk of the funds raised in the quarter, contributing around 94% of the total issue size at Rs 1,783 crore. The Offer for Sale (OFS) remained relatively small at Rs 108 crore, suggesting that most of the companies continued to use the IPO route primarily to raise capital for business growth rather than facilitate shareholder exits.
* Among the 38 SME IPOs listed in Q2CY26, 21 IPOs listed with a premium while 5 at a discount suggesting the positive investor demand towards the majority of SME IPOs.
* Few companies such as Merritronix and Avience Biomedicals delivered an impressive 90.00% listing gains. Vegorama Punjabi Angithi witnessed a 53.40% gain, followed by Horizon Reclaim and Susan Electricals recording a healthy listing gains of 46.60% and 46.50%, respectively.
* On the other hand, some IPOs experienced weak debuts. Liotech Industries posted the lowest listing performance with a 19.90% loss.
* While Value 360 Communications, Bio Medica Laboratories, UHM Vacation, and GenXAI Analytics each registered a 20.00% listing loss.
* In terms of issue size, Q-Line Biotech Limited launched the largest IPO with a total issue size of Rs 214 crore, followed by Vivid Electromech Limited at Rs 131 crore and Clay Craft India Limited at Rs 110 crore.
* In terms of the issue prices, Vivid Electromech Limited commanded the highest issue price at Rs 555 per share, followed by Q-Line Biotech Limited at Rs 343 per share and Liotech Industries Limited at Rs 321 per share.
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