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The number of IPO listings through BSE SME (55) and NSE Emerge (25) jumped 111% QoQ in Q3 CY2026, after moderation in Q1 and Q2. According to an analysis by B2K Analytics, SMEs have raised a total of Rs 3,791.67 crore in Q3 CY2026 through the BSE SME and NSE Emerge listing platforms. The amount raised is nearly double the Rs 1,890.06 crore recorded in Q2 CY2026. The latest quarter has seen revival in SME IPO activity with 80 IPO listings amid renewed investor participation in the segment, although the Q3 CY2026 issue size remains below the Rs 4,531.27 crore peak seen in Q3 CY2025.

Funds raised through Fresh Capital dominate

The number of IPO listings through BSE SME (55) and NSE Emerge (25) has shown a jump of 111% QoQ in Q3 CY2026, after moderation in Q1 and Q2. Funds raised through Fresh Capital (FC), which accounted for 94% of the funds raised, nearly doubled to Rs 3,574.67 crore in Q3 CY2026, from Rs 1,782.06 crore in Q2 CY26. Offer for Sale (OFS) also doubled to Rs 217.00 crore from Rs 108.00 crore during the same review period.

Debutants with listing gains 2.4x of Q2 SME IPOs

Listing performance improved notably, with 51 SME IPOs debuting at a premium during Q3 CY26. Meanwhile, the IPOs which listed at a discount stood at 19, while no-gain-no-loss listings declined slightly to 10.

“The improvement in listing gains reflect renewed investor appetite for SME IPOs potentially supported by expectations of stronger regulatory measures by the SEBI. However, the rise in loss-making listings suggests that market participation remained selective, with performance varying across issues depending on pricing, company fundamentals and market demand,” says Ritaban Basu, CEO, B2K Analytics.

Q3 CY26 witnessed eight SME companies listing with 90% premium, and other two delivering above 70% listing gains. Millworks Technologies, one of the top gainers also had the largest issue size at Rs 160.34 crore, followed by Credent Connect N Care at Rs 93.90 crore and Technocrats Plasma Systems at Rs 60.98 crore.

Top 10 IPOs by Listing-Day Gains

“Q3CY26 also reported several large-sized SME IPOs hitting the market for fund raising and some of them listing at a huge premium. This suggests the SME platform may be attracting companies with higher capital requirements alongside greater investor confidence in select issuers,” adds Basu.

Capital goods, Textiles, FMCG top three segments participating in SME IPOs

Capital Goods represents the largest share of the sample, with 40 companies accounting for 25% share. Textiles ranks second, comprising 16 companies (10%), followed by FMCG and Healthcare, with 12 companies each, representing 8% apiece. “The top five sectors account for ~58% of the sample, while the top ten sectors represent around 87% of the total sample of 158, indicating broad representation across a diverse range of industries,” concludes Basu.

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