Updated on 03.01.2026 @ 2:30 AM
December 2025 saw 51 IPO listings across the Indian primary market, with SME IPOs accounting for 41 issues and Mainboard IPOs contributing 10 issues. While the month recorded a high average subscription of 73×, listing outcomes remained mixed, with 63% of IPOs listing at gains.
This review breaks down IPO volume, capital raised, subscription trends, and listing performance across SME and Mainboard segments using data-backed analysis and visual comparisons.
This review is based on IPOs listed during the month for which complete and verifiable data was available at the time of publication.
December 2025 IPO Snapshot
IPO Distribution – SME vs Mainboard
In December 2025, most IPOs came from the SME segment.
- 41 SME IPOs were listed
- 10 Mainboard IPOs were listed
- 1 IPO was withdrawn due to low subscription
Even though SME IPOs were higher in number, they raised less total money.
- SME IPOs raised ₹1,691.25 crore
- Mainboard IPOs raised ₹21,939.13 crore.
This shows a clear trend that SME IPOs lead in quantity, while Mainboard IPOs lead in value.
Mainboard IPOs are fewer, but their issue size is much bigger.
On average, an SME IPO raised ₹41.25 crore, while a Mainboard IPO raised ₹2,194 crore — nearly 53 times more than a single SME IPO.
Subscription Trend Analysis
IPO-wise Subscription Multiple December 2025
The subscription data highlights a clear divergence between SME and Mainboard IPOs in December 2025.
Based on the IPOs reviewed:
- Mainboard IPOs (10 issues) recorded an average subscription of 24.98×
- SME IPOs (42 issues, including one which was withdrawn) saw a significantly higher average subscription of 84.49×
This means SME IPOs were subscribed approximately 3.38 times more than Mainboard IPOs during the month.
The highest subscription levels were observed in the SME segment, with Shyam Dhani Industries subscribing 988×. In comparison, the most subscribed Mainboard IPO, Corona Remedies Limited, saw a subscription of 73.05×.
Listing Performance Overview
Mainboard IPOs
- Highest listing gain: 45.2% (Meesho)
- Lowest listing performance: -2% (Park Medi World Limited)
- Average listing gain: ~13%
- 80% of Mainboard IPOs (8 out of 10) listed with positive gains
SME IPOs
- Highest listing gain: 90%
- Lowest listing performance: -39.7% (SSMD Agritech)
- Average listing gain: ~8.78%
- 58.5% of SME IPOs listed with gains, while 34.14% listed with losses, and 7.31% showed flat listings
Notably, four SME IPOs listed at 90% premium of their issue price — Encompass Design India Ltd, Exato Technologies, Luxury Time, and Shyam Dhani Industries — highlighting the sharp downside risk in the SME segment.
Issue Size & Capital Raised
Mainboard IPOs
- Out of 10 IPOs, the largest issue was ₹10,600 Crores (ICICI Prudential AMC)
- The smallest Mainboard issue size stood at ₹250.8 Crores (Gujarat Kidney and Super Speciality Limited)
SME IPOs
- Out of 41 IPOs, the largest issue size was ₹105.17 Crores (Bai-Kakaji Polymers)
- The smallest SME issue size was ₹10.07 Crores (Western Overseas Study)
Key Takeaway
Mainboard IPOs operated on a significantly larger capital scale.
- The largest Mainboard IPO was approximately 100× larger than the largest SME IPO
- Even the smallest Mainboard IPO was about 25× bigger than the smallest SME issue
While SME IPOs dominated in volume, Mainboard IPOs clearly led in capital raised per issue, highlighting the structural scale difference between the two segments.
IPO Wise Table:
| SL No | IPO Name | Segment | Issue Price | Listing Price | Gain/Loss % | Subscription | Issue Size |
| 1 | Admach Systems | BSE SME | ₹227 – ₹239 | 191.2 | -20 | 3.95x | 42.6 |
| 2 | Aequs | Mainboard | ₹118 – ₹124 | 140 | 12.9 | 55.21x | 921.81 |
| 3 | Apollo Techno Industries | BSE SME | ₹123 – ₹130 | 145 | 11.54 | 47.15x | 47.96 |
| 4 | Ashwini Container Movers Limited | NSE SME | ₹135 to ₹142 | 147 | 3.5 | 1.66x | 71 |
| 5 | Astron Multigrain | BSE SME | ₹63 (Fixed Price) | 50.4 | -20 | 1.22x | 18.4 |
| 6 | Bai-Kakaji Polymers | BSE SME | ₹177 – ₹186 | 190 | 2.15 | 5.38x | 105.17 |
| 7 | Clear Secured Services | NSE SME | ₹125 to ₹132 | 119 | -9.8 | 8.83x | 85.6 |
| 8 | Corona Remedies Limited | Mainboard | ₹1008 – ₹1062 | 1470 | 38.4 | 73.05x | 655.37 |
| 9 | Dachepalli Publishers | BSE SME | ₹100 – ₹102 | 81.6 | -20 | 1.9X | 40.39 |
| 10 | Dhara Rail Projects Limited | NSE SME | ₹120 – ₹126 | 135.1 | 7.22 | 103.97x | 50.2 |
| 11 | Encompass Design India Ltd | NSE SME | ₹101 to ₹107 | 203.3 | 90 | 2.11x | 40.21 |
| 12 | EPW India Limited | NSE SME | ₹95 – ₹97 | 111 | 14.43 | 1.29x | 31.81 |
| 13 | Exato Technologies | BSE SME | ₹133 to ₹140 | 266 | 90 | 880.96x | 37.45 |
| 14 | Exim Routes Limited | NSE SME | ₹83 to ₹88 | 110 | 25 | 14.23x | 43.73 |
| 15 | Flywings Simulator Training | NSE SME | ₹181 to ₹191 | 195 | 2.1 | 1.62x | 57.05 |
| 16 | Global Ocean Logistics | BSE SME | ₹74 to ₹78 | 79.2 | 1.5 | 12.75x | 30.41 |
| 17 | Gujarat Kidney and Super Speciality | Mainboard | ₹108 – ₹114 | 120 | 5.26 | 3.92x | 250.8 |
| 18 | Helloji Holidays | BSE SME | ₹110 to ₹118 | 118 | 0 | 28.05x | 10.96 |
| 19 | HRS Aluglaze Limited | BSE SME | ₹94 to ₹96 | 126 | 31.3 | 42x | 50.92 |
| 20 | ICICI Prudential AMC | Mainboard | ₹2,061 – ₹2,165 | 2600 | 20.1 | 25.33x | 10,600 |
| 21 | Invicta Diagnostic | NSE SME | ₹80 – ₹85 | 100 | 17.6 | 4.05x | 28.12 |
| 22 | K K Silk Mills | BSE SME | ₹36 to ₹38 | 32 | -15.8 | 5.43x | 28.5 |
| 23 | K. V. Toys India Limited | BSE SME | ₹227 to ₹239 | 320 | 33.9 | 323.38x | 40.15 |
| 24 | KSH International Limited | Mainboard | ₹365 to ₹384 | 399 | 3.9 | 0.46x | 710 |
| 25 | Logiciel Solutions | BSE SME | ₹183 to ₹193 | 154.4 | -20 | 1.99x | 36.3 |
| 26 | Luxury Time | BSE SME | ₹78 to ₹82 | 155.8 | 90 | 553.93x | 18.74 |
| 27 | MARC Technocrats Limited | NSE SME | ₹88 to ₹93 | 74.4 | -20 | 9.4x | 42.59 |
| 28 | Meesho | Mainboard | ₹105 – ₹111 | 161.2 | 45.2 | 48.11x | 5,421.20 |
| 29 | Methodhub Software Limited | BSE SME | ₹190 to ₹194 | 155.2 | -20 | 26.97x | 103.02 |
| 30 | Mother Nutri Foods | BSE SME | ₹111 to ₹117 | 118.4 | 1.2 | 14.43x | 39.59 |
| 31 | Nanta Tech Limited | BSE SME | ₹209 – ₹220 | 234 | 6.36 | 6X | 31.81 |
| 32 | Neochem Bio Solutions | NSE SME | ₹93 to ₹98 | 108 | 10.2 | 14.49x | 44.97 |
| 33 | Nephrocare Health Services | Mainboard | ₹438 – ₹460 | 490 | 6.5 | 9.11x | 871.05 |
| 34 | Neptune Logitek Limited | BSE SME | ₹126(Fixed Price) | 100.8 | -20 | 1.61x | 46.62 |
| 35 | Pajson Agro India | BSE SME | ₹112 to ₹118 | 124 | 5.1 | 6.07x | 74.45 |
| 36 | Park Medi World Limited | Mainboard | ₹154 – ₹162 | 158.8 | -2 | 6.51x | 920 |
| 37 | Phytochem Remedies | BSE SME | ₹98 (Fixed Price) | Withdrawn | NA | 0.6x | 38 |
| 38 | Prodocs Solutions Limited | BSE SME | ₹131 to ₹138 | 144 | 4.3 | 2.55x | 27.6 |
| 39 | Purple Wave Infocom | BSE SME | ₹120 to ₹126 | 132 | 4.8 | 6.47x | 31.45 |
| 40 | Ravelcare | BSE SME | ₹123 to ₹130 | 201 | 54.6 | 406.72x | 24.1 |
| 41 | Riddhi Display Equipments | BSE SME | ₹95 to ₹100 | 80 | -20 | 4.72x | 24.68 |
| 42 | Shipwaves Online Limited | BSE SME | ₹12 (Fixed Price) | 12 | 0 | 1.64x | 56.35 |
| 43 | Shri Kanha Stainless | NSE SME | ₹90 (Fixed Price) | 88 | -2.2 | 2.67x | 46.28 |
| 44 | Shyam Dhani Industries | NSE SME | ₹65 to ₹70 | 133 | 90 | 988x | 38.49 |
| 45 | Speb Adhesives | NSE SME | ₹52 to ₹56 | 60 | 7.1 | 2.18x | 33.73 |
| 46 | SSMD Agrotech India | BSE SME | ₹114 to ₹120 | 73 | -39.7 | 1.67x | 33.8 |
| 47 | Stanbik Agro Limited | BSE SME | ₹30 (Fixed Price) | 31.75 | 5.8 | 1.49x | 12.28 |
| 48 | Sundrex Oil Company | NSE SME | ₹81 – ₹86 | 68.8 | -20 | 1.51x | 32.25 |
| 49 | Unisem Agritech Limited | BSE SME | ₹63 to ₹65 | 65 | 0 | 1.96x | 21.45 |
| 50 | Vidya Wires | Mainboard | ₹48 to ₹52 | 52.13 | 0.3 | 26.59x | 300.01 |
| 51 | Wakefit Innovations Limited | Mainboard | ₹185 – ₹195 | 194.1 | -0.5 | 1.58x | 1,288.89 |
| 52 | Western Overseas Study | BSE SME | ₹56 (Fixed Price) | 54.9 | -2 | 1.39x | 10.07 |
Key Observations – December 2025 Listed IPOs
- SME IPOs dominated the month by volume, out of 51 IPOs listed during the month, 41 belonged to the SME segment, while 10 were Mainboard IPOs — translating to 80% SME IPOs and 20% Mainboard IPOs.
- However, capital raised told a very different story, of the total ₹23,630.38 Crores raised in the month, Mainboard IPOs accounted for ₹21,939.13 Crores, or 92.8% of the total capital, while SME IPOs contributed just 7.2%.
- Subscription trends were uneven across IPOs. While demand varied from issue to issue, SME IPOs, on average, recorded significantly higher subscription multiples compared to Mainboard IPOs.
- Listing performance remained mixed across segments. In the SME segment, 58.5% of IPOs listed with gains, whereas Mainboard IPOs showed stronger consistency, with 80% listing at positive premiums.
- Crucially, higher subscription did not always translate into listing gains. For example, Park Medi World Limited was subscribed 6.51×, indicating healthy demand, yet it listed below its issue price. Similarly, Wakefit Innovations Limited witnessed full subscription but still delivered a loss-making listing.
While SME IPOs dominated in numbers and subscription enthusiasm, Mainboard IPOs delivered superior capital depth and more consistent listing outcomes.
Related IPO Resources
- IPO Calendar – Upcoming, Live & Listed IPOs
- IPO GMP Hub – Grey Market Premium updates
- IPO Subscription Status – Category-wise subscription data
- IPO Allotment Status – Allotment checking guide
- IPO Infographics – Visual IPO insights
Conclusion
December 2025 highlighted a clear divide in the IPO market. SME IPOs dominated in numbers and subscriptions, accounting for 80% of listings and showing much higher average demand. However, listing outcomes were inconsistent, with only 58.5% of SME IPOs delivering gains.
In contrast, Mainboard IPOs, though fewer, controlled the capital flow, raising nearly 93% of total funds and offering more consistent listings, with 80% listing at a premium.
The key takeaway from December is simple:
Subscription hype alone did not guarantee listing gains. While SMEs drove excitement, Mainboard IPOs delivered scale and stability.
FAQ: December 2025 IPO Reviews
1. How many IPOs were listed in December 2025?
In December 2025, a total of 51 IPOs were listed. One IPO was withdrawn due to lower-than-acceptable subscription.
2. Which segment had more IPOs — SME or Mainboard?
41 IPOs were listed in the SME segment and 10 IPOs in the Mainboard segment. SME clearly led the rally in December 2025.
3. How much capital was raised in December 2025 IPOs?
A total of ₹23,630.38 crores was raised by all IPOs, including both SME and Mainboard issues.
4. What percentage of IPOs listed at a gain?
About 80% of Mainboard IPOs listed with gains, while 58.5% of SME IPOs listed with gains.
5. Did higher subscription guarantee listing gains?
No. If an IPO is fully subscribed, it does not mean it will list with gains. For example, Clear Secured Services Limited was subscribed 8.83×, but it listed 9.8% below its issue price.
6. What was the average subscription for SME vs Mainboard IPOs?
The average subscription for SME IPOs was 84.49×, while Mainboard IPOs averaged 24.98×.
7. Which IPO had the highest subscription in December 2025?
In December 2025, Shyam Dhani Industries received a 988× subscription, the highest among all IPOs.
8. Which IPO delivered the highest listing gain in December 2025?
The highest listing gains came from SME IPOs, where four IPOs listed at a 90% premium to their issue price.
