Updated on 04.06.2026
May 2026 IPO Review by MrMoneyFrugal.com covers all 14 IPOs listed during the month, including 12 SME IPOs and 2 Mainboard IPOs.
In this review, we analyze subscription trends, capital raised, listing performance, segment-wise comparisons, and other key insights from the IPO market during May 2026.
For the latest upcoming, ongoing, and recently listed IPOs, check out our IPO Calendar, which tracks all IPOs in 2026 in one place.
May 2026 IPO Market Snapshot (Key Data & Trends)
No Of IPOs Listed: 14
SME IPOs: 12
Mainboard IPOs: 2
Total Capital Raised: ₹4981.87 Crores
Average Subscription: 89.44x
Mainboard IPO Average Subscription no: 6.945x
SME IPO Average Subscription no: 103.2
IPOs Listed at profit: 64.29 %
IPOs Listed at Loss : 35.71%
IPOs Listed at No Profit & No Loss: 0 %
IPO Distribution May 2026 – SME vs Mainboard
| SME IPOs | 12 |
| Mainboard IPOs | 2 |
Mainboard Vs SME: Capital Raised by IPOs in May 2026
Average capital raised SME Vs Mainboard IPOs (In Cr.) | |
SME IPOs | 54.25 |
Mainboard IPOs | 2165 |
SME IPOs raised: ₹650.95 crore
Q-Line Biotech SME, an SME IPO raised the biggest amount of 214.48 Crore.
Goldline Pharmaceutical, raised 11.61 Crore, the lowest amount
Mainboard IPOs raised: 4330.92 Crores
Bagmane Prime Office REIT raised the 3405 crore, the highest,
Kissht raised the lowest, 925.92 crore among mainboard IPOs
Average capital raised per SME IPO: ₹54.25 crore
Average capital raised per Mainboard IPO: ₹2165 crore .This means Mainboard IPOs raised 39.91× more capital per IPO compared to SME IPOs.
Subscription Trend Analysis of IPOs In May 2026
SME IPOs: Average subscription: 103.2×
Mainboard IPOs :Average subscription: 6.945×
SME IPOs attracted significantly stronger investor demand, receiving nearly 14.9× higher average subscription than Mainboard IPOs.
Avg Subscription SME Vs Mainboard IPOs in May 2026
SME IPOs | 103.2 |
Mainboard IPOs | 6.945 |
Listing Performance Overview For May 2026 IPOs
Mainboard IPOs: May 2026 Listing Performance
The highest listing gain: 11.11% by Kissht
The weakest listing :3.5 % by Bagmane Prime Office REIT
The average listing gain stood at 7.31%
All of the Mainboard IPOs (2 Nos) listed at a premium to their issue prices.
SME IPOs – May 2026 Listing Performance
The highest listing gain: 53.38%, delivered by Vegorama Punjabi Angithi
The weakest listing performance was -20%, recorded by both Value 360 Communications and Bio Medica Laboratories.
The average listing gain: 10.91%, reflecting strong overall performance
In May 2026, 66.67% of SME IPOs listed at a premium and 33.33% IPOs listed below their issue prices.
Table: Complete IPO Listing Performance – May 2026 (SME & Mainboard)
View the complete data of all the 14 IPOs at our latest IPO section.
Key IPO Market Insights – May 2026
- SME IPOs saw significantly stronger investor demand, recording an average subscription of 103.2× compared to 6.95× for Mainboard IPOs.
- Mainboard IPOs accounted for the majority of capital raised in May 2026, contributing ₹4,330.92 crore out of the total ₹4,981.87 crore.
- Nearly two-thirds of all IPOs listed at a premium, with 64.29% delivering positive listing gains on debut.
- SME IPOs outperformed Mainboard IPOs in listing returns, posting an average gain of 10.91% compared to 7.31% for Mainboard issues.
Key IPO Resources Links:
4. Daywise IPO Subscription Details
5. IPO Glossary
6. April 2026 IPO Review – 12 Listings, 26.49x Average Subscription & Market Performance
7. May 2026 IPO Subscription Review
8. GMP vs Listing Gains May 2026 IPOs
Conclusion:
Overall, May 2026 was a positive month for the IPO market. While Mainboard IPOs accounted for most of the capital raised, SME IPOs generated significantly stronger investor participation and higher average listing gains.
