Latest IPOSME IPO vs Mainboard IPO: Key Differences
Updated 20 Oct 2026 · 2 min read
SME IPOs and mainboard IPOs both let you buy shares before they list, but they are very different. Here are the main differences, with figures from the 171 IPOs we have tracked.
Key differences
| Mainboard IPO | SME IPO | |
|---|---|---|
| Company | Larger companies | Small and medium companies |
| Lists on | Main board of BSE and NSE | NSE Emerge or BSE SME |
| Average issue size | ₹1,738 Cr | ₹49 Cr |
| Average minimum investment | ₹14,811 | ₹1,25,381 |
| Trading after listing | Any number of shares | In lots, with a market maker |
| Risk | Lower | Higher: smaller firms, less information, harder to sell |
Listing gains: SME vs mainboard
| Kind | IPOs listed | Listed above issue price | Average listing gain |
|---|---|---|---|
| Mainboard | 66 | 76% | +17.85% |
| SME | 86 | 58% | +17.07% |
Average gains can hide big losses: a few SME IPOs with huge gains can lift the average while many others list flat or lower.
Things to check before an SME IPO
- Revenue and profit for the last three years, and whether they jumped just before the IPO.
- What the money raised will be used for.
- The lead manager, and how its past IPOs did.
- How much you need to invest, and whether you can afford to lose it.
See open and upcoming SME IPOs and mainboard IPOs.
Frequently asked questions
Can retail investors apply in SME IPOs?
Yes, as long as they can invest the minimum application amount, which is much higher than in mainboard IPOs.
Can an SME company move to the main board?
Yes. After some years, if it meets the exchange’s rules on size and track record, it can migrate to the main board.
For information only, not investment advice.