The year 2025 has presented a remarkably balanced picture for investors in the small and medium enterprise (SME) initial public offering (IPO) segment. An analysis of the primary market reveals a near-equal distribution between winners and losers, highlighting both the potential and the peril in this high-growth space.
A Market Split Down the Middle
Data compiled from stock exchanges and primary market analytics platform Chittorgarh shows that, as of December 19, a total of 254 SME companies had made their stock market debut in 2025. The performance of these listings has been almost evenly divided. Out of the total, 120 stocks were trading above their issue price, delivering gains to their shareholders. On the flip side, 132 stocks were languishing below their IPO price, eroding investor wealth. Two stocks were found to be trading exactly at their offer price.
The disparity between the best and worst performers was stark. The top gainer managed to multiply its value by more than five times since listing. In contrast, the biggest loser witnessed a devastating erosion of 82% of its value from the IPO price.
Exchange-Wise Performance: NSE Emerge Outshines
The listings were split between the two major platforms for SMEs in India. The BSE SME platform hosted the majority, with 144 listings. However, its performance record was slightly negative. Out of these, only 63 stocks generated positive returns, while 81 destroyed value. This translates to a gain-loss percentage of 44% to 56% for BSE-listed SME IPOs.
The NSE Emerge platform, with 110 listings, posted a more favourable outcome. Here, 57 stocks created wealth for investors compared to 53 that destroyed it. This results in a winning ratio of 52% gainers to 48% losers, which is notably better than the ratio observed on the BSE platform.
The Champions and the Challengers
Leading the pack of wealth creators was Tankup Engineers. Listed on the NSE in April 2025 with an issue price of Rs 140, its shares debuted at Rs 184. By December 19, the stock had skyrocketed to Rs 722, registering a phenomenal gain of 416%. The company manufactures specialized vehicle superstructures for mobility and storage, including fuel tanks and aircraft refuelers.
The other standout performers in the SME space this year include:
- Anondita Medicare (Up 406% since Sept 2025 listing on NSE)
- Fabtech Tech (Up 296%, listed on BSE)
- Cryogenic OGS (Up 270%, BSE)
- Sacheerome (Up 265%, NSE)
On the unfortunate end of the spectrum, Velencia India emerged as the biggest value destroyer. Having listed on the BSE SME platform in July at Rs 110 per share, its stock price collapsed to a mere Rs 20 by December 19, marking a loss of 82%. The company is involved in real estate and global trade of food and non-food items.
Other significant losers that eroded investor capital were:
- Studio LSD (Down 75%, NSE)
- Aten Papers (Down 72%, BSE)
- Swasth Foodtech (Down 72%, BSE)
- Siddhi Cotspin (Down 72%, NSE)
The 2025 SME IPO landscape underscores a critical lesson for investors: while the segment offers explosive growth stories like Tankup Engineers, it carries substantial risk, as evidenced by the sheer number of stocks in the red. The nearly 50-50 split between gainers and losers emphasizes the need for rigorous due diligence before participating in these public offerings.
