Small IPOs, Big Gains: June 2025 Rings Loud on NSE Emerge
Investor sentiment rode high in June 2025 as the SME IPO market lit up on NSE Emerge, hitting its highest level in eight months. According to the latest NSE Market Pulse report, 21 companies went public, with 15 listing on the SME-focused Emerge platform and six on the Mainboard. The industrial sector led with 13 companies raising ₹2,176 crore, while the consumer discretionary segment took the funding crown, bagging ₹9,033 crore across eight IPOs. The energy sector surprised investors by raising ₹2,873 crore from just two companies. Gujarat and Maharashtra each clocked nine listings, raising ₹3,374 crore and ₹3,300 crore respectively. Meanwhile, Delhi, with only four IPOs, led in terms of funds raised with ₹3,657 crore. The Mainboard saw fresh capital comprising 83% of issue size, while Emerge stayed true to its equity-driven trend with 96% fresh issuances so far in FY26.
Sector Spark: Industrial, Consumer Discretionary, and Energy Dominate Listings
June 2025 witnessed sectoral diversity in SME IPO activity. The industrial sector led the pack with 13 IPOs, raising ₹2,176 crore, driven by investor confidence in infrastructure and manufacturing. Not far behind, the consumer discretionary sector pulled in ₹9,033 crore through eight companies—the highest sectoral proceeds for the month. Surprisingly, the energy sector made waves with just two IPOs generating ₹2,873 crore, placing it second in total proceeds despite lower listing volume. This strong cross-sector traction demonstrated renewed investor appetite across traditional and growth sectors alike, further energizing the SME ecosystem on NSE Emerge.
Regional Rumble: Gujarat, Maharashtra, and Delhi Lead the IPO Heatmap
Gujarat and Maharashtra stood tall with nine SME listings each, collectively raising ₹6,674 crore. Gujarat edged ahead with ₹3,374 crore, marginally overtaking Maharashtra’s ₹3,300 crore. The National Capital Territory (NCT) of Delhi, though only fielding four listings, led the pack in funds raised, amassing ₹3,657 crore. These figures highlight how regional economies are diversifying and pushing more companies into the capital market spotlight. The geographical spread of SME IPOs in June reflected balanced participation across India’s key business hubs, signaling a healthy, competitive listing environment on the Emerge platform.
Capital Pulse: Mainboard vs Emerge—Fresh Equity Takes the Lead
Mainboard IPOs in June 2025 saw 83% of their issue size coming from fresh capital, with offers for sale (OFS) accounting for the remaining 17%. Though this marks a drop from May’s 93% fresh issuances, it remains a sharp increase from June 2024’s 40%. For FY24-25 overall, Mainboard IPOs were largely OFS-led (65%). Meanwhile, SME IPOs on NSE Emerge continued to rely heavily on new equity capital. Fresh issuances comprised 96% of total proceeds so far in FY25-26, rising from 94% in FY24-25. These figures reaffirm the Emerge platform’s core mission of enabling capital access for growing enterprises.
Listing Day Drama: Mixed Debuts on Both Boards
Listing day performance delivered a mix of excitement and caution. On NSE Emerge, twelve companies posted listing gains, showcasing robust investor enthusiasm. Two SMEs debuted below issue price, while one remained unchanged. Meanwhile, on the Mainboard, only two IPOs saw listing-day gains. Three opened in the red, and one debuted flat. This mixed performance emphasized the importance of due diligence and realistic valuations in an IPO-fueled market. Still, overall sentiment stayed positive as SMEs proved their mettle in a competitive investor landscape.
(With INputs From ANI)
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