Up to 527% gain! 29 SME IPOs that delivered multibagger returns to investors in a rough year
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India’s SME IPO market went through a sharp reality check in 2025 and yet, even during this rough phase, a small but notable group of SME stocks quietly delivered multibagger gains, reminding investors that stock selection backed by solid fundamentals determines returns even in a dull market. Data from Trendlyne shows that around 29 SME stocks have delivered gains of more than 100% from their IPO prices, despite the broader SME universe struggling to stay afloat. This performance stands out sharply in a year when enthusiasm for SME IPOs faded rapidly after listing, subscription numbers moderated and post-debut rallies lost steam. Over 250 SME IPOs hit the market in 2025, raising nearly Rs 11,000 crore, the highest-ever annual fundraising for the segment. Average listing gains fell to roughly 12.6%, the weakest since 2020. About 120 IPOs delivered flat or negative returns on debut, compared with around 33 such cases in 2024. Further, nearl...