Where each type lists, how much you need to apply, who regulates them and why SME IPOs carry extra risk.
Indian IPOs come in two kinds: mainboard IPOs, which list on the main boards of NSE and BSE, and SME IPOs, which list on the dedicated small-and-medium-enterprise platforms, NSE Emerge and BSE SME. They look similar in your broker app, but the rules, the money you need and the risks are quite different.
SME IPO vs mainboard IPO at a glance
| Mainboard IPO | SME IPO | |
|---|---|---|
| Where it lists | Main board of NSE and BSE | NSE Emerge or BSE SME |
| Company size | Larger companies | Post-issue paid-up capital up to ₹25 crore |
| Offer document reviewed by | SEBI | The stock exchange |
| Minimum application | One lot worth ₹10,000–15,000 | Two lots for individual investors, usually above ₹2 lakh |
| Market maker | Not required | Mandatory for three years after listing |
| Trading after listing | Any quantity | In multiples of the lot size |
| Liquidity | Usually high | Often thin; prices can swing sharply |
Why SME IPOs need more money
SME lot sizes are set so that each application is worth a meaningful amount, and individual investors must apply for at least two lots. That typically puts the minimum SME application above ₹2 lakh, compared with around ₹15,000 for a mainboard IPO. Check the exact amounts on each IPO page or with the IPO application calculator.
Regulation and disclosure
Mainboard offer documents are reviewed by SEBI. SME offer documents are reviewed by the exchange, and disclosure requirements are lighter. In 2025 SEBI tightened the SME framework, including a profitability track-record requirement for issuers and a cap on how much existing shareholders can sell through the IPO, after concerns about some small issues.
Risks specific to SME IPOs
- Liquidity: shares trade in lots, and there may be few buyers when you want to sell.
- Volatility: small floating stock can produce very large listing gains or losses.
- Information: smaller companies have less analyst coverage and shorter track records.
- Grey market hype: SME GMPs can be extreme and change fast; see how reliable GMP is.
Can an SME company move to the main board?
Yes. After it grows and meets the exchange's migration criteria, an SME-listed company can migrate to the main board, which usually improves liquidity.
Browse live issues
See all live and upcoming issues on the SME IPO and mainboard IPO pages, each with GMP, lot size and key dates.