SME IPO boom: Guj tops country in listings during H1 of FY 2026

Ahmedabad: Gujarat has emerged as the leader in terms of SME IPOs in the first six months of the financial year 2026, with a total of 31 listings on the BSE SME and NSE Emerge platforms.Maharashtra ranked second with 28 SME listings. Gujarat-based SME companies raised a total of Rs 1,206 crore during the April-Sept period, while Maharashtra-based companies raised Rs 1,843 crore, making the state the leader in terms of funds mobilised. Delhi ranked third with a total of 20 IPOs and Rs 838 crore raised.According to data, on the BSE SME platform, 15 companies from Gujarat got listed during the April-Sept period, while on NSE Emerge, the number stood at 16. Gujarat-based companies raised Rs 501 crore through IPOs on BSE SME and Rs 705 crore through IPOs on NSE Emerge.Maharashtra-based SMEs have raised more funds through IPOs in the first six months. Experts said that both states are the SME powerhouses of India and, due to greater awareness about equity markets, have led the country in SME IPO activity.Vanesh Panchal, a merchant banker and MD of a city-based stock broking firm, said, "India is one of the largest countries having significant SME contribution to GDP. Earlier, SMEs had growth plans but lacked funding to fulfil them. However, over the last decade, SME platforms at stock exchanges have enabled hundreds of SMEs to raise funds as well as convert themselves into small-cap companies. Many SMEs listed in the early days have now switched over to the main platforms with sizable market capitalisation."The last few years have witnessed a huge listing spree at Indian SME platforms due to the appetite among retail as well as HNI investors. Gujarat, being a growth engine, leads the listing race among SMEs. There are plenty of niche players in the SME segment still yet to enter the platform. Many SME listings have given handsome returns to initial investors; however, there are also cases of poor listings. Investors must study the SME company profile in detail and only then opt for investments, as lately some fly-by-night type promoters have found SME platforms as instruments to make easy money."