Even though 2025 was a tough year for most small‑ and medium‑enterprise (SME) IPOs in India, a handful of stocks still managed to double or even quintuple their IPO price.
Overall SME IPO performance in 2025
More than 250 SME IPOs raised close to ₹11,000 crore – a record amount – but average first‑day gains fell to just 12.6%, the weakest since 2020. Around 120 listings opened flat or slipped, and nearly 130 are now trading below their issue price.
Companies that turned into multibaggers
- Anondita Medicare – IPO at ₹145, now above ₹900, >500% gain.
- Tankup Engineers – over 300% gain.
- Fabtech Technologies Cleanrooms – over 300% gain.
- Cryogenic OGS – 250‑500% gain.
- Monolithisch India – 250‑500% gain.
Why these stocks outperformed
All of the winners operate in niche areas such as healthcare, clean‑room infrastructure, specialized engineering or industrial services. Their strong order books, repeat customers and solid profit growth helped them rise even when market sentiment was low.
For example, Anondita Medicare’s revenue jumped 66% to ₹77.13 crore in FY25 and profit after tax surged 327% to ₹16.42 crore, supporting its steep price rise.
Lessons for retail investors
- Focus on fundamentals – revenue growth, profitability and a clear market niche matter more than hype.
- Look for companies with strong customer contracts and repeat business.
- High IPO subscription levels can signal interest, but they don’t guarantee success.
- Investors should be patient; many multibaggers built value gradually after a modest debut.
What’s next for the SME platform?
Regulators have tightened listing rules to improve pricing discipline, which may lead to fewer but higher‑quality IPOs. As macro‑economic conditions improve, liquidity could return, giving careful investors more opportunities.
Remember, this is perspective, not a prediction. Do your own research before investing.