SME IPOs on NSE Emerge vs BSE SME: How They Listed
SME IPOs on NSE Emerge have opened higher than those on BSE SME: a median +15.38% against +4.26%, across 477 and 401 listings. Much of that gap follows demand. NSE SME issues drew a median 62.47x subscription; BSE SME issues drew 11.60x.
Year by Year
| Year | BSE IPOs | BSE median gain at open | BSE median subscription | NSE IPOs | NSE median gain at open | NSE median subscription |
|---|---|---|---|---|---|---|
| 2023 | 61 | +5.19% | 13.76x | 118 | +18.55% | 51.34x |
| 2024 | 67 | +34.33% | 156.63x | 178 | +39.79% | 175.56x |
| 2025 | 151 | +1.27% | 5.50x | 117 | +5.88% | 9.89x |
| 2026 | 122 | +1.16% | 3.53x | 64 | +1.54% | 4.31x |
Both exchanges peaked in 2024. In 2025 the median gain at open was under 6% on both, and in 2026 under 2%.
Compared at the Same Demand
At the same level of subscription, NSE listings still opened higher in every band, but in 4 of 5 bands by less than the overall gap of 11.12 percentage points. At 100x to 200x the two were close: a median +31.76% on NSE and +29.57% on BSE. Above 200x, more NSE listings reached the 90% opening limit (63.64% against 44.74%).
| Total subscription | BSE IPOs | BSE median gain at open | NSE IPOs | NSE median gain at open |
|---|---|---|---|---|
| Under 1x | 2 | -9.81% | – | – |
| 1x to 10x | 194 | 0% | 144 | +0.43% |
| 10x to 50x | 59 | +3.43% | 80 | +7.99% |
| 50x to 100x | 27 | +8% | 56 | +18.82% |
| 100x to 200x | 42 | +29.57% | 75 | +31.76% |
| Over 200x | 76 | +66.45% | 121 | +90% |
The 90% Opening Limit
Since 4 July 2024 NSE has not allowed an SME IPO to open more than 90% above its issue price. Before that, 23.15% of NSE SME listings in the data opened 90% or more above the issue price, the highest at +386.67%. No BSE SME listing in the data opened more than 90% above its issue price. Since 30 July 2025 NSE has also not allowed an SME IPO to open more than 20% below its issue price.
Limits
- SME data starts in 2023. Each IPO is counted on the exchange where it listed.
- Medians describe groups of IPOs; they do not predict a single listing.
- See the methodology for sources and definitions.