SME IPOs make up 65% of the issues that have closed in 2026, but they raised only about 6% of the money. Our records show 186 SME issues and 102 mainboard issues, and the mainboard side has raised ₹1,24,077 crore against ₹8,464 crore for SME. This SME vs mainboard IPO comparison is as of 17 October 2026.
How big is the money gap?
Add the two boards and you get about ₹1,32,541 crore raised this year. Mainboard accounts for 94% of it.
The average issue shows the gap better. A mainboard IPO raised about ₹1,216 crore. An SME IPO raised about ₹45 crore. That is roughly 27 times more per issue.
| 2026 so far | Mainboard | SME |
|---|---|---|
| Issues closed | 102 | 186 |
| Money raised | ₹1,24,077 crore | ₹8,464 crore |
| Average per issue | about ₹1,216 crore | about ₹45 crore |
| Listings | 100 | 170 |
The listings row is lower than issues closed because some issues have closed but not yet listed.
How did the two boards list?
Listing gain is the difference between the issue price and the price at which shares first trade. We use the median, the middle value, so one extreme listing does not skew it.
| Listing record | Mainboard | SME |
|---|---|---|
| Median listing gain, 2026 | 6.93% | 0.72% |
| Median listing gain, last 3 months | 10.26% | 1.61% |
| Opened above issue price | 66 of 100 (66%) | 92 of 170 (54%) |
Two things stand out. First, the typical SME listing is almost flat. A median of 0.72% leaves very little after costs. Second, both boards have done better in the last three months than over the full year. The mainboard median rose from 6.93% to 10.26%, and the SME median from 0.72% to 1.61%.
What our data shows
Mainboard IPOs opened above the issue price 12 percentage points more often than SME issues this year (66% against 54%). The gap in the median gain is wider, about 6 percentage points over the year and 8.65 points in the last three months. Most of the SME count sits near zero, while mainboard listings have more room on the upside. These are past listing prices only. They say nothing about any IPO that is yet to list.
What happens next
The mainboard totals will move once the large issues open. Jio Platforms opens on 21 October, and we track every open and upcoming issue on the IPO calendar. Past listing results are on our mainboard IPO performance and SME IPO performance pages. These figures are drawn from IPO Guru records and are updated as issues close and list.
