The SME (Small and Medium Enterprises) IPO market has remained highly active in 2025. Between January and September, 211 companies tapped the SME primary market, raising nearly Rs. 9,165 crore – the highest annual fundraising ever for the segment, achieved even before the year’s close.
Despite the strong fundraising numbers, SME IPO performance in 2025 has been uneven. While several issues delivered impressive post-listing returns, many others saw subdued or negative listing gains. This trend mirrors the mainboard IPO market in 2025, where only a handful of large-cap listings managed to provide meaningful upside, and overall listing performance lacked consistency.
Here are the top five best-performing (Small and Medium Enterprises) IPOs of 2025:
Fabtech Technologies Cleanrooms Limited
With a market cap of Rs. 399 crores, the stock closed in the green at Rs. 323.65 on NSE, rising by around 0.5 percent on Friday. The company entered the public markets through its IPO on 3rd January 2025, listing on BSE SME at an issue price of Rs. 85. Since then, the stock has generated returns of around 279 percent relative to its issue price.
Fabtech Technologies Cleanrooms Limited is engaged in the business of manufacturing pre-engineered, prefabricated modular panels and doors for building internal infrastructure for pharmaceuticals and allied industries.
Monolithisch India Limited
With a market cap of Rs. 1,261 crores, the stock closed in the green at Rs. 580 on NSE, rising by around 5 percent on Friday. The company entered the public markets through its IPO on 12th June 2025, listing on NSE SME at an issue price of Rs. 143. Since then, the stock has generated returns of around 288 percent relative to its issue price.
Monolithisch India Limited, one of the leading producers of premixed high-quality ramming mass in India, is engaged in the business of manufacturing and supplying specialised ramming mass used as a heat insulation/lining material as a refractory consumable for induction furnaces installed in iron/steel and foundry plants.
Cryogenic OGS Limited
With a market cap of Rs. 285.5 crores, the stock closed in the red at Rs. 199.95 on BSE, falling by around 1 percent on Friday. The company entered the public markets through its IPO on 3rd July 2025, listing on BSE SME at an issue price of Rs. 47. Since then, the stock has generated returns of about 329 percent relative to its issue price.
Cryogenic OGS Limited is presently engaged in the fabrication and assembly of gas metering skids and meter runs, chemical and additive injection skids, strainer cum air and vapor eliminators, design, fabrication and testing of strainer, bulk air eliminators, pressure vessels, LPG vapor eliminators, prover tanks, etc.
Anondita Medicare Limited
With a market cap of Rs. 1,124.6 crores, the stock hit a 2 percent lower circuit at Rs. 621.8 on NSE, during Friday’s trading session. The company entered the public markets through its IPO on 22nd August 2025, listing on NSE SME at an issue price of Rs. 145. Since then, the stock has generated returns of more than 337 percent relative to its issue price. Anondita Medicare Limited, a leading condom manufacturing enterprise in India with an installed capacity of nearly 562 million condoms per annum.
Tankup Engineers Limited
With a market cap of Rs. 349 crores, the stock hit a 2 percent upper circuit at Rs. 658.55 on NSE, during Friday’s trading session. The company entered the public markets through its IPO on 23rd April 2025, listing on NSE SME at an issue price of Rs. 140. Since then, the stock has generated returns of around 361 percent relative to its issue price.
Tankup Engineers Limited is one of the leading manufacturers of self-bunded fuel tanks in India, offering a wide range of capacities to meet the diverse needs of industries such as agriculture, mining, construction, and logistics.
Written by Shivani Singh
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