Whalesbook
Toh hua kya hai ki, pura focus ab chote aur medium businesses ke IPOs par hai. Iss hafte total 8 SME companies IPO laayi hain, jinka target hai milakar ₹440 crore fund karna.
Yeh sab chalu hai jabki bade companies ke IPOs wale mainboard segment mein pichle 2 hafte se bilkul sannata chhaya hua hai. Koi nayi listing nahi hui hai.
SME IPOs ka flood!
Iss race mein sabse aage hai Q-Line Biotech, jo ₹214 crore tak raise karne ka plan bana rahi hai, aur yeh iss saal ki sabse badi SME IPO ban sakti hai. Iske alawa, NFP Sampoorna Foods (₹24.53 crore), Teamtech Formwork Solutions (₹50.2 crore), Vegorama Punjabi Angithi (₹38.38 crore), Harikanta Overseas (₹25.6 crore), Bio Medica Laboratories (₹45.5 crore), aur Autofurnish (₹14.6 crore) bhi iss hafte apne IPOs launch kar rahe hain. M R Maniveni Foods bhi ₹27 crore se zyada raise karne aa rahi hai.
Aur suno, Goldline Pharmaceutical aur RFBL Flexi Pack jaisi 2 SME firms May 19 ko list hone wali hain. Goldline Pharmaceutical ka IPO toh 782 times subscribe hua tha, aur RFBL Flexi Pack ka 20.4 times. Isse pata chalta hai ki investors SME IPOs mein kafi interested hain.
Mainboard market kyun ruka hua hai?
Bade companies ke IPOs rukne ka reason hai investors ka caution, market mein chal rahi volatility, aur valuations ko le kar confusion. Companies wait kar rahi hain ki market thoda stable ho aur listing achhi ho, kyunki aajkal bade IPOs bhi discount mein list ho rahe hain.
Global tensions aur inflation ki wajah se bhi market ka mood kharab hai, jisse FIIs ke paisa aane mein bhi kami hui hai. Isi wajah se mainboard IPOs slow ho gaye hain aur companies apne listing plans ko dobara check kar rahi hain.
SME IPOs ke risks bhi samjho!
Sahi hai ki SME IPOs se choti companies ko paisa milta hai, par ismein risks bhi hain. SME IPOs mein pehle se hi zyada volatility rehti hai kyunki liquidity kam hoti hai aur analyst coverage bhi zyada nahi hota. Valuation badha-chada kar pesh karne ka risk rehta hai, aur kai SME IPOs listing ke baad flat ya negative returns deti hain.
Recent data bata raha hai ki 2026 ke shuru mein SME IPOs ke average listing gain 2.8% tak gir gaye hain, aur zyadaatar naye listings offer price se neeche hi khule hain.
Aur toh aur, SEBI bhi SME segment par kadi nazar rakh raha hai. March 2025 mein aaye SEBI ke reforms mein eligibility criteria sakht kiye gaye hain, OFS component par limit lagai gayi hai, aur IPO proceeds ke use par bhi naye rules aaye hain. Yeh sab ek achhi quality listing aur speculation kam karne ke liye kiya ja raha hai.
Pharmaceuticals, textiles, aur auto ancillaries jaisi industries mein growth dikh rahi hai. Auto ancillary sector toh vehicle production badhne aur EV adoption se aur faayda uthayega. Par in sabki success unke valuations aur business model par depend karegi.
SME Illiquidity aur Governance ka masla
Zyada SME IPOs aane se market saturation ho sakta hai aur investors ka dhyan bat jayega. Kai SME listed companies trading suspension ka bhi samna kar chuki hain kyunki woh rules follow nahi karti, jisse investors ka paisa atak jata hai.
Promoter ki holding zyada hona aur institutional oversight kam hone se governance mein gaps aa sakte hain. Isse promoters long-term growth ki jagah personal liquidity par focus kar sakte hain.
Agarche pehle SME IPOs mein achhi listing gains milti thi, par ab yeh trend kaafi kam ho gaya hai. 2025 mein lagbhag aadhe SME listings apne IPO price se neeche trade kar rahe the, aur average listing gains bhi kam ho gaye hain. Ab focus fundamentals par zyada hai aur investors valuations aur subscription quality ko lekar zyada savdhan ho gaye hain.
Jinki disclosures theek nahi hain, revenues inflated hain, ya listing se pehle ke undisclosed arrangements hain, unhone pehle investors ka trust toda hai. Individual SME issues bade mainboard offerings se chote hote hain, par kuch mein minimum investment zyada hone se chote retail investors ke liye problem ho sakti hai.