Mainboard IPO vs SME IPO | Key Differences & 2025 Market Trends

India’s capital market continues to surge with new opportunities for investors and growing businesses alike. As we step into 2025, both Mainboard IPOs and SME IPOs are playing a vital role in fueling India’s economic momentum. However, for entrepreneurs and investors, understanding the difference between Mainboard IPO and SME IPO is crucial to making informed decisions.

In this article, we’ll break down the key differences between Mainboard and SME IPOs, highlight their eligibility criteria, discuss market trends in 2025, and guide you on how India IPO can assist through its dedicated advisory services — including Mainline IPO Consultancy and SME IPO Consultancy.

What is a Mainboard IPO?

A Mainboard IPO (Initial Public Offering) refers to the process through which large and established companies list their shares on major stock exchanges such as NSE and BSE Mainboard. These companies typically have strong financial performance, higher capital requirements, and a proven business track record.

Key Features of Mainboard IPOs:

• Minimum Post-Issue Paid-up Capital: ₹10 crores or more
• Regulated by: SEBI (Securities and Exchange Board of India)
• Investor Participation: Retail, HNI, QIBs, and Institutional investors
• Listing Platform: NSE and BSE Mainboard segment
• Regulatory Compliance: Stringent disclosure norms, quarterly results, corporate governance guidelines

Businesses opting for a Mainboard IPO usually aim to raise significant capital to fund expansion, repay debt, or enhance brand visibility at a national and global level.

What is an SME IPO?

On the other hand, a Small and Medium Enterprise (SME) IPO caters to emerging businesses that may not yet meet the eligibility criteria for the mainboard. These IPOs are listed on specialized SME platforms like BSE SME and NSE Emerge. The objective is to provide smaller enterprises with easier access to public funding while maintaining regulatory flexibility.

Key Features of SME IPOs:

• Minimum Post-Issue Paid-up Capital: ₹1 crore to ₹25 crores
• Investor Base: Retail investors, HNIs, and small institutions
• Listing Platform: NSE Emerge and BSE SME segment
• Regulatory Compliance: Simplified disclosure requirements
• Migration Option: SMEs can later migrate to the mainboard after meeting specific criteria

The SME IPO segment is seen as a growth accelerator, helping smaller firms scale operations, enhance credibility, and attract long-term investors.

Mainboard IPO vs SME IPO: Key Differences

2025 Market Update: IPO Trends in India

The year 2025 is witnessing a vibrant IPO market, fueled by strong investor sentiment and robust economic fundamentals. According to market analysts, over 80+ companies are expected to launch IPOs this year across both Mainboard and SME platforms.

Key Market Highlights:

• Mainboard IPOs: Large-cap companies in sectors such as manufacturing, fintech, renewable ene