As the broader IPO market experiences a temporary pause, several SME IPOs continue to move forward and bring new opportunities to the public markets. While large-scale public offerings await more favorable market conditions, small and medium enterprises (SMEs) keep the momentum going with their scheduled listings.
This week, four SME companies will make their stock market debuts, having already completed their subscription processes. These listings will test investor sentiment in the SME segment and set the tone for upcoming IPOs in April.
Let’s take a closer look at the four IPOs scheduled for listing this week:
1. Desco Infratech (BSE SME) – Listing on April 1, 2025
Overview
Desco Infratech Limited operates in the infrastructure services sector. The company provides a wide range of services, including civil construction, interior works, electrical works, and mechanical jobs across industrial and commercial sectors.
IPO Details
Desco Infratech launched its IPO on the BSE SME platform and received an encouraging response from retail and HNI investors. The company offered shares at a fixed price of ₹55 per share and raised approximately ₹12 crore.
Subscription Response
Investors showed strong interest in Desco’s business model and future prospects. The IPO oversubscribed by 8.5 times, reflecting investor confidence in India’s infrastructure growth story.
Listing Expectations
Analysts expect Desco Infratech to list at a premium over the issue price, backed by strong fundamentals, healthy order books, and market optimism surrounding the infra sector. Investors plan to track early trading momentum closely to gauge post-listing stability.
2. Shri Ahimsa Naturals (NSE SME) – Listing on April 2, 2025
Overview
Shri Ahimsa Naturals Limited focuses on sustainable, plant-based products. The company manufactures cruelty-free and vegan personal care items, including skincare, haircare, and wellness solutions, aimed at eco-conscious consumers.
IPO Details
The company offered shares through the NSE SME platform, pricing them at ₹61 per share. It aimed to raise close to ₹9 crore for capacity expansion, branding, and working capital.
Subscription Response
Shri Ahimsa Naturals attracted significant investor interest, especially from ethical investors and ESG-focused funds. The IPO subscribed 6.2 times, indicating solid market appetite for sustainable brands.
Listing Expectations
Given the rising trend of ethical and sustainable investing, the stock could debut with moderate to strong gains. The company’s niche position and growing consumer base may help it maintain valuation strength over time.
3. ATC Energies (NSE SME) – Listing on April 2, 2025
Overview
ATC Energies Limited operates in the renewable energy and energy storage space. The company develops and supplies lithium-ion battery solutions, solar panels, and smart energy systems for both industrial and residential applications.
IPO Details
ATC Energies priced its IPO at ₹76 per share on the NSE SME platform. It planned to raise ₹15 crore, aiming to scale up R&D, manufacturing, and distribution operations.
Subscription Response
The IPO saw massive traction from investors bullish on the clean energy segment. With India pushing for EV adoption and energy independence, ATC Energies found support across categories. The IPO subscribed 11.3 times, marking one of the strongest responses this week.
Listing Expectations
Market experts expect a strong listing premium, citing high growth potential in the green energy sector and the company’s forward-looking product lineup. Investors may also view ATC as a long-term ESG portfolio pick.
4. Identixweb (BSE SME) – Listing on April 3, 2025
Overview
Identixweb Limited provides web development and SaaS-based application services, primarily targeting Shopify merchants and eCommerce platforms. The company develops plug-ins and tools that enhance storefront functionalities and optimize online customer experience.
IPO Details
Identixweb floated its IPO on the BSE SME platform with a price of ₹68 per share. It aimed to raise ₹10 crore to fund expansion, product development, and international marketing.
Subscription Response
The IPO enjoyed solid interest from tech-focused investors. With the SaaS space booming and the global shift toward digital storefronts, Identixweb positioned itself as a scalable and agile player. The IPO subscribed 7.5 times, driven by strong retail participation.
Listing Expectations
Given the sector’s current momentum and Identixweb’s product-driven model, analysts expect moderate listing gains with potential for long-term compounding if the company executes well post-IPO.
Why SME IPOs Still Thrive While Larger Ones Wait
The current market has paused many large-cap IPOs due to valuation mismatches, geopolitical uncertainty, and interest rate volatility. But the SME IPO segment continues to thrive for several reasons:
1. Lower Capital Requirements
SME companies raise smaller sums (typically ₹10–₹25 crore), making their IPOs easier to execute even during cautious market conditions.
2. Niche Market Opportunities
Most SME IPOs serve niche segments like green energy, SaaS tools, or sustainable goods. These sectors carry dedicated investor interest, especially from retail investors looking for multi-bagger potential.
3. Agile Business Models
Unlike large conglomerates, SMEs often run lean, innovative operations. Investors value that agility, especially in emerging sectors like tech and renewables.
4. High Subscription Rates
Many SME IPOs see heavy oversubscription due to strong local demand and attractive valuations. Investors treat them as early-entry opportunities into future success stories.
How to Approach These Listings
1. Assess Listing Gains Realistically
Don’t expect every SME IPO to double on listing day. While some offer strong premiums, others might list flat or under pressure depending on market sentiment.
2. Check Lock-In Periods
Most SME IPOs come with specific lock-in norms for anchor and HNI investors. You should track these periods as they can affect liquidity and price stability.
3. Study Business Fundamentals
Always examine the company’s financials, order book, client base, promoter background, and use of IPO proceeds. Avoid hype-based decisions.
4. Diversify SME Exposure
Don’t put all your capital into a single SME stock. Spread your investment across different sectors and companies to reduce risk.
What’s Next for the IPO Market?
While these four listings keep activity alive, the broader IPO market eagerly awaits clarity on global interest rates, inflation data, and geopolitical risks. Several big-ticket IPOs from the fintech, NBFC, and manufacturing sectors remain in the pipeline for Q2 and Q3 2025.
Analysts expect the IPO landscape to pick up pace after mid-April, especially if markets stabilize and investor confidence returns. Meanwhile, SME IPOs will continue dominating the spotlight, offering investors steady opportunities in smaller, high-growth businesses.
Conclusion
This week, the IPO spotlight shines on Desco Infratech, Shri Ahimsa Naturals, ATC Energies, and Identixweb—each entering the markets with unique offerings and investor optimism. While new mainstream IPOs stay on pause, these SME listings prove that entrepreneurial growth in India doesn’t stop.
Smart investors will track listing performance closely, not just for immediate returns but also for longer-term potential. In a market that rewards clarity and conviction, these companies now step into the public eye to write their next chapter.
