SME IPOs with the least debt against earnings
Which companies coming to the market carried the least net debt for their operating profit, or more cash than debt?
73 SME IPOs newboard has studied give this figure in their offer documents. The median net debt / EBITDA is 1.4×, and the middle half run from 0.7× to 2.3×. Quality Enviro Engineers is first, at -0.3× (ROCE, latest year 19.2%).
Ranked on 4 Oct 2026; the first 50 of 73 are shown. The list moves as studies are added.
How this list is ranked
Borrowings less cash and bank balances at the end of the latest year, over that year's EBITDA, from each offer document. Below zero means more cash than debt. Debt is often repaid from the issue's proceeds, so the figure is before the IPO. A list ranks the issues by one figure from each offer document. It places them; it says nothing about whether any of the shares is worth owning.
More lists: profit and balance sheet
The day's IPOs each morning, and allotment the minute it is out, on Telegram
One short post each morning: what opens, closes and lists today, and the new offer-document studies. The allotment status the moment it goes live. An IPO list on Saturdays and the week ahead on Sundays. Each one is a fact and a link, with the figures on the card.
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