IPOs least dependent on their top ten customers
Which companies coming to the market spread their revenue most widely across customers?
194 IPOs newboard has studied give this figure in their offer documents. The median top ten customers, share of revenue is 62.9%, and the middle half run from 44% to 81.1%. M K C Agro Fresh is first, at 9.1%.
Ranked on 4 Oct 2026; the first 50 of 194 are shown. The list moves as studies are added.
| # | Issue | Board | Stage | Top ten customers, share of revenue | Largest customer, share of revenue |
|---|---|---|---|---|---|
| 1 | M K C Agro Fresh | Mainboard | DRHP filed | 9.1% | - |
| 2 | Best Engineering Aids & Consultancies SME | SME | DRHP filed | 11.8% | 1.8% |
| 3 | R.K. Fashion Accessories SME | SME | Upcoming | 15.2% | - |
| 4 | Mehta Hitech Industries | Mainboard | DRHP filed | 16.8% | - |
| 5 | Bssponge | Mainboard | DRHP filed | 17.3% | 4.1% |
| 6 | Parijat Industries (India) | Mainboard | DRHP filed | 19% | - |
| 7 | Jindal Supreme (India) | Mainboard | Listed | 19.4% | - |
| 8 | Hd Fire Protect | Mainboard | DRHP filed | 21.7% | - |
| 9 | Vetrivel Explosives SME | SME | DRHP filed | 22% | 4.7% |
| 10 | Laser Technologies SME | SME | DRHP filed | 22.1% | 3.9% |
| 11 | Royal Chain | Mainboard | DRHP filed | 22.3% | 5.1% |
| 12 | Jsw One Platforms | Mainboard | DRHP filed | 23.2% | - |
| 13 | ISSPL SME | SME | DRHP filed | 23.7% | - |
| 14 | Watrana Rentals SME | SME | DRHP filed | 25.7% | 3.3% |
| 15 | SD International | Mainboard | DRHP filed | 27.2% | 8.7% |
| 16 | Omara Ventures India SME | SME | Live | 27.3% | 16.3% |
| 17 | S.R.G. Narrow Fab SME | SME | DRHP filed | 27.4% | 6.1% |
| 18 | Anarock Property Consultants | Mainboard | DRHP filed | 27.6% | 4.5% |
| 19 | A-One Steels India | Mainboard | Listed | 27.9% | 5.3% |
| 20 | Shivchem Agro SME | SME | Closed | 28.7% | 7.6% |
| 21 | Master Chains N Jewels | Mainboard | DRHP filed | 28.8% | - |
| 22 | M P Steel(India) | Mainboard | DRHP filed | 29.3% | - |
| 23 | Shree TNB Polymers SME | SME | Live | 30% | 11.1% |
| 24 | Iberia Pharmaceuticals India | Mainboard | DRHP filed | 30.2% | 7.8% |
| 25 | Skinnovation SME | SME | DRHP filed | 31.1% | 8.2% |
| 26 | Inox Air Products | Mainboard | DRHP filed | 31.6% | 12.2% |
| 27 | Sky Alloys and Power | Mainboard | DRHP filed | 32.3% | 15.5% |
| 28 | Ujin Pharma | Mainboard | DRHP filed | 32.6% | - |
| 29 | Roopa Screen SME | SME | Closed | 34.5% | 6.4% |
| 30 | Alps Digital Devices SME | SME | DRHP filed | 34.6% | - |
| 31 | R.K. Steel Manufacturing Company | Mainboard | DRHP filed | 34.8% | - |
| 32 | Safex Chemicals India | Mainboard | DRHP filed | 35.6% | - |
| 33 | Tablespace Technologies | Mainboard | DRHP filed | 35.6% | - |
| 34 | Zetwerk Manufacturing Businesses | Mainboard | UDRHP filed | 35.9% | - |
| 35 | Moneyview | Mainboard | Listed | 37.4% | 13.4% |
| 36 | Grace Renewable Energy | Mainboard | DRHP filed | 37.7% | 7.9% |
| 37 | Biocon Electric | Mainboard | DRHP filed | 38.9% | - |
| 38 | Sbipl Projects SME | SME | DRHP filed | 39.1% | 6.2% |
| 39 | Bvg India | Mainboard | DRHP filed | 40% | 12.1% |
| 40 | Rayzon Solar | Mainboard | Lapsed | 40.3% | - |
| 41 | Premier Industrial Corporation | Mainboard | DRHP filed | 40.4% | - |
| 42 | Lalbaba Engineering | Mainboard | DRHP filed | 41.9% | - |
| 43 | Virupaksha Organics | Mainboard | DRHP filed | 41.9% | - |
| 44 | Aspri Spirits | Mainboard | DRHP filed | 42% | 23.2% |
| 45 | Kianm Export | Mainboard | DRHP filed | 42.5% | - |
| 46 | FX Multitech SME | SME | Closed | 42.6% | 10.2% |
| 47 | Cj Darcl Logistics | Mainboard | DRHP filed | 43% | - |
| 48 | Aragen Life Sciences | Mainboard | DRHP filed | 43.3% | - |
| 49 | Steelbuild Infra Projects SME | SME | DRHP filed | 43.6% | 16.8% |
| 50 | Panchratan Steels SME | SME | DRHP filed | 45.3% | 20.2% |
How this list is ranked
The top ten customers' share of revenue from operations in the latest period each offer document gives. A business that sells to consumers will show a low share almost by nature; a business with a few large buyers, a high one. 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.
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