Mainboard IPOs least dependent on their top ten customers
Which companies coming to the market spread their revenue most widely across customers?
121 mainboard IPOs newboard has studied give this figure in their offer documents. The median top ten customers, share of revenue is 64.1%, and the middle half run from 42.5% to 81%. M K C Agro Fresh is first, at 9.1%.
Ranked on 4 Oct 2026; the first 50 of 121 are shown. The list moves as studies are added.
| # | Issue | Stage | Top ten customers, share of revenue | Largest customer, share of revenue |
|---|---|---|---|---|
| 1 | M K C Agro Fresh | DRHP filed | 9.1% | - |
| 2 | Mehta Hitech Industries | DRHP filed | 16.8% | - |
| 3 | Bssponge | DRHP filed | 17.3% | 4.1% |
| 4 | Parijat Industries (India) | DRHP filed | 19% | - |
| 5 | Jindal Supreme (India) | Listed | 19.4% | - |
| 6 | Hd Fire Protect | DRHP filed | 21.7% | - |
| 7 | Royal Chain | DRHP filed | 22.3% | 5.1% |
| 8 | Jsw One Platforms | DRHP filed | 23.2% | - |
| 9 | SD International | DRHP filed | 27.2% | 8.7% |
| 10 | Anarock Property Consultants | DRHP filed | 27.6% | 4.5% |
| 11 | A-One Steels India | Listed | 27.9% | 5.3% |
| 12 | Master Chains N Jewels | DRHP filed | 28.8% | - |
| 13 | M P Steel(India) | DRHP filed | 29.3% | - |
| 14 | Iberia Pharmaceuticals India | DRHP filed | 30.2% | 7.8% |
| 15 | Inox Air Products | DRHP filed | 31.6% | 12.2% |
| 16 | Sky Alloys and Power | DRHP filed | 32.3% | 15.5% |
| 17 | Ujin Pharma | DRHP filed | 32.6% | - |
| 18 | R.K. Steel Manufacturing Company | DRHP filed | 34.8% | - |
| 19 | Safex Chemicals India | DRHP filed | 35.6% | - |
| 20 | Tablespace Technologies | DRHP filed | 35.6% | - |
| 21 | Zetwerk Manufacturing Businesses | UDRHP filed | 35.9% | - |
| 22 | Moneyview | Listed | 37.4% | 13.4% |
| 23 | Grace Renewable Energy | DRHP filed | 37.7% | 7.9% |
| 24 | Biocon Electric | DRHP filed | 38.9% | - |
| 25 | Bvg India | DRHP filed | 40% | 12.1% |
| 26 | Rayzon Solar | Lapsed | 40.3% | - |
| 27 | Premier Industrial Corporation | DRHP filed | 40.4% | - |
| 28 | Lalbaba Engineering | DRHP filed | 41.9% | - |
| 29 | Virupaksha Organics | DRHP filed | 41.9% | - |
| 30 | Aspri Spirits | DRHP filed | 42% | 23.2% |
| 31 | Kianm Export | DRHP filed | 42.5% | - |
| 32 | Cj Darcl Logistics | DRHP filed | 43% | - |
| 33 | Aragen Life Sciences | DRHP filed | 43.3% | - |
| 34 | Bonfiglioli Transmissions | DRHP filed | 46.4% | - |
| 35 | Mann Fleet Partners | DRHP filed | 46.7% | 22.1% |
| 36 | Tenty | DRHP filed | 46.9% | 15.1% |
| 37 | Lamtuf | DRHP filed | 48.1% | - |
| 38 | Jagatjit Agri Engineering | DRHP filed | 50% | 25.2% |
| 39 | Kataline | DRHP filed | 50.5% | 13.3% |
| 40 | German Green Steel and Power | Closed | 50.6% | 10.7% |
| 41 | Tanvi Exports India | DRHP filed | 51% | 12.7% |
| 42 | Jay Jagdamba | UDRHP filed | 53.9% | 8.6% |
| 43 | Deon Energy | DRHP filed | 55.1% | 9.5% |
| 44 | Renny Strips | DRHP filed | 55.1% | - |
| 45 | Nityas Gems and Jewellery | Live | 55.5% | 13% |
| 46 | Mahanadi Coalfields | DRHP filed | 55.9% | - |
| 47 | Supreet Chemicals | DRHP filed | 56.3% | - |
| 48 | Hi Tech Flow Solutions | DRHP filed | 56.6% | - |
| 49 | Aarvee Engineering Consultants | DRHP filed | 57.4% | - |
| 50 | Online Instruments (India) | DRHP filed | 58.3% | - |
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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