SME IPOs least dependent on their top ten customers

Which companies coming to the market spread their revenue most widely across customers?

73 SME IPOs newboard has studied give this figure in their offer documents. The median top ten customers, share of revenue is 59%, and the middle half run from 45.9% to 81.1%. Best Engineering Aids & Consultancies is first, at 11.8% (largest customer, share of revenue 1.8%).

Ranked on 4 Oct 2026; the first 50 of 73 are shown. The list moves as studies are added.

#	Issue	Stage	Top ten customers, share of revenue	Largest customer, share of revenue
1	Best Engineering Aids & Consultancies SME	DRHP filed	11.8%	1.8%
2	R.K. Fashion Accessories SME	Upcoming	15.2%	-
3	Vetrivel Explosives SME	DRHP filed	22%	4.7%
4	Laser Technologies SME	DRHP filed	22.1%	3.9%
5	ISSPL SME	DRHP filed	23.7%	-
6	Watrana Rentals SME	DRHP filed	25.7%	3.3%
7	Omara Ventures India SME	Live	27.3%	16.3%
8	S.R.G. Narrow Fab SME	DRHP filed	27.4%	6.1%
9	Shivchem Agro SME	Closed	28.7%	7.6%
10	Shree TNB Polymers SME	Live	30%	11.1%
11	Skinnovation SME	DRHP filed	31.1%	8.2%
12	Roopa Screen SME	Closed	34.5%	6.4%
13	Alps Digital Devices SME	DRHP filed	34.6%	-
14	Sbipl Projects SME	DRHP filed	39.1%	6.2%
15	FX Multitech SME	Closed	42.6%	10.2%
16	Steelbuild Infra Projects SME	DRHP filed	43.6%	16.8%
17	Panchratan Steels SME	DRHP filed	45.3%	20.2%
18	Suntek Axpress India SME	DRHP filed	45.7%	7.1%
19	Papadmalji Agro Foods SME	Closed	45.9%	9.1%
20	Unitec Fibres SME	Closed	45.9%	11.8%
21	Access Computech SME	DRHP filed	46%	8.9%
22	Acme Universal Safezone 9 SME	Closed	47.7%	12.1%
23	Natraj Energy SME	DRHP filed	47.9%	7.4%
24	Swid Renewables SME	DRHP filed	48%	18.5%
25	Gallant Sports & Infra SME	DRHP filed	48.9%	14.3%
26	Alde Medi Impex SME	DRHP filed	51.2%	21%
27	Vivekanand Cotspin SME	Closed	51.2%	12%
28	Liqvd Digital India SME	Closed	52.1%	12.6%
29	Maharaja Polyfab SME	DRHP filed	54.6%	10%
30	Paramount Syntex SME	Live	54.8%	8.5%
31	Quality Enviro Engineers SME	DRHP filed	54.9%	14.6%
32	SJP Ultrasonics SME	Live	55.3%	-
33	Carnet Books SME	DRHP filed	56.4%	24.8%
34	Lalsai Global SME	DRHP filed	56.6%	9.7%
35	Anil Fashions SME	DRHP filed	57%	11.5%
36	Sssmehta Industries SME	DRHP filed	57.5%	-
37	Shree Balajee Tapes And Packaging SME	DRHP filed	59%	14.2%
38	Harekrishna Rubber Industries SME	DRHP filed	62.8%	18.9%
39	Geeta Glasses (India) SME	DRHP filed	63%	14.4%
40	ACE Furnaces SME	DRHP filed	64.7%	12%
41	Tgtmc Supply Chain SME	DRHP filed	66.2%	16.8%
42	Sollfege Smart Electronics SME	Live	67.3%	24.9%
43	Ue Press Tools SME	DRHP filed	70.2%	19.1%
44	Jaytee Alloys & Components SME	DRHP filed	71.7%	31.5%
45	Laxmi Security (Gujarat) SME	DRHP filed	74.5%	15.1%
46	Technomed Devices India SME	DRHP filed	74.8%	20.9%
47	Oremet Alloys And Castings SME	DRHP filed	75.5%	12.7%
48	Aditya Creative Ornaments SME	DRHP filed	75.6%	25.2%
49	Marco Secure Solutions SME	DRHP filed	76.1%	23.4%
50	Green Asia Impex SME	Closed	77.9%	-

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.

Every issue, with other conditions added, in the screener

More lists: customers

SME IPOs most dependent on their largest customer

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