IPOs most dependent on their largest customer
Which companies coming to the market earned the largest share of revenue from a single customer?
157 IPOs newboard has studied give this figure in their offer documents. The median largest customer, share of revenue is 21.6%, and the middle half run from 13% to 34.9%. S. G. Encon is first, at 90.4% (top ten customers, share of revenue 99.6%).
Ranked on 4 Oct 2026; the first 50 of 157 are shown. The list moves as studies are added.
| # | Issue | Board | Stage | Largest customer, share of revenue | Top ten customers, share of revenue |
|---|---|---|---|---|---|
| 1 | S. G. Encon | Mainboard | DRHP filed | 90.4% | 99.6% |
| 2 | Avaada Electro | Mainboard | UDRHP filed | 89.3% | - |
| 3 | Appl Containers | Mainboard | DRHP filed | 88.2% | - |
| 4 | Sadbhav Futuretech | Mainboard | DRHP filed | 86.5% | - |
| 5 | Anchor Offshore Services | Mainboard | DRHP filed | 75.6% | 97.4% |
| 6 | Bonbloc Technologies | Mainboard | DRHP filed | 75.4% | - |
| 7 | Sai Urja Indo Ventures SME | SME | Closed | 74.8% | - |
| 8 | Shivganga Drillers | Mainboard | DRHP filed | 66% | - |
| 9 | Kritilabs Technologies SME | SME | DRHP filed | 63.5% | 98.3% |
| 10 | Chartered Speed | Mainboard | DRHP filed | 61.7% | - |
| 11 | Bvishal Oil And Energy | Mainboard | DRHP filed | 60.3% | - |
| 12 | Rkcpl | Mainboard | DRHP filed | 60.1% | - |
| 13 | Laxyo | Mainboard | DRHP filed | 58.1% | - |
| 14 | Dhariwal Buildtech | Mainboard | DRHP filed | 58% | - |
| 15 | Coreintegra Consulting Services SME | SME | Closed | 53% | - |
| 16 | Rudra Green Ship Recycling | Mainboard | DRHP filed | 52.5% | 66.3% |
| 17 | J Infratech | Mainboard | DRHP filed | 50.5% | - |
| 18 | Himalayan Solar SME | SME | Closed | 50% | 100% |
| 19 | Integrum Energy Infrastructure | Mainboard | DRHP filed | 49.5% | 95.9% |
| 20 | Arete 22 | Mainboard | DRHP filed | 49.1% | - |
| 21 | LGC Engineering SME | SME | DRHP filed | 48.5% | 87.4% |
| 22 | Oswal Energies | Mainboard | DRHP filed | 47.4% | 99.5% |
| 23 | Sabari Construction Technologies SME | SME | DRHP filed | 44.3% | 92.6% |
| 24 | Eventions SME | SME | Live | 42.7% | 84.6% |
| 25 | Vans Electroengineerings SME | SME | Closed | 42.7% | 80.8% |
| 26 | Pes Installations | Mainboard | DRHP filed | 42.3% | 78.3% |
| 27 | Rudra Cottex | Mainboard | DRHP filed | 42.3% | 96.2% |
| 28 | Shakti Infra Projects SME | SME | DRHP filed | 40.6% | - |
| 29 | Vishal Nirmiti | Mainboard | Live | 40.6% | 92.9% |
| 30 | Rathod Jewellery Manufacturing | Mainboard | DRHP filed | 40.4% | 98.1% |
| 31 | Hero Motors | Mainboard | Listed | 38% | - |
| 32 | Playsimple Games | Mainboard | DRHP filed | 37.8% | 82.5% |
| 33 | Dove Soft SME | SME | Live | 37.6% | 79.9% |
| 34 | Dudani Retail SME | SME | Closed | 37.4% | - |
| 35 | Polite Powertech | Mainboard | DRHP filed | 36.2% | 93.1% |
| 36 | Himalaya Nutravedics India SME | SME | Closed | 36% | 81.2% |
| 37 | Madhavaa Crafts SME | SME | DRHP filed | 35.8% | 97.3% |
| 38 | Monomark Engineering (India) | Mainboard | DRHP filed | 35.7% | 87.7% |
| 39 | Rkb Global | Mainboard | DRHP filed | 35% | 74.6% |
| 40 | Rysa Infratech SME | SME | DRHP filed | 34.9% | 79.6% |
| 41 | Associated Power Structures | Mainboard | DRHP filed | 34% | 96% |
| 42 | R.D.Engineers (India) SME | SME | DRHP filed | 32.3% | 98.1% |
| 43 | Electromech Infraprojects | Mainboard | DRHP filed | 31.5% | - |
| 44 | Jaytee Alloys & Components SME | SME | DRHP filed | 31.5% | 71.7% |
| 45 | Punjab Carbonic | Mainboard | DRHP filed | 31.5% | 71.2% |
| 46 | Cosmic Pv Power | Mainboard | DRHP filed | 30.4% | 80.1% |
| 47 | S. K. Offset SME | SME | Closed | 30.4% | 86.1% |
| 48 | ArMee Infotech | Mainboard | Listed | 29.7% | - |
| 49 | Everestims Technologies SME | SME | Live | 29.6% | 88.8% |
| 50 | Olpad Aqua SME | SME | DRHP filed | 29.3% | 88.4% |
How this list is ranked
The largest customer's share of revenue from operations in the latest period each offer document gives, usually stated in its risk factors. Many documents do not name the customer; each study says whether it does. 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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