Most subscribed SME IPOs
Which IPOs drew the most bids, as times subscribed when bidding closed?
12 SME IPOs since 2025 have a final subscription figure. The median times subscribed is 1.3×, and the middle half run from 0.8× to 1.9×. FX Multitech is first, at 16.5×.
Ranked on 4 Oct 2026. The list moves as bidding closes on new issues.
| # | Issue | Stage | Times subscribed | Institutions (QIB) | Non-institutional | Retail or individual |
|---|---|---|---|---|---|---|
| 1 | FX Multitech SME | Closed | 16.5× | - | - | - |
| 2 | Pooja Logistics SME | Closed | 3× | 2.5× | 3.8× | 2.9× |
| 3 | Papadmalji Agro Foods SME | Closed | 2.5× | - | - | - |
| 4 | Vivekanand Cotspin SME | Closed | 1.7× | - | - | - |
| 5 | Coreintegra Consulting Services SME | Closed | 1.4× | - | - | - |
| 6 | Axiom Gas Engineering SME | Closed | 1.4× | 1.1× | 1× | 1.9× |
| 7 | Himalayan Solar SME | Closed | 1.2× | 1.7× | 1× | 1.3× |
| 8 | Liqvd Digital India SME | Closed | 1× | - | - | - |
| 9 | Green Asia Impex SME | Closed | 1× | - | - | - |
| 10 | Himalaya Nutravedics India SME | Closed | 0.4× | - | - | - |
| 11 | Unitec Fibres SME | Closed | 0.1× | - | - | - |
| 12 | S. K. Offset SME | Closed | 0.1× | - | - | - |
How this list is ranked
Times subscribed overall and by category at the close of bidding, from the exchanges' bid books, for every issue since 2025 with a final figure. Subscription counts the bids an issue drew; it says nothing about the price, or how the shares traded after listing. 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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