Guj’s SME IPO engine hits top gear in 2025 | Ahmedabad News
Ahmedabad: Gujarat’s small and medium enterprises (SMEs) are crowding the capital markets like never before. In calendar year 2025, the state posted its strongest showing yet in SME initial public offerings (IPOs), with 57 companies collectively raising Rs 2,212 crore on the NSE Emerge and BSE SME platforms.Gujarat ranked second in the country in terms of SME IPO activity, trailing only Maharashtra, where 62 firms mobilised Rs 3,380 crore during the year.The momentum was built on a strong 2024, when 57 Gujarat-based SMEs raised Rs 2,088 crore through IPOs – a record at that time.According to BSE SME data, 33 companies from Gujarat raised Rs 1,163 crore through IPOs in 2025, a sharp jump from 20 IPOs that raised Rs 691 crore in 2024. In 2023, just 15 Gujarat-based SMEs had tapped the BSE SME platform, raising Rs 238 crore.Data from the National Stock Exchange (NSE) indicates that 24 Gujarat-based firms listed on NSE Emerge between Jan and Dec 2025, mobilising Rs 1,049 crore. As of Nov-end, 178 companies from Gujarat have listed on NSE Emerge since the platform’s inception.Together, they have raised Rs 4,717 crore and command a total market capitalisation of Rs 52,043 crore—the highest for any state.Market experts attribute the sharp rise in the number of listings to ambitious expansion plans among SMEs. “Many small and medium enterprises opt for IPOs as a funding mechanism for growth,” said Gunjan Choksi, director of a stock broking firm.“The IPO route has become increasingly popular for meeting capital requirements for scaling up operations. Listing also improves financial discipline and corporate governance, which in turn supports higher growth. Gujarat-based companies have seen rapid expansion across sectors, with industry leading the momentum, while segments such as consumer discretionary, energy and financials are also increasingly exploring the IPO route,” Choksi further explained.
