India’s IPO market has seen an unprecedented surge in 2024, with a record number of companies from various sectors and regions seeking to go public. The growth in Initial Public Offerings reflects a resilient economy and a dynamic industrial landscape where each state is contributing uniquely to this financial wave. From bustling metro cities to emerging business hubs, companies across sectors are capitalizing on the country’s flourishing equity markets.
This year has particularly highlighted statewise SME IPOs in 2024 the unique strengths and specializations of different regions, whether it’s Maharashtra’s dominance in banking and IT, Tamil Nadu’s stronghold in manufacturing and renewable energy, or Karnataka’s tech-driven IPOs. Moreover, SME IPOs in 2024—under the regulatory guidance of the Securities and Exchange Board of India (SEBI)—have enabled small and medium enterprises to tap into public markets, offering them a platform to expand their reach and scale their operations. This trend reflects democratization in capital markets, as smaller businesses from underserved regions gain access to investor capital and a stronger presence in the national economy.
This report takes a closer look at the statewise SME IPOs in 2024, to provide an in-depth view of how India’s diverse states are shaping the nation’s IPO landscape and fueling economic growth.
| State | Number of IPOs | Average Listing Returns % | Amount Raised (INR Cr) |
|---|---|---|---|
| Maharashtra | 68 | 42.3 | 2,396.23 |
| Gujarat | 55 | 58.9 | 1,994.30 |
| New Delhi | 28 | 86.0 | 1,059.16 |
| Uttar Pradesh | 17 | 95.3 | 1,043.31 |
| West Bengal | 17 | 71.3 | 582.22 |
| Rajasthan | 14 | 74.6 | 540.01 |
| Tamil Nadu | 13 | 58.9 | 735.25 |
| Haryana | 7 | 60.7 | 231.54 |
| Madhya Pradesh | 7 | 69.8 | 279.78 |
| Telangana | 6 | 32.0 | 245.51 |
| Punjab | 4 | 5.7 | 122.26 |
| Karnataka | 3 | 69.6 | 100.18 |
| Chattisgarh | 2 | 13.9 | 94.80 |
| Himachal Pradesh | 1 | 99.5 | 53.90 |
| Kerala | 1 | 17.7 | 11.85 |
| Orissa | 1 | 59.4 | 18.08 |
- The list includes all SME IPOs listed in 2024 even if the IPO was launched in 2023.
- The companies are classified by the address of their corporate headquarters and not registered address.
- IPOs withdrawn or not listed due to other reasons are not included in this data.
Table of Contents – Statewise SME IPOs in 2024
Maharashtra: The Financial Powerhouse
As India’s financial hub, Maharashtra leads with some IPOs in 2024, predominantly from Mumbai and Pune. This state has thriving financial, manufacturing, and IT sectors and these have contributed substantially to the IPO market. Maharashtra is providing smaller businesses with access to capital and visibility.
Key IPO Sectors:
- Banking & Financial Services
- Information Technology
- Manufacturing
Gujarat: An Industrial Powerhouse
Gujarat has a robust industrial foundation, reflected in several of the IPOs in 2024 across engineering, petrochemicals, and textiles. Ahmedabad and Surat are increasingly contributing to the IPO market which is helping to scale Gujarat’s dynamic business environment.
Key IPO Sectors:
- Engineering & Infrastructure
- Pharmaceuticals
- Textiles and Apparel
Delhi NCR: The Tech and E-commerce Hub
Delhi NCR is known for its tech and e-commerce companies. This region boasts a high concentration of digital and consumer-focused companies, with Gurgaon and Noida-based firms particularly making a mark in the public markets this year. Additionally, SME IPOs in the NCR have allowed startups and emerging companies to tap into public funding.
Key IPO Sectors:
- E-commerce
- IT Services
- Consumer Goods
Rajasthan and Madhya Pradesh: Emerging Markets
States like Rajasthan and Madhya Pradesh are seeing increasing IPO participation, with growth in agriculture, textiles, and minerals. The IPOs from these regions include companies tapping into public markets to fund expansion and promote regional companies within the agriculture and mining sectors.
Key IPO Sectors:
- Agriculture
- Mining and Minerals
- Textiles
Tamil Nadu: Leading in Manufacturing and Renewable Energy
With its focus on manufacturing and renewable energy, Tamil Nadu has featured prominently among SME IPOs. This state’s established automotive and textile industries, alongside growing interest in renewable energy, have attracted investor attention. IPOs from Tamil Nadu have also reflected this diversity, supporting small-to-medium businesses within these industries.
Key IPO Sectors:
- Automobile Manufacturing
- Renewable Energy
- Textiles and Apparel
Karnataka: The Silicon Valley of India
Bangalore’s status as a tech hub means Karnataka is home to many of the IPOs in 2024, particularly in software, biotech, and consumer tech. With some well-established and emerging tech companies going public, Karnataka is a central player. Additionally, SME IPOs from this region have allowed local tech firms to seek capital for further growth.
Key IPO Sectors:
- Technology & Software
- Biotech and Healthcare
- Retail and Consumer Services
Trends and Insights for SME IPOs
- Sectoral Diversification: With diverse companies across sectors going public, represents India’s economic dynamism. The rising number of SME IPOs in 2024 has brought even smaller businesses into the spotlight, fostering sectoral diversity and geographic distribution.
- Geographic Spread: Smaller cities and towns are seeing more IPO listings, showing that economic growth is not just concentrated in metro areas. IPOs from emerging regions represent India’s expanding economic footprint.
- Investor Appetite: With a strong economic outlook, SME IPOs in 2024 have seen unprecedented demand, supported by the BSE SME platform. Investor confidence has boosted capital for small and mid-sized enterprises, essential for sustaining India’s growth.
Read Also: Highest SME IPO Subscription in 2024
Outlook of SME IPOs in 2024
As 2024 unfolds, companies from a diverse set of states and sectors are expected to explore IPOs to fund expansions and gain market presence. Sectors such as renewable energy, tech, and consumer goods are anticipated to drive more IPO activity, further enriching and expanding the scope of SME IPOs in 2024.
This vibrant IPO landscape reflects India’s multi-dimensional growth story, highlighting state-specific contributions that have mirrored the country’s journey toward becoming a diversified and globally competitive economy.
