From Merritronix to Winsol Engineers: 73% of SME IPOs made listing gains since 2020. Here's what's changing now

According to a B2K Analytics report, about 73% of the 963 SME IPOs listed between 2020 and June 2026 delivered listing gains, but the proportion has moderated from 87.8% in 2024 to 50% in H1 CY2026, with listing losses rising to 33.3%. Despite fewer listings, fundraising remained stable at Rs 3,752 crore raised by 78 SME IPOs in H1 CY2026, with nearly 95% being fresh capital for growth rather than offer-for-sale. Q2 CY2026 saw 38 SME IPOs raise about Rs 1,891 crore, with Merritronix and Avience Biomedicals delivering 90% listing gains each, supported by resilient domestic investor participation despite Sensex falling 12.5% earlier in the year.