SME IPO vs Mainboard IPO: What Is the Difference?
IPO guide
By IPO GMP Status desk · Updated 31 October 2026 · How we compile these figures
Every IPO on this site is marked either Mainboard or SME. They are offered the same way, through ASBA and UPI, but they are different kinds of companies with different rules and risks.
Where they list
Mainboard IPOs list on the main boards of NSE and BSE. SME IPOs list on the exchanges' small and medium enterprise platforms — NSE Emerge and BSE SME — which have their own, lighter listing requirements.
The main differences
| Mainboard IPO | SME IPO | |
|---|---|---|
| Company size | Larger, established | Smaller, often younger |
| Issue size | Usually hundreds of crores or more | Usually a few crores to tens of crores |
| Minimum investment | One lot, often ₹14,000–₹15,000 | Much higher — typically above ₹1 lakh |
| Trading after listing | Any number of shares | In lots |
| Liquidity | Usually high | Often thin |
Risks to weigh with SME IPOs
SME issues are smaller and can be thinly traded after listing, so prices can move sharply and selling may be harder. Disclosure requirements are lighter, and grey market premiums on SME issues can be especially volatile. Read the offer document, which is linked on each IPO's page here.
Following both on this site
The GMP board can be filtered to Mainboard or SME, and the performance page shows how past listings of each kind did against their GMP.
Frequently asked questions
What is an SME IPO?
An IPO by a small or medium enterprise that lists on the SME platforms of the exchanges — NSE Emerge or BSE SME.
Is the minimum investment higher in SME IPOs?
Yes. SME IPOs have much larger lots, so the minimum application is typically above ₹1 lakh.
Are SME IPOs riskier?
They are generally riskier: smaller companies, lighter disclosure, and often thin trading after listing.
Can SME shares move to the main board?
Yes, an SME-listed company can migrate to the main board once it meets the exchange's conditions.
More IPO guides
- What Is IPO GMP? Grey Market Premium ExplainedIPO GMP (grey market premium) explained in plain words: what it is, how it is quoted, how to read the expected listing price, and why it is only an estimate.
- Kostak and Subject to Sauda in IPO: Meaning ExplainedWhat Kostak and Subject to Sauda mean in the IPO grey market, how they differ from GMP, and the risks of selling an application before allotment.
- How to Check IPO Allotment Status for Multiple PAN CardsApplied for an IPO from several family members' PANs? Check the allotment status of every PAN together in one tap instead of one by one on the registrar's site.
- How IPO Allotment Works: The Retail Lottery ExplainedHow shares are allotted in an IPO: the retail lottery, small and big NII, QIBs, the T+3 timeline, and what decides your chance of getting an allotment.
- How to Apply for an IPO with UPI: Step by StepApply for an IPO with UPI through your broker app: placing the bid, approving the UPI mandate, cut-off times, the ₹5 lakh UPI limit and what happens after.
Nothing here is investment advice; see the disclaimer.