Indian IPOs list on one of two kinds of platform: the mainboard (the main NSE and BSE markets) or a dedicated SME platform — NSE Emerge or BSE SME — for small and medium enterprises.
The main differences
| Mainboard IPO | SME IPO | |
|---|---|---|
| Where it lists | Main NSE / BSE market | NSE Emerge or BSE SME |
| Typical issue size | Larger | Smaller |
| Minimum investment | Usually lower per application | Usually higher per application |
| Liquidity after listing | Generally higher | Often thin |
| Market maker | Not required | Required for a period after listing |
| Category-wise subscription | Published | Often not published in detail |
Why SME IPOs need more care
- Liquidity. Fewer buyers and sellers can make it hard to exit at a fair price.
- Disclosure and scrutiny. Requirements are lighter than for mainboard issues.
- Larger ticket size. A single application commits more money.
- GMP can be extreme. Small floats make grey-market quotes swing more.
SME companies can later migrate to the mainboard once they meet the exchanges' eligibility conditions.
Tracking both
The NEOGreeks IPO page lets you switch between Mainboard and SME issues, with GMP, subscription and allotment status for each, and marks when an SME issue's category split has not been published.