Inside India’s SME IPO boom—and why it’s getting riskier

In 2024, SME IPOs delivered an average pop of around 60% on debut. About 240 such IPOs hit the market during the year, raising ₹8,761 crore, the highest number since the pandemic. The frenzy continues this year, despite geopolitical uncertainty. Experts, now, are warning of a froth build-up.

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