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Main Board IPO and SME IPO: Key differences

Last updated August 22, 2026

This IPO News guide/article covers “Main Board IPO and SME IPO: Key differences”. The page is organized around what is main board ipo?, what is sme ipo?, what are the differences between main board ipo and sme ipo, wrapping up, sme ipo enquiry. IPO News presents the structured facts and tables in its own layout and wording.

Topics Covered

What is Main Board IPO?
What is SME IPO?
What are the differences between Main Board IPO and SME IPO
Wrapping up
SME IPO Enquiry
Frequently Asked Questions
1. What is IPO vetting?−
2. What is the financial reporting requirement for a listed SME?+
3. Does SME IPO need SEBI vetting?+
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Key Facts

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Companies with a minimum post-issue paid-up capital of Rs 10 crore that go public by issuing shares are called Main Board IPO or regular IPO. Such companies’ securities are listed on the BSE and NSE exchanges.
Current Mainboard IPOs in India 2024
Current SME IPOs in India 2024
After completing 2 year of the listing period, a SME can move to the mainboard IPO exchange by complying with the exchange migration policy.
An issuer, who has listed its shares on the SME platform at BSE or NSE must submit audited financial reports on a half-yearly basis. Unlike it, main board companies have to submit audited results every quarter.
No, a small and medium-sized company going public does not have to verify its DRHP and RHP by SEBI as these documents are only verified by the stock exchange.
BSE SME IPO Eligibility Criteria
SME IPO Listing Platforms BSE SME and NSE Emerge
Rajasthan Global Securities Pvt. Ltd: The First Institutional Investor to Anchor 100 SME IPOs
SEBI's New Norms for SME IPOs: Key Changes and Implications on SMEs
NSE Emerge SME IPO Eligibility Criteria

Data Tables

Basis of difference	Main Board IPO	SME IPO
Issue eligibility norms	SEBI has prescribed stringent and complex issue eligibility norms and guidelines for mainboard IPOs.	SME IPOs have relaxed eligibility norms, comprising certain conditions.
Post-issue paid-up capital	Companies proposing to list on the BSE and NSE exchanges must have a post-issue paid-up capital at the face value of Rs 10 crore atleast.	After the issue, the SME company must have a minimum post-issue paid-up capital of Rs 1 crore, and it should not go beyond Rs 25 crore.
Listing Exchange	Main board IPOs are listed on the BSE and NSE exchanges.	SME IPO shares are listed on either BSE SME or NSE Emerge exchange.
Number of allottees	Regular IPO must have at least 1,000 subscribers or allottees.	The minimum number of allottees in a SME IPO is only 50.
Minimum application or trading lot size	Mainboard IPOs generally have a minimum application value or a trading lot of Rs. 10,000-Rs 15,000.	The minimum application size in a SME IPO is very high at Rs 100,000 and above.
IPO underwriting	Underwriting is non-mandatory for the IPOs subject to 50% allocation to Qualified Institutional Bidders (QIBs).	The SME IPO must be 100% underwritten, and 15% underwriting should be from the merchant banker's account.
IPO offer documents	The IPO offer document, Draft Red Herring Prospectus (DRHP) is filled to SEBI for vetting.	DRHP and Prospectus are observed and reviewed by the stock exchange itself. SEBI observation is not required.
IPO Timeframe	Regular IPO takes nearly 6 months or more to make a public offer.	It takes 3 to 4 months to issue a SME IPO to the public.
Market making	Mainboard IPOs do not require post-issue market making.	Market making is mandatory for a SME IPO for liquidity.
Reporting	The IPO issuing entity has to audit its quarterly financial statements.	SME companies have to audit their half-yearly financial statements.

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