Closed SME IPO

SME Issues That Have Closed — 5 September 2026

As of 5 September 2026, 5 issues have closed and are between bidding and listing. Allotment has been published for 5 of them. The next to list is Shanti Inorganics, on 7 September.

• Shanti Inorganics — SME, ₹79–83, bidding closed 2 September, allotment published. Closed at 153.81x overall — QIB 130.97x, NII 301.86x, retail 125.72x. Highest category multiple: NII at 301.86x.   Registrar: Kfin Technologies Ltd.   Grey market premium ₹43 (51.8%).
• Ashutosh Fibre — SME, ₹87–92, bidding closed 2 September, allotment published. Closed at 133.82x overall — QIB 143.93x, NII 201.21x, retail 99.16x. Highest category multiple: NII at 201.21x.   Registrar: Kfin Technologies Ltd.   Grey market premium ₹44 (47.8%).
• Phychem Technologies — SME, ₹51–54, bidding closed 2 September, allotment published. Closed at 20.87x overall — QIB 4.31x, NII 42.76x, retail 20.76x. Highest category multiple: NII at 42.76x.   Registrar: MUFG Intime India Pvt.Ltd.   Grey market premium ₹1 (1.9%).
• Farm Peace — SME, ₹59 fixed price, bidding closed 3 September, allotment published. Closed at 1.2x overall — NII 1.83x, retail 0.57x. Highest category multiple: NII at 1.83x.   Registrar: Bigshare Services Pvt. Ltd.   Grey market premium ₹45 (76.3%).
• Fly-Hi Maritime — SME, ₹102 fixed price, bidding closed 3 September, allotment published. Closed at 2.17x overall — NII 0.69x, retail 3.65x. Highest category multiple: retail at 3.65x.   Registrar: Kfin Technologies Ltd.   Grey market premium ₹1 (1%).

Final subscription decides the odds, not the outcome: where a category is oversubscribed, allotment within it is a draw of lots, so a large multiple does not reduce anyone's chance below anyone else's. Check allotment results → · Estimated allotment odds →

After an SME IPO Closes — Allotment and the Wait to List

SME issues follow the same mandatory T+3 schedule as the Mainboard: allotment finalised on T+1, refunds and share credit on T+2, listing on T+3, counting working days from the close.

• One category, one draw. Since July 2025 individual applicants sit in a single Individual Investor category rather than a retail bucket, and allotment there is a draw of lots. With a minimum ticket above Rs 2 lakh, the applicant pool is smaller than a Mainboard retail pool — which cuts both ways, because a popular SME issue concentrates that demand into far fewer available lots.
• Check with your PAN. The registrar publishes allotment on its own portal on the evening of T+1; the same PAN you applied with is all you need.
• Refunds release the block, not a transfer. If you applied via ASBA the bank lien is simply lifted on T+2 — no money moves, so watch your available balance rather than your transaction history.
• Listing is on BSE SME or NSE Emerge. A pre-open call auction sets the opening price, and the first day on a thinly traded platform can move violently in either direction.

Check results as they publish on our allotment page. How allotment works →

IPO investing carries risk of capital loss, allotment is not guaranteed, and grey market premium is an unofficial signal rather than a prediction. Nothing here is investment advice — read the offer document and consult a SEBI-registered adviser before committing capital.