Upcoming SME IPO

SME Issues Scheduled to Open — 20 August 2026

As of 20 August 2026, 4 issues are scheduled to open. 4 of them open within the next seven days. The nearest is Madhur Knit Crafts, opening 24 August.

• Madhur Knit Crafts — SME, ₹95–100, opens in 4 days on 24 August and runs to 27 August. Lot of 2400 shares, about ₹2,40,000 at the top of the band, issue size ₹27 crore.   No grey market quote is available.
• ABH Healthcare — SME, ₹96–102, opens in 4 days on 24 August and runs to 26 August. Lot of 2400 shares, about ₹2,44,800 at the top of the band, issue size ₹35 crore.   No grey market quote is available.
• Sumax Engineering — SME, ₹95–101, opens in 5 days on 25 August and runs to 28 August. Lot of 2400 shares, about ₹2,42,400 at the top of the band, issue size ₹53 crore.   Grey market premium ₹30 (29.7%).
• Kwick Forensic Solutions — SME, price band not announced, opens in 7 days on 27 August and runs to 31 August. Lot size and issue size not yet published.   Grey market premium ₹15.

Price bands and dates stay provisional until the final prospectus is filed, so anything above may change. An upcoming issue with no grey market quote is normal — dealers usually start pricing only after that filing. How to read an offer document →

Reading an Upcoming SME IPO Before It Opens

An SME issue reaches this list once it has been admitted to BSE SME or NSE Emerge. The thresholds it had to clear are lower than Mainboard's, which is exactly why the prospectus deserves more of your attention, not less.

• Size ceiling, not just a floor. Post-issue paid-up capital must sit between Rs 1 crore and Rs 25 crore. A company that grows past Rs 25 crore is required to migrate to the Mainboard — so the platform is a stage, not a permanent home.
• The profitability bar is modest. EBITDA of at least Rs 1 crore in two of the last three financial years, plus a three-year operating track record. Compare that against Mainboard's Rs 15 crore average operating profit test before assuming the two are equivalent.
• Check the fresh-issue vs OFS split. An offer for sale is capped at 20% of the issue, so most of the money must be new capital entering the business rather than an exit for existing holders. The split is in the prospectus.
• Watch where the proceeds go. The general corporate purposes allocation is capped at the lower of 15% of the issue or Rs 10 crore, so a vague "GCP" line can no longer absorb most of the raise. A high GCP share within that cap is still worth questioning.
• Plan for the ticket size. The minimum application is two lots above Rs 2 lakh — decide whether that concentration fits your portfolio well before the issue opens.

GMP typically appears only once dealers begin quoting, which is usually after the prospectus with the final price band is filed. How to read an offer document →

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.