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IPO guides · Reviewed 23 Oct 2026
Mainboard IPOs list on the main boards of NSE and BSE and are larger issues. SME IPOs list on NSE Emerge or BSE SME, are smaller, have bigger lots and trade thinly, so prices can move sharply.
Mainboard: NSE and BSE main boards. SME: NSE Emerge and BSE SME.
SME issues are smaller and the companies are usually earlier-stage.
SME lots are larger, so the minimum investment is higher.
SME stocks have fewer buyers and sellers, so exits can be harder.
The two routes share the same application process but differ in who they are meant for.
A smaller, less liquid stock can fall quickly if few buyers show up, and circuit limits can trap holders. Read the offer document, check the company's financials and the purpose of the fund raise before applying to any SME issue.
Use the mainboard and SME GMP pages to compare current grey-market sentiment, and the subscription page to see how much demand each category has attracted.
General information, not investment advice. Rules set by SEBI, RBI and the exchanges can change, so confirm current limits with your broker or the offer document.