Among the 228 SME IPOs listed in 2025, Cryogenic Ogs, Tankup Engineers, Anondita Medicare, Fabtech Technologies Cleanrooms, and TechD Cybersecurity have delivered substantial returns to their investors. These stocks have experienced a rise of over 300-400%, qualifying as multibaggers in the SME sector. There are approximately 23 stocks that have yielded returns between 100% and 200%.
Despite the SME IPOs in India during 2025 being a dynamic aspect of the primary market, providing significant multibagger possibilities while enabling a growing number of smaller firms to secure public funding, analysts express concern that only a few are performing satisfactorily.
Firstly, the valuations at which these companies are entering the market are considered excessive. Secondly, investors often overlook companies that they do not fully understand. In both instances, this points to a failure on the part of merchant bankers and promoters to effectively communicate the value of these offerings.
Let’s take a look at the 5 Multibagger SME IPOs
Cryogenic Ogs IPO
shares have risen by 310.43% from their initial public offering price of ₹47, closing yesterday at ₹192.90.
Shares of Cryogenic OGS made a spectacular entrance on the BSE SME platform on Thursday, July 10, following the successful completion of its IPO. The stock debuted at ₹89.30 per share, which marks a premium of ₹42 per share or a 90% increase from the issue price of ₹47. The Cryogenic OGS IPO consisted entirely of a fresh issue of 3.78 million equity shares, totaling approximately ₹17.77 crore. There were no shares available for sale in the public offering.
The public offering was available for subscription from July 3 to July 7, 2025, with a price range of ₹44 to ₹47 per share, and a minimum purchase requirement of 3,000 shares. The public issue saw an incredible level of interest from investors, being oversubscribed by a staggering 646.47 times by the conclusion of the subscription window, according to BSE data.
Tankup Engineers IPO
shares have risen by 399% from their initial public offering price of ₹140, closing yesterday at ₹697.95
Tankup Engineers shares debuted on the NSE at ₹175 each, showcasing a premium of ₹35 per share or 25% above the issue price of ₹140 per share.
The subscription window for the initial public offering of Tankup Engineers was open from Wednesday, April 23, to Friday, April 25. Shares for the Tankup Engineers IPO, which have a face value of ₹10, are being offered at ₹140. A minimum of 1,000 shares can be bid on, with additional multiples of that available. The Tankup Engineers IPO saw a subscription rate of 124.67 times on the final day of bidding.
This SME offering, approximately valued at ₹19.53 crore, consists solely of a fresh issue of 1.4 million equity shares, with no component for an offer-for-sale (OFS). Tankup Engineers plans to use the funds raised from the public issue to pay off certain outstanding debts, either in part or fully. The remaining funds are intended for working capital needs and general corporate expenses.
Anondita Medicare IPO
shares have risen by 329% from their initial public offering price of ₹145, closing yesterday at ₹621.55.
Anondita Medicare Limited shares made a strong debut on the NSE Emerge platform on September 1, 2025, launching at ₹275 per share, reflecting a remarkable 89.65% gain over the IPO price of ₹145. The ₹69 crore IPO of Anondita Medicare, which took place from August 22 to 26, 2025, witnessed tremendous success, being subscribed 277.37 times.
The interest was primarily driven by retail investors, who subscribed 286.12 times, followed by non-institutional investors at 248.32 times, and qualified institutional buyers at 153 times.
Fabtech Technologies Cleanrooms IPO
shares have risen by 332% from their initial public offering price of ₹85, closing yesterday at ₹366.75.
Fabtech Technologies shares witnessed a muted debut on October 7, trading at ₹192 on the NSE. This price was quite similar to its issue price of ₹191. The initial public offering, valued at ₹230 crore, had a lackluster debut.
However, in spite of the lack of excitement at listing, the IPO attracted considerable interest from investors. Retail investors applied for 2.08 times their allocated shares, whereas Qualified Institutional Buyers (QIBs) subscribed 2.02 times their share allocation. The strong demand indicates a high level of confidence in the company’s asset-light business model and its prospects for global expansion.
TechD Cybersecurity IPO
shares have risen by 310% from their initial public offering price of ₹193, closing yesterday at ₹792.
TechD Cybersecurity debuted on the NSE SME exchange on September 22, 2025. The initial public offering (IPO) was priced between ₹183 and ₹193 per share. On the day of its listing, the stock began trading at ₹366.70, representing a 90% premium over its offering price.
Investor demand was exceptionally high, with the issue being oversubscribed 718.30 times overall. Retail investors subscribed to 726.06 times their allotted share, while non-institutional investors’ segment was subscribed 1,279.03 times, and qualified institutional buyers applied 284.17 times. Before the main offering, the company secured ₹11.09 crore from anchor investors on September 12.
TechD Cybersecurity intends to utilise the funds raised from the IPO to invest in human resources, for capital expenditures to set up a Global Security Operation Centre (GSOC) in Ahmedabad, and for other corporate needs.
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