Mainboard IPO versus SME IPO in India

Mon, 11 May 2026 00:00:00 +0000

The Indian public issue market operates on two parallel regulatory tracks: the mainboard, governed by Chapters II-VIII of the SEBI (ICDR) Regulations, 2018, and the SME platform, governed by Chapter IX of the same regulations. Issuers self-select between these tracks based primarily on their post-issue paid-up capital: companies with paid-up capital above ₹25 crore after the issue are required to list on the mainboard, while companies with paid-up capital between ₹1 crore and ₹25 crore may choose the SME platform. The two tracks differ substantially in eligibility criteria, disclosure burden, minimum lot sizes, investor category composition, post-listing obligations, and the market-making arrangement available to listed companies.

IPO Comparison on WebNotes

Mainboard IPO versus SME IPO in India