New Delhi, Nov. 27 -- 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 e...