New Delhi, Dec. 23 -- Small and medium enterprises (SMEs) have been flocking to the SME platforms of the BSE and NSE, riding buoyant equity markets and abundant liquidity.

Data from Prime Database shows that 257 SMEs raised Rs.10,965 crore in 2025, an all-time high.

There has been a huge increase in interest from retail investors in this high-risk segment, said Pranav Haldea, managing director of Prime Database, which tracks IPO activity. "Between 2020 and 2024, the average retail applications in SME segment have gone up from 297 to 1.8 lakh per SME IPO."

But strong demand has not translated into consistent returns. Of the 250 SME IPOs listed in 2025, 129 are trading below their issue price, the data showed.

"A large chunk of SME stoc...