Mumbai, Nov. 13 -- In what seems like deja vu, small and medium enterprises (SMEs) continue to lead India's IPO rush in 2025, with 220 firms raising Rs.9,453 crore from public markets-7% more than last year's haul, with over a month still to go in the year.

The momentum builds on 2024, when the country saw a record number of initial public offerings (IPOs) raising an unprecedented amount of capital. The SME segment dominated then as well, with 245 companies mobilizing Rs.8,761 crore.

That, however, is where the resemblance ends.

In 2024, retail investors drove a frenzy, pushing median subscriptions to a staggering 137 times, which translated into median listing-day gains of almost 40%. This year, the enthusiasm has vanished. Median ret...