Keystone · IPO
SME vs Mainboard IPO Comparison
A side-by-side comparison of the SME and mainboard IPO routes, with your company's metrics applied where relevant.
In short: The SME route suits companies with post-issue paid-up capital up to ₹25 crore and offers proportionate disclosure obligations, while the mainboard route brings stricter criteria but broader institutional participation and liquidity.
Your company (optional)
| Dimension | SME IPO | Mainboard IPO | Your position |
|---|---|---|---|
| Post-issue paid-up capital | Up to ₹25 crore (SME route threshold) | Above ₹25 crore, subject to mainboard criteria | Within the SME ₹25 Cr reference |
| Track record | Commonly ~3 years of track record expected | Stricter profitability and net-worth criteria (ICDR) | Meets the common 3-year reference |
| Profitability requirements | Exchange-specific operating-profit / accrual criteria | Stricter PBT and net-worth tests under ICDR | — |
| Disclosure obligations | Half-yearly results; proportionate LODR obligations | Quarterly results and fuller LODR obligations | — |
| Cost profile | Lower absolute cost; still significant relative to issue size | Higher absolute cost across intermediaries and marketing | — |
| Timeline | Typically shorter preparation and review | Longer documentation, review and marketing process | — |
| Liquidity & investors | Market-making framework; narrower investor base | Broader institutional participation and liquidity | — |
| Migration | Possible migration to mainboard after meeting criteria | Not applicable | — |
This comparison summarizes commonly published criteria and requires verification against current SEBI ICDR regulations and exchange eligibility documents. It is not a legal or regulatory determination.
Related tools
Choose the right listing route with Keystone
Estimates are indicative. A Keystone advisor can review your specific position.
Can an SME-listed company move to the mainboard?
Yes — exchanges provide a migration framework once mainboard criteria are met, typically including paid-up capital and track-record requirements.
Is the SME route 'easier'?
Entry criteria are lighter, but disclosure, governance and market-making obligations still apply — and thinner liquidity can make pricing harder.
Sources and references
This tool provides indicative estimates for education and planning only. It is not investment advice, a fairness opinion, a tax computation, a financing offer or a regulatory determination. Consult a qualified advisor before acting on any result.
Service: IPO Advisory