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SME IPO Risk Scorecard
Indian SME IPOs have delivered some of the market's biggest winners — and biggest blow-ups. Our heuristic score combines issue size, QIB demand, lot value, anchor quality and subscription pattern into a single 0-100 number, with the underlying factors visible. Higher score = lower risk.
What goes into the score
- Issue size: <₹25 Cr is a yellow flag. Floats <₹25 Cr are easy to corner post-listing.
- QIB demand: Strong QIB participation (≥5x) means institutions did real diligence. Retail-only frenzy with QIB <1x is the classic warning.
- Total subscription: >400x suggests circular bidding (SEBI itself has called this out).
- Lot value: >₹2.5L lot value restricts genuine retail and concentrates risk.
- Anchor quality: Tier-1 anchors (HDFC MF, SBI MF, ICICI Pru, Axis MF etc.) signal due-diligence rigour.
| Company | Status | Price band | Issue size | Open | Risk score |
|---|---|---|---|---|---|
| Mamata Machinery | Listed | ₹230 – ₹243 | ₹179 Cr | 19 Feb 2026 | Moderate risk58 |
| Mamata Machinery (historical) | Listed | ₹230 – ₹243 | ₹179 Cr | 19 Dec 2024 | Moderate risk58 |
| Kalpataru Projects International | Upcoming | ₹95 – ₹100 | ₹42.00 Cr | 2 May 2026 | Elevated risk42 |