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SME IPOs dominate the August–September 2025 pipeline, spanning metals, plastics, construction, and technology.
Amanta Healthcare stands out as the only mainboard listing with a sizeable Rs. 126 crore issue.
Investors get a diverse mix of sectors, offering both high growth potential and higher risk.
The Indian primary market is gearing up for a busy season in the second half of 2025, with several companies across sectors preparing to launch their Initial Public Offerings (IPOs). From manufacturing and healthcare to technology and construction, a diverse set of businesses is seeking to raise funds through a public listing. Investors will have plenty of choices, especially in the small and medium enterprise (SME) segment, which is expected to dominate the upcoming wave of issues.
In this article, we look at the major upcoming IPOs to watch, lined up from late August through September 2025.
Opening Date: August 29, 2025
Closing Date: September 2, 2025
Price Band: Rs. 117 to Rs. 123
Issue Size: Rs. 85.66 crore
Listing Exchange: BSE SME
Lead Manager: 3Dimension Capital
Sugs Lloyd Ltd. stands out among the Upcoming IPOs to watch today. The company is entering the SME platform of the BSE with a moderately large issue of Rs. 85.66 crore. Operating in the engineering and manufacturing space, Sugs Lloyd is expected to attract investors who are looking for exposure to India’s growing infrastructure and industrial development story. The price band of Rs. 117 to Rs. 123 makes it an affordable pick for small investors, while the listing on the SME platform indicates that the company is primarily targeting growth capital to strengthen operations and expand its market presence.
Opening Date: August 29, 2025
Closing Date: September 2, 2025
Price Band: Rs. 115 to Rs. 122
Issue Size: Rs. 32.68 crore
Listing Exchange: NSE SME
Lead Manager: Fast Track Finsec
Snehaa Organics, launching on the same day as Sugs Lloyd, belongs to the chemicals and organics sector. With the rising importance of specialty chemicals in both domestic and global markets, this is one of the upcoming IPOs to watch in India is expected to draw attention from retail and institutional investors alike. Priced between Rs. 115 and Rs. 122, the issue is relatively small at Rs. 32.68 crore, but it highlights the trend of mid-sized companies in traditional industries turning to public markets to fuel growth.
Opening Date: August 29, 2025
Closing Date: September 2, 2025
Issue Price: Rs. 61 (fixed price)
Issue Size: Rs. 13.42 crore
Listing Exchange: BSE SME
Lead Manager: Interactive Financial
Also opening on August 29, Abril Paper Tech is offering its shares at a fixed price of Rs. 61. With a modest issue size of Rs. 13.42 crore, this is one of the smaller IPOs in the current line-up. The company operates in the paper and packaging segment, a business closely tied to India’s expanding FMCG and e-commerce industries. Although the size of the offering is small, such IPOs often attract retail investors who prefer affordable entry prices.
Opening Date: September 1, 2025
Closing Date: September 3, 2025
Price Band: Rs. 120 to Rs. 126
Issue Size: Rs. 126 crore
Listing Exchange: BSE, NSE (Main Board)
Lead Manager: Beeline Capital
Amanta Healthcare is one of the larger and more prominent IPOs on this schedule. With a sizeable issue size of Rs. 126 crore and a listing planned on both the BSE and NSE main boards, this IPO is likely to gain significant attention. The company is part of the pharmaceutical and healthcare sector, an industry that continues to witness strong demand both in India and globally. The price band of Rs. 120 to Rs. 126 places it in an attractive range for both institutional and retail investors.
Opening Date: September 1, 2025
Closing Date: September 3, 2025
Price Band: Rs. 140 to Rs. 149
Issue Size: Rs. 19.49 crore
Listing Exchange: BSE SME
Lead Manager: Khambatta Securities
Rachit Prints Ltd. operates in the textiles and printing sector, offering products and services to industries that rely on customized fabric designs. With a relatively small issue size of Rs. 19.49 crore, the IPO is positioned to appeal to SME-focused investors. The price band of Rs. 140 to Rs. 149 reflects confidence in the company’s growth potential within its niche market.
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Opening Date: September 2, 2025
Closing Date: September 4, 2025
Price Band: Rs. 80 to Rs. 84
Issue Size: Rs. 51.82 crore
Listing Exchange: NSE SME
Lead Manager: Share India Capital
Optivalue Tek Consulting brings a technology-driven offering to the SME IPO pipeline. With a price band of Rs. 80 to Rs. 84 and an issue size of Rs. 51.82 crore, the company aims to raise funds for scaling operations and strengthening its consulting and IT services business. The technology sector has been a consistent performer in Indian capital markets, and this issue may attract investors looking for exposure to mid-sized players in the IT consulting space.
Opening Date: September 2, 2025
Closing Date: September 4, 2025
Price Band: Rs. 249 to Rs. 262
Issue Size: Rs. 99.77 crore
Listing Exchange: BSE SME
Lead Manager: Srujan Alpha Capital
Goel Construction, a company from the infrastructure and real estate development sector, plans to raise nearly Rs. 100 crore through its IPO. With a higher price band of Rs. 249 to Rs. 262, this is one of the costlier SME issues, but also one of the largest in terms of fundraising. Infrastructure remains a focus area for India’s economic growth, and this issue could appeal to investors who believe in the long-term potential of the construction sector.
Opening Date: September 3, 2025
Closing Date: September 8, 2025
Price Band: Rs. 52 to Rs. 55
Issue Size: Rs. 15.57 crore
Listing Exchange: BSE SME
Lead Manager: GYR Capital
Austere Systems is a technology and systems integration company offering a small IPO worth Rs. 15.57 crore. With a low entry price of Rs. 52 to Rs. 55, the issue may draw retail participation. Technology SMEs have historically delivered strong post-listing performance, and this IPO could be on the radar of investors seeking growth-oriented companies in the IT services segment.
Opening Date: September 4, 2025
Closing Date: September 9, 2025
Price Band: Rs. 192 to Rs. 196
Issue Size: Rs. 58.80 crore
Listing Exchange: BSE SME
Lead Manager: Expert Global
Sharvaya Metals operates in the metal and alloys segment, which is closely tied to India’s industrial expansion and global commodity cycles. With a price band of Rs. 192 to Rs. 196, the company plans to raise nearly Rs. 59 crore. Metals have been a volatile but rewarding sector, and the company’s listing on the SME exchange will provide investors with another option to diversify into core manufacturing industries.
Opening Date: September 4, 2025
Closing Date: September 9, 2025
Price Band: Rs. 77 to Rs. 81
Issue Size: Rs. 25.10 crore
Listing Exchange: NSE SME
Lead Manager: Unistone Capital
Alongside Sharvaya Metals, Vigor Plast is also launching its IPO in early September. The company belongs to the plastics and packaging sector, which has a broad application base in industries such as FMCG, retail, and logistics. With an issue size of Rs. 25.10 crore and a modest price band of Rs. 77 to Rs. 81, the IPO is expected to attract steady retail participation.
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The second half of 2025, particularly August and September, will witness a series of IPOs largely from the SME sector, alongside a few mainboard offerings like Amanta Healthcare. These issues span across industries such as metals, construction, healthcare, technology, chemicals, and packaging, reflecting the diversity of India’s growing economy.
While SME IPOs are generally considered riskier due to the smaller scale of companies, they also carry strong growth potential. Investors looking to participate in these upcoming offerings should carefully evaluate each company’s fundamentals, sector outlook, and pricing before making decisions.
The IPO season ahead promises both opportunities and risks, making it an exciting period for market participants.
