2025 is shaping up to be one of the most active years for public offerings in India. With record-breaking listings, buzzing grey market premiums, and explosive SME IPOs—investors are spoiled for choice. But with so many options, one question lingers:
Where is the smart money going?
Should you invest in a Pre-IPO, wait for a mainboard IPO, or take a shot at SME IPOs?
This blog will simplify your decision. We’ll break down each route, add real examples, market trends, and provide you with a solid action plan—all backed by insights from India’s evolving investment ecosystem.
A Pre-IPO investment happens before a company goes public. These shares are sold privately—often to institutions, venture capitalists, or HNIs—at a negotiated price.
Access: Mostly for HNIs, Family Offices, and Institutional Investors.
Lock-in: Typically 6–12 months post-listing.
Returns Potential: High (but comes with risk and illiquidity).
A Mainboard IPO is a public issue by a larger company listing on NSE or BSE. These are SEBI-regulated offerings open to retail, HNI, and institutional investors.
Access: Open to all.
Listing: Immediate tradability.
Returns Potential: Moderate-to-high based on market demand.
SME IPOs are public issues by small and medium-sized enterprises listed on BSE SME or NSE Emerge platforms.
Access: Open to all, but you need a Demat account.
Lot Size: Lower than mainboard IPOs.
Returns Potential: Often high, but volatile.
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Here’s how different types of issues performed in just the first half of FY2025:
Fintech startup Slice offered pre-IPO rounds at ₹80/share.
IPO listed at ₹160—100% gain in under 6 months.
Investment: Min ₹50 lakh (via PMS/Private Placement Route).
Bajaj Housing Finance IPO (March 2025) gave a 136% listing gain.
Unicommerce and Premier Energies also gained over 80%.
Average subscription: 50× in retail, 70× HNI.
Top gainers in 2024-25 include:
Refractory Shapes: 351% gain
Medicamen Organics: 275%
Divine Power Energy: 227%
More than 38 SME IPOs were oversubscribed by over 10× in H1 2025.
60% allocation to Pre-IPOs in sectors like AI, Fintech, and Clean Energy.
Focus on early-stage valuation arbitrage before mass-market hype.
Balanced strategy across all 3 types:
40% Pre-IPO
40% Mainboard IPO
20% SME IPO
Aggressive participation in SME IPOs due to better allotment chances and strong listing pops.
Continue to apply in Mainboard IPOs for quality names.
Pre-IPO investments cannot be sold until the lock-in period ends.
IPO and SME IPO retail investors enjoy no lock-in but promoters do.
Short-Term Capital Gain (STCG) within 12 months: 15% tax + surcharge.
Long-Term Capital Gain (LTCG) after 12 months: 10% (above ₹1 lakh).
Mainboard IPOs offer highest liquidity.
SME IPOs can be illiquid post-listing, especially for large exits.
Pre-IPOs: Limited data, rely on due diligence.
Mainboard IPOs: Detailed RHPs available.
SME IPOs: Less data, higher volatility.
Live Pre-IPO Offers
Upcoming IPO Calendar
SME IPO Tracker
Grey Market Premium Trends
Subscription Heatmaps
Pop Predictors (based on real-time demand)
UPI & ASBA options
No paperwork hassles
3-click applications via web or app
Ready to grab your next investment opportunity?
👉 Open your FREE Angel One Account with Marfo.in:
🔗 https://www.marfo.in/partner/angelone
📞 Call us: +91 96536 49303
📧 Email: info@marfo.in
Only if routed via PMS or AIF. Some Pre-IPOs are accessible through Marfo’s partner network.
They’re high-reward but come with high risk and lower liquidity. Ideal for seasoned, small-cap investors.
Try multiple applications (using family accounts), choose IPOs with lower HNI interest, and stay updated on grey market cues.
More PSU divestments, digital-first startups (like Groww, Navi), and EV component manufacturers are lined up.
Whether you’re looking for high-growth potential in Pre-IPOs, predictable liquidity in Mainboard IPOs, or strong pops from SME IPOs—the opportunities in 2025 are abundant.
Smart investors aren’t choosing one—they’re diversifying across all three.
With Marfo strategies intelligence and Angel One’s seamless access, you don’t need to miss a single wave.
Let your next investment decision be an informed one.
