Ahmedabad: Gujarat ranked first in India in small and medium enterprise (SME) fund-raising through initial public offerings (IPOs) during the first half of FY27, according to exchange data. As per BSE SME data, 19 Gujarat-based SME companies raised a combined Rs 606 crore between April and Sept. On NSE Emerge, 16 SMEs from Gujarat launched IPOs over the same timeframe. NSE did not share state-wise funds raised. Across both platforms, Gujarat accounted for 35 SME IPOs in H1 FY27.Maharashtra ranked second nationally with a total of 32 SME IPOs during April–Sept 2026. Of these, 20 Maharashtra-based SMEs were listed on BSE SME, while 12 were listed on NSE Emerge, as per the data. Delhi placed third with 19 SME IPOs in the first half of FY27.The latest numbers point to continued participation from Gujarat’s smaller companies in public markets, although the pace has fluctuated year to year. In the first six months of FY26, 23 SME companies from Gujarat went public. Between April and Sept 2025, the number of Gujarat SMEs coming out with IPOs stood at 35, matching the count recorded in H1 FY27.Market participants said IPOs are increasingly being used by smaller companies seeking growth capital and higher visibility.“Gujarat’s SMEs across manufacturing and services are increasingly choosing IPOs to raise growth capital,” said Vanesh Panchal, stockbroker and merchant banker. “A listing improves credibility and brand recall, and companies that adopt stronger governance standards post-IPO are often better positioned to scale. With Gujarat’s large MSME base and a long-standing equity culture, we are likely to see more SME listings from the state in the coming quarters.”
