Mumbai, 21 March 2026: In a significant step towards strengthening India’s SME capital market ecosystem, Small Enterprise India successfully hosted the SME IPO conference “Breaking Barriers – IPO for SMEs” at the iconic International Convention Hall (ICH) of BSEIndia (formerly Bombay Stock Exchange). The event brought together over 100+ SME promoters, investors, and capital market experts, all aligned toward a common vision, enabling SMEs to access public markets and scale sustainably.
A Massive Untapped Opportunity
India is home to over 7 crore MSMEs, yet only around 1,400 SMEs are currently listed on the SME platforms provided by exchanges in the country such as BSE SME. This stark contrast highlights a massive untapped opportunity for SMEs to raise growth capital through IPOs. With evolving regulatory support, simplified compliance frameworks, and increasing investor participation, the SME IPO route has become more accessible than ever before. Businesses with strong fundamentals, good governance, EBITDA of around ₹1 crore, and compliance with other eased listing rules can now aim to go public. Listing will enable companies to build a well-defined corporate structure, professional standards and operations measurement measures.
Keynote Sets the Tone: Breaking Structural Barriers
The keynote address on “Breaking Barriers – IPO for SMEs” by Ramachandran Gopalakrishnan, Chairman – Advisory Board, AIQ Group and Mentor Capitalist, proved to be a compelling and thought-provoking session for the distinguished audience. He underscored the critical role of MSMEs in the Indian economy, describing them as the “unsung heroes” despite their significant contribution. Highlighting their challenges, he noted that SMEs often struggle to secure funding due to inadequate turnover thresholds and lack of financial readiness. He identified key barriers to SME IPO participation, including insufficient financial preparedness, gaps in compliance and governance, the imbalance between cost and scale, and challenges around liquidity versus valuation. He further observed that many SMEs are founder-driven, lacking professional management structures, audit discipline, and a clear distinction between personal and organizational finances—factors that hinder their growth and credibility.
Drawing a sharp contrast, he pointed out the disparity in how startups, despite incurring heavy losses, receive high valuations driven by what he termed “glamour capital,” whereas SMEs with stable operations are overlooked due to compliance concerns. He emphasized the need for better financial transparency, independent boards, and structured organizational practices to enable IPO readiness. Acknowledging the efforts of SME platforms of stock exchanges along with regulatory simplifications by the government, he questioned whether sufficient market discovery and research coverage exist for SME stocks. He strongly advocated for greater institutional participation and even proposed the idea of “reservation” in capital allocation—encouraging private equity firms, venture capitalists, and research organizations to actively support SMEs.
He urged policymakers to rethink strategies to ensure SMEs get priority focus, emphasizing that enhanced visibility and investor confidence are key to their growth. Stressing the importance of structured IPO preparedness programs led by exchanges and financial institutions, he noted that many SMEs are eligible but not adequately prepared. Looking ahead, he projected that India’s SME sector could surpass China by 2030, contributing up to 40% of GDP and 59% of exports. He also encouraged SMEs to adopt technology, including Generative AI-led HR practices, to optimize costs and scale operations, while maintaining high standards of governance, ethics, and transparency. Concluding on an optimistic note, he highlighted SME IPOs as a powerful instrument for wealth creation and economic transformation, asserting that with the right support and ecosystem, SMEs will emerge as the next major investment frontier in India.
BSE SME Platform: Driving Inclusive Capital Access
At the outset of the BSE SME session, Riddhesh Shah, Deputy Vice President – SME Segment, BSE, warmly welcomed the gathering to the iconic Convention Hall of the BSE, reflecting on its rich legacy and evolution into a fully digital trading platform while remaining a symbolic destination for every entrepreneur aspiring to raise capital. He emphasized the critical role of SMEs as the backbone of India’s economy and highlighted the growing opportunities through the BSE SME platform, established in 2012, which has facilitated 710 SME listings and raised more than ₹15,000 crore, with 200 companies successfully migrating to the main board. He noted the rapid acceleration in IPO activity, with recent listings achieving significantly higher fundraises, demonstrating strong market confidence.
He further explained that SME IPO eligibility norms are practical and accessible, encouraging growth-oriented companies with sound financials to participate. Outlining the IPO journey, he emphasised that success lies in strong governance, transparency, and long-term vision. Addressing common concerns, he reassured entrepreneurs that going public does not dilute control.
Concluding, he underlined the immense untapped potential, noting that out of the 7 crore MSMEs, nearly 5.25 lakh are small and medium sized companies in India, and only a fraction are listed, which presents a massive opportunity for capital and value creation. With India’s economy on a strong growth trajectory, he urged SMEs to step forward, leverage capital markets, and build enduring enterprises, reiterating BSE’s commitment to support them in their IPO journey and contribute towards a “Viksit Bharat.”
Key milestones shared include:
- 710 SME listings on BSE SME
- ₹15,000+ crores raised by listed SMEs
- 200 companies successfully migrated to the main board
He highlighted that IPO eligibility norms are practical and achievable, and reassured entrepreneurs that public listing is a long-term partnership with investors, not a loss of control. The importance of building a strong IPO team, governance framework, and financial discipline was emphasized as critical success factors.
Agenda for Empowering SMEs to Break Barriers and Rise to Market Leadership
Breaking Barriers is thoughtfully curated to inspire, inform, and empower emerging enterprises on their journey toward capital markets. Beginning with meaningful networking and a powerful keynote, the sessions seamlessly blend insights from industry leaders, sector-specific growth stories, and practical knowledge on navigating the SME IPO ecosystem. From unlocking opportunities across FMCG, EV, infrastructure, agriculture, and green energy, to addressing critical challenges like funding constraints and market readiness, the agenda offers a holistic perspective on growth and scalability. The panel discussion further deepens the conversation with expert viewpoints on overcoming financial barriers in a dynamic economic landscape. Concluding with strategies for post-listing success and collaborative networking opportunities, the agenda serves as a comprehensive roadmap for SMEs aspiring to transform, scale, and create lasting value in the evolving business environment.
Insights from Industry Leaders
The conference featured a distinguished line-up of speakers who shared practical insights across sectors:
- Dojo Jose – Opening address and SME ecosystem vision how Small Enterprise India has been supporting MSMEs for the past 17 years in educating them about business essentials that can grow their business.
- Prerna Kalra – Growth strategies in new-age FMCG at Daalchini – Smart Vending Machines
- Mayank Rakholiya – Scaling innovation in EV mobility Samarth E-Mobility Pvt. Ltd. Mobility
- Santosh Danegoudar – Agri-sector transformation Social Falca E Solutions
- Kishan Karunakaran & Sumanth Kumar – Building sustainable energy ecosystems at Buyofuel
- Tapasya Ravishankar, Co-Founder & Director, Aspire AEONIAN LLP, graciously hosted this iconic SME IPO event, setting the tone for an insightful and impactful gathering.
Panel Discussion: Navigating Capital Constraints
The panel discussion on “Capital Drought 2026: How SMEs Can Secure IPO Funding Amid Tight Markets & Rising Rates” was a high-impact session that brought together leading voices from the SME and financial ecosystem.
The discussion was expertly moderated by Shiv Mittal, Founder, CFO Desk Services LLP, and featured eminent panelists including Manish Dhanuka, Group CFO, EMA Partners; Riddhesh Shah, Deputy Vice President – SME Segment, BSE; and Ramachandran Gopalakrishnan, Chairman – Advisory Board, AIQ Group and Mentor Capitalist. The panel offered deep insights into navigating capital constraints in a challenging economic environment.
Key takeaways included:
Key takeaways emphasised the importance of strong governance and financial discipline in building investor confidence, the advantages of early IPO preparedness in minimising execution challenges, and the critical role played by merchant bankers and advisors in guiding SMEs through the IPO journey. The discussion also highlighted the need for a mindset shift among SME promoters, underlining that alongside regulatory support, a proactive and structured approach is essential for successful capital market participation.
- Strong governance and financial discipline are essential for investor confidence
- Early IPO readiness significantly reduces execution challenges
- Merchant bankers and advisors play a crucial role in navigating the process
- A mindset shift among SME promoters is as important as regulatory support
Beyond Listing: Building Sustainable Value
The session by Sunil K Pandey, Founding Partner, ARTH VRITT CAPITAL “Scaling Success After the Bell” reinforced that an IPO is not the end goal but the beginning of a long-term value creation journey but the starting point of a far greater journey toward sustainable value creation. It emphasised that true success for SMEs lies beyond listing, in their ability to consistently build trust, performance, and credibility in the public markets. Post-listing, the focus must shift to strong corporate governance, unwavering transparency, and disciplined capital allocation to ensure long-term growth. Equally critical is proactive investor engagement, where clear communication and consistent delivery strengthen market confidence.
The session highlighted that companies which embrace professionalism, strategic foresight, and accountability are the ones that truly scale and stand out. For SMEs, this phase is an opportunity to transform into resilient, future-ready organisations that not only deliver financial returns but also create lasting stakeholder value, ultimately positioning themselves as powerful contributors to India’s economic growth story.
A Collective Step Towards India’s Economic Future
With SMEs currently contributing ~30% to India’s GDP and ~45% to exports, and projected to grow significantly by 2030, the role of SME IPOs in shaping India’s economic future is undeniable.
The conference concluded with a strong message: India’s next wave of wealth creation could be driven by SMEs—provided they are nurtured, prepared, and given the right platform to grow.
Gratitude & Way Forward
Small Enterprise India extends its sincere gratitude to the BSE for their continued support in enabling such a meaningful initiative and for providing a prestigious platform that inspires confidence among SMEs.
“Breaking Barriers – IPO for SMEs” marks not just an event, but the beginning of a movement—to prepare, empower, and transform India’s SMEs into the next generation of listed companies and wealth creators.
Stay Tuned: The Journey from Readiness to IPO Begins Here
Stay tuned for the Small Enterprise – SME IPO Readiness Program Roadshow, a transformative journey designed to equip, guide, and empower SMEs for the capital markets. This is a powerful opportunity for SMEs to connect with investors, secure funding, and receive expert handholding on their journey to IPO. The road ahead is filled with opportunity, get ready to evolve, scale, and unlock your true potential as the next wave of wealth creators.
