Knowledge Centre / The people in the process
Who actually invests in an SME IPO?
Who does what, and who sits on your side.
Qualified institutional buyers such as mutual funds and insurers, non-institutional investors such as high net worth individuals and family offices, and individual investors. In SME issues today, the minimum application is two lots (the smallest bundle of shares one can apply for), worth more than Rs 2 lakh.
Every SME issue today is fully underwritten, and a market maker must quote prices for at least three years after listing.
SEBI has proposed reducing the SME minimum application to Rs 1 lakh, and removing compulsory market making.
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General information, not legal or investment advice. Rules as at 2 November 2026.
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