The IPO market for Small and Medium Enterprises (SMEs) in Mumbai experienced a record run in 2023, with 166 companies raising around ₹4,472 crore, with 136 companies closing higher on debut and 24 companies recording over 99.5% gains on listing day.

FYERS reported record subscription rates in SME IPOs, with 51 companies exceeding 100 times and 12 exceeding 300 times, indicating unprecedented retail interest and surpassing previously known subscription rates.

FYERS advises investors to be cautious about upcoming IPOs, as they may not last long and certain companies may not display similar financial performance to their stock price movements.