IPO SaathiGuide
SME IPO vs Mainboard IPO: What Is the Difference?
In short
A mainboard IPO is a larger company listing on the main boards of NSE or BSE. An SME IPO is a smaller company listing on a separate platform, NSE Emerge or BSE SME. The smallest application and the closing time of bidding differ.
The differences that affect your application
| Mainboard | SME | |
|---|---|---|
| Lists on | The main board of NSE and BSE | NSE Emerge or BSE SME |
| Smallest application | 1 lot | 2 lots |
| Bidding closes on the last day | 5 PM for retail bids | 4 PM |
| UPI mandate deadline | 5 PM on the last day | 5 PM on the last day |
| After the close | Allotment on T+1, refund and share credit on T+2, listing on T+3 (trading days) | |
Why the smallest SME application is bigger
An SME IPO asks you to apply for at least 2 lots, so the smallest application costs twice the lot value and is usually above ₹2 lakh. In a mainboard IPO one lot is the smallest application and retail applications go up to ₹2 lakh. How to work out the amount.
How IPO Saathi shows them
Every IPO carries a Mainboard or SME tag, and you can filter by it. The Key Dates show 4 PM or 5 PM as the closing time, whichever applies. The numbers come from NSE, BSE and SEBI filings; here is where each one comes from.
Whichever kind you look at, the offer document is the place to read about the company. Every IPO page links to it.