In 2024, the SME IPO market in India saw a significant surge, with over 117 companies launching IPOs (Photo: Canva)
In 2024, India’s Initial Public Offering (IPO) market saw a record growth, with proceeds more than doubling from USD 5.5 billion in 2023 to USD 11.2 billion in 2024. In the first half of 2025, IPO activity has stayed strong, especially in infrastructure and engineering, as India’s focus on infrastructure projects and government investment drew more companies to the public markets.
Lately, a notable trend has been the rise of Small and Medium Enterprises (SMEs) moving to listing on special exchanges meant for smaller companies. These offerings have drawn significant investor attention, with many SME IPOs seeing healthy demand and strong listings.
In 2024, the SME IPO market in India saw a significant surge, with over 117 companies launching IPOs and a total of INR 87.53 billion raised through SME IPOs.
Here are four SME infrastructure and engineering companies with IPOs coming up soon.
Monarch Surveyors and Engineers Limited
IPO Dates: July 22–24, 2025
Price Band: INR 237 – INR 250 per share
Stock Exchange: BSE
Sector: Surveying and Engineering Services
Incorporated in: 1998
Monarch Surveyors and Engineers, based in Pune, Maharashtra, is focussed on providing high-precision surveying and engineering solutions. The company recorded a turnover of INR 1.55 billion for the year ending March 31, 2025.
The initial public offering aims to raise funds to scale operations and technology adoption, making it a promising pick in infrastructure services.
TSC India Limited
IPO Dates: July 23–25, 2025
Price Band: INR 68 – INR 70 per share
Stock Exchange: NSE
Sector: Industrial Manufacturing and Engineering
TSC India operates in the industrial manufacturing space in Jalandhar, Punjab, holds a specialisation in producing critical engineering components. TSC India Limited’s latest reported revenue is INR 263.2 million for the year ending March 31, 2025.
Savy Infra & Logistics Limited
IPO Dates: July 21–23, 2025
Price Band: INR 114 – INR 120 per share
Stock Exchange: NSE
Sector: Infrastructure and Logistics Services
Located in Gandhinagar, Gujarat, Savy Infra & Logistics offers end-to-end infrastructure solutions coupled with logistics expertise. The company’s revenue for the year ending March 31, was about INR 2.83 billion.
Swastika Castal Limited
IPO Dates: July 21–23, 2025
Price Band: INR 65 per share (fixed price)
Stock Exchange: BSE
Sector: Castings and Auto Components Manufacturing
Swastika Castal, based in Vadodara, specialises in manufacturing precision castings and components, catering to automotive and heavy industry sectors. Swastika’s revenue for the financial year ending March 31, 2025 was about INR 303.09 million, a 30 pc increase compared to the previous year.
The IPO aims to support capacity enhancement and market expansion.