Small and medium enterprises (SMEs) are facing challenges on multiple fronts. But some of them have made the move towards formalisation and tasted success on D-Street. This is evident from the funds they have raised in the primary market in FY24. More than 190 SMEs raised a record ₹5,971 crore through the BSE SME and the NSE Emerge platforms between April 2023 and March 2024, data shows. Of these, 72% companies have delivered positive returns to investors up to May 24, 2024. SMEs had raised ₹2,235 crore and ₹965 crore in FY23 and FY22, respectively, according to data provider primedatabase.com.
Market watchers say the working environment of SMEs has undergone significant changes over the past decade due to various policy implementations and regulatory reforms, and SME IPOs have been helping them unlock immense value.
"Government-friendly policies are serving as a catalyst for their growth, enhancing their potential for success. The SME landscape is poised for substantial advancement in the coming years," says Ravi Singh, SVPRetail Research of financial services firm Religare Broking.
THE SUCCESS RECIPE
Innovation, strong leadership, and consistent growth seem to be the key factors behind the success of select SMEs on D-Street. A dozen SME firms, which debuted on the bourses in FY24, have rallied more than 500% against their issue price till date. In addition, other 65 recently-listed SME stocks have rallied between 100% and 500%.
"Being in the early stages of development, these businesses have the possibility to generate substantial returns, provided a thorough study of their business fundamentals is conducted," says Singh.
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