MK
SME IPO Intelligence
MK Ventures
868
IPOs
₹29,723Cr
Capital Raised
—
Multi-baggers
—
Median Return
NSE Emerge & BSE SME
Feb 2021 – Jan 2026
Filter:

Year-wise Volume & Median Return

Exchange Split

Sector — Multi-bagger Rate vs Median Return Top 18 sectors by count

Return Distribution

Listing Gain → Current Return Drift

🏆 DNA of a Multi-bagger

💀 Anatomy of a Loser

Top 15 Multi-baggers

Top 15 Losers

Multi-bagger Rate by Sector

Win / Lose Rates by Vintage Year

Lead Manager Intelligence

Min 5 deals shown. Sorted by Deal Quality Score.

📐 Deal Quality Score — How It Works

+40 pts · Multi-bagger Rate
% of the banker's deals that achieved ≥+50% current return from issue price. This is the power-law component — the most valuable outcome in SME IPOs.
+30 pts · Decent Return Rate
% of deals returning 0% to +50% from issue price. Measures the banker's ability to deliver positive but not exceptional outcomes — the "base case" quality.
−30 pts · Loser Rate
% of deals returning ≤−20% from issue price. This penalty punishes wealth destruction. A banker with 30% loser rate wipes out the entire decent-return bonus.
Formula: DQ Score = (MB_rate × 40) + (Decent_rate × 30) − (Loser_rate × 30)  ·  Percentile Rank shown as pill: Top third Middle Bottom third  ·  Why not composite? Pure outcome-based scoring — no arbitrary weights on deal count or capital raised. Only what actually happened to investors.

Return vs Consistency Quadrant bubble = deal count

Top 15 — Deal Quality Score

Full Banker Leaderboard

Market Maker Intelligence

Same Deal Quality Score methodology as Lead Managers — (MB Rate × 40) + (Decent Rate × 30) − (Loser Rate × 30). Min 5 deals. Market makers provide liquidity and are assigned at IPO time, making them a knowable signal.

Market Maker Leaderboard

Top Banker × Market Maker Power Pairs

Market Maker — Median Return & Loser Rate

OFS & Dilution Analysis

Two of the three hard filters from the research framework. OFS signals promoter exit; dilution above 30% is a regime change in risk.

OFS Bucket — Median Return & Loser Rate

OFS % vs Current Return

📊 OFS Signal Summary

Dilution % vs Multi-bagger & Loser Rate — The 30% Cliff

Vintage & Sector Cuts

Earlier vintages have compounding advantage. The 2021 cohort had 5 years to compound; 2025 is too young for definitive judgment.

Cohort Performance by Listing Year

Sector — MB Rate vs Median Return

Sector × Year Heatmap — Median Current Return %

Capital Deployed by Year (₹ Cr)

Pattern-Matched Framework

Every signal below is knowable at IPO time — before investing a single rupee. Sourced from the quantitative research note across 868 SME IPOs (Feb 2021–Jan 2026).

⛔ Hard Filters — Binary Gates (All 3 must pass)
Hard Filter 1 — OFS = 0%
Fresh Capital Only
No Offer for Sale component. When promoters sell shares at IPO, they are signalling the price is good — for them. Fresh capital goes into the business; OFS goes into the promoter's pocket.

Pass: OFFER FOR SALE (RS. CR.) = 0
Fail: Any OFS component present
Hard Filter 2 — Dilution ≤ 30%
Post-Issue Capital
Public issue as % of post-issue capital must be ≤ 30%. This is a cliff, not a slope — above 30%, nearly half of all deals become losers. You become exit liquidity for the promoter.

Pass: PUBLIC ISSUE AS % OF POST ISSUE CAPITAL ≤ 30%
Fail: Dilution above 30%
Hard Filter 3 — No Bottom-Tier Lead Manager
Banker Quality
Bottom-tier lead managers have a 70%+ loser rate — worse than a coin flip. The lead manager is your first filter of due diligence. If they fail it, skip entirely.

Avoid list: Khandwala Securities, Inventure Merchant Banker, Interactive Financial, Swastika Investmart, First Overseas
Pass: Any other lead manager
⭐ Soft Score — Additive (+1 each, max 4) · Within hard-filtered universe only
Soft +1 — Issue Size ≤ ₹25Cr
Small Raise
Smaller capital raise = more transformative per rupee. A ₹15Cr raise can change a small company's trajectory. A ₹150Cr raise dilutes more and requires a larger outcome to deliver returns.

Signal: ISSUE AMOUNT (RS. CR.) ≤ 25
Soft +1 — NSE Emerge Listed
Exchange Quality
NSE Emerge has stricter listing standards than BSE SME, providing an additional quality filter. NSE-listed SME IPOs have historically produced higher multi-bagger rates and lower loser rates.

Signal: EXCHANGE = NSE
Soft +1 — Top-Tier Lead Manager
Banker Pedigree
Top-tier lead managers provide borrowed due diligence. Their deal selection track record is the best proxy for IPO quality available at the time of investment.

Tier 1: Hem Securities, Holani Consultants, Shreni Shares, Corporate Capitalventures, Share India Capital
Soft +1 — Book Building
Price Discovery
Book-building IPOs go through real price discovery — institutional investors set the price through demand. Fixed price IPOs skip this signal entirely, removing a layer of market validation.

Signal: PRICING METHOD = BOOKBUILDING
📊 Framework Outcomes — What Each Tier Delivers

Framework Tier Performance

Issue Size vs Return Sweet Spot

Book-building vs Fixed Price

Exchange Alpha — NSE Emerge vs BSE SME

Unique Cuts — Seasoned Investor Lens

Angles a serious SME IPO investor would want. Not found in most dashboards.

Momentum Decay — Pop & Drop vs Flat Compounders

Banker Specialisation by Sector

Signal Combo — OFS × Issue Size

Banker Experience Effect

Issue Size — Multi-bagger Clustering

Investment Decision Engine

Set your IPO parameters. The engine finds all historical deals matching those criteria and shows you outcomes — no black-box scoring, just raw historical results.

🏆 Top 3 Historical Parameter Combos

Set Your Parameters

Hard Filters (3 binary gates — all must pass):
• Hard 1: OFS = 0% — no promoter selling at IPO
• Hard 2: Dilution ≤ 30% of post-issue capital
• Hard 3: Lead manager not on avoid list (Khandwala, Inventure, Interactive Financial, Swastika, First Overseas)

Soft Score (+1 each, max 4):
• +1: Issue size ≤ ₹25Cr
• +1: Listed on NSE Emerge
• +1: Top-tier banker (Hem, Holani, Shreni, Corp Cap, Share India)
• +1: Book-building pricing method

Deal Quality Score (banker/MM, outcome-based):
Score = (MB Rate × 40) + (Decent Rate × 30) − (Loser Rate × 30)
• MB = Current Return ≥ +50% · Decent = 0–50% · Loser = ≤ −20%

Go/No-Go Signal:
• Median ≥ +20% AND MB% ≥ 25% → ✅ GO
• Median ≥ 0% OR MB% ≥ 15% → ⚠ AMBER
• Otherwise → 🚫 NO-GO
Set your parameters and click Run Analysis →

Live Database — All 868 IPOs

The global filter bar above applies here. Use the row-level filters below to further narrow within that filtered universe.

Company ↕ Date ↕ Exch Sector Issue ₹ ↕ List Gain ↕ Curr Return ↕ Size ₹Cr ↕ OFS% ↕ Dilution% ↕ Hard ↕ Soft ↕ Lead Manager ↕

Current Opportunities

IPOs that passed all 3 hard filters, with a soft score ≥ 2, and are trading at 5–50% above IPO price. Structurally high quality, limited appreciation so far.