India's SME IPO market has seen a significant surge in 2025, with over 100 listings on platforms like NSE Emerge and BSE SME, raising more than ₹4,400 crore by mid-year. The industrial sector has been at the forefront, contributing ₹2,176 crore from 13 offerings in the first quarter of FY2026. This growth is fueled by initiatives such as 'Make in India' and Production-Linked Incentives, which have heightened investor interest in manufacturing and infrastructure firms. Notable IPOs include ANB Metal Cast and Highway Infrastructure, the latter experiencing a 67% increase on its debut. Despite some underperforming listings, the overall market sentiment remains positive, with expectations of continued growth driven by infrastructure spending and manufacturing expansion.