Bhagyashree Chattopadhyay and Shromona Ganguly in RBI Bulletin article:Small and Medium Enterprises (SMEs) are vital to India’s economic growth, but often face constraints in accessing formal finance.近年来，专门的中小企业交易所已成为通过首次公开募股（IPO）筹集资金的重要平台。 This article examines the performance and trends of SME IPOs in India during FY 2023-24 and FY 2024-25, analysing their evolution, market behaviour, and investors’ response.Highlights:The SME IPO market in India saw a sharp surge in activity during FY 2023-24 and FY 2024-25, supported by strong retail participation, and favourable market sentiment. During most of this time, SME IPOs recorded high oversubscription levels and listing gains.Macroeconomic and policy factors like overall market buoyancy, and advancement in payment and settlement mechanism in the IPO market drove this boom.Most IPO proceeds were used for capital enhancement or working capital purpose by the SMEs.尽管上市收益强劲，但这些中小企业股票上市后的表现给投资者带来了机遇和风险。