Maharashtra, Gujarat Lead India's NSE Emerge IPO Boom in 2025

• 117 SME companies debuted on NSE Emerge in 2025, raising a collective ₹5,784 crore.
• Maharashtra led with 27 listings, raising ₹1,560 crore, followed by Gujarat with 24 IPOs and ₹1,061 crore.
• Delhi (15 listings, ₹712 crore) and West Bengal (13 listings, ₹591 crore) were also top contributors.
• Haryana, Tamil Nadu, Uttar Pradesh, Madhya Pradesh, Rajasthan, and Karnataka also saw significant NSE Emerge IPO activity.

Why It Matters: Maharashtra and Gujarat dominated NSE Emerge IPOs in 2025, driving SME capital raising.