SME IPO Rules 2025: SEBI's Crackdown, Decoded for Investors

SMEs now need EBITDA of ₹1 crore in 2 of 3 years before listing

Minimum SME IPO bid is now 2 lots (~₹2 lakh), pricing out small punters

Offer-for-sale capped at 20% of issue; promoters can't fully cash out

IPO money can't repay promoter loans; general-purpose use capped at 15% or ₹10 crore

Promoter shares above MPC unlock in phases over 1-2 years, not all at once

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