Three SME IPOs open for subscription on 30 October 2026 and close on 3 November 2026, adding to a crowded primary market for startup funding in India through public listings. Together they seek more than Rs 148 crore from investors.
The three issues
HGS (India) is offering 28,80,000 shares at Rs 114-120 per share for Rs 34.56 crore on the NSE SME platform, with a lot size of 1,200 shares. Established in 1986 in technical and financial collaboration with Geosource Inc of the USA, the company makes geophone strings, seismic cables and connectors for the seismic industry, and HEM Securities is the book-running lead manager.
Johnsoncab Electricals is offering shares at Rs 190-200 per share for Rs 56.02 crore on the BSE SME platform, with a lot size of 600 shares. Maxwell Engineering Solutions is offering shares at Rs 150-158 per share for Rs 57.64 crore on the NSE SME platform, with a lot size of 800 shares. Minimum investments at the upper price band are about Rs 2.40 lakh for Johnsoncab and Rs 2.53 lakh for Maxwell, underlining that SME IPOs remain a high-ticket route for retail investors.
Why it matters for founders
Three SME issues opening on one day is a sign of how busy the small-company listing window has become — but the Wiscon close the day before showed retail demand is selective. Founders and investors alike should compare subscription momentum across these three before reading any single listing as a verdict on the SME board.