Quick Take
- Seven SME IPOs are active or opening between May 19 and May 26, 2026, spanning seven sectors.
- Combined issue size across the four featured IPOs stands at approximately Rs 102 Cr.
- Vegorama Punjabi Angithi carries a GMP of Rs 15, implying a potential 19.5% listing premium.
The SME IPO May 2026 calendar is one of the busiest single-week primary market schedules this year, with seven companies opening subscriptions across the BSE SME and NSE SME platforms between May 19 and May 26.
The four IPOs that anchored the week are Harikanta Overseas (textiles), Vegorama Punjabi Angithi (QSR restaurants), Autofurnish (automotive accessories), and Bio Medica Laboratories (pharmaceuticals). Together they aim to raise approximately Rs 102 Cr in fresh capital. Three additional issues, NFP Sampoorna Foods, Teamtech Formwork Solutions, and Q-Line Biotech, round out the week, with Q-Line being the largest at Rs 214.48 Cr.
StartupFeed Insight
The week’s IPO roster is strikingly free of technology companies. Every issue this week comes from traditional industrial or consumption-led sectors: pharma manufacturing, textiles, auto accessories, QSR food, infrastructure, and agri-food. This mirrors a broader 2026 SME trend where manufacturers and franchise-led businesses are accessing public capital more aggressively than software-first companies. Retail investors should note the Vegorama Punjabi Angithi GMP (Grey Market Premium, the unofficial premium at which IPO shares trade before listing) of Rs 15, implying a listing near Rs 92 on a company with just Rs 10.21 Cr in FY25 revenue. That is a price-to-sales multiple that demands scrutiny. By Q3 2026, the mainboard queue (Jio, PhonePe, Zepto) will likely pull retail attention and capital away from the SME segment, making May 2026 a meaningful window for SME issuers to capture maximum oversubscription, StartupFeed Desk.
SME IPO May 2026: Full Calendar at a Glance
| Company | Open | Close | Price Band (Rs) | Issue Size (Rs Cr) | Min. Investment | Listing Date | Exchange |
|---|---|---|---|---|---|---|---|
| NFP Sampoorna Foods | May 18 | May 20 | 52-55 | 25 | ~Rs 1.1 lakh | TBA | BSE SME |
| Teamtech Formwork Solutions | May 19 | May 21 | 61-63 | 50.15 | Rs 1.26 lakh | May 26 | NSE SME |
| Harikanta Overseas | May 20 | May 22 | 91-96 | 25.63 | Rs 2.30 lakh | May 27 | BSE SME |
| Vegorama Punjabi Angithi | May 20 | May 22 | 73-77 | 38.38 | Rs 2.46 lakh | May 27 | BSE SME |
| Autofurnish | May 21 | May 25 | 41 (fixed) | 14.60 | Rs 2.46 lakh | May 29 | BSE SME |
| Bio Medica Laboratories | May 21 | May 25 | 139 | ~52 Cr (est.) | ~Rs 1.39 lakh | May 29 | NSE SME |
| Q-Line Biotech | May 21 | May 25 | 326-343 | 214.48 | Rs 1.37 lakh | TBA | NSE SME |
| M R Maniveni Foods | May 22 | May 26 | 51-52 | 27.04 | Rs 1.04 lakh | TBA | BSE SME |
ASBA (Application Supported by Blocked Amount, the standard route to apply for an IPO through your bank) or UPI-based applications are accepted through any registered broker or bank. All allotments are expected by May 25-26, 2026, depending on the issue.
Harikanta Overseas: Textile Fabrics from Surat, Eyes Expansion
Harikanta Overseas opened on May 20 and closes on May 22. The company is raising Rs 25.63 Cr entirely as a fresh issue. At the upper price band of Rs 96, the minimum application requires 2,400 shares (Rs 2.30 lakh).
Founded in 2018 and based in Surat, Gujarat, Harikanta Overseas manufactures synthetic textile fabrics, including Ikat fabrics, polyester garment fabrics, saree fabrics, dhupion fabrics, poly linen, and natural fibre fabrics. A significant share of its production goes into women’s wear. The company reported revenue of Rs 35.50 Cr in FY25 with a profit of Rs 4.47 Cr, implying a PAT (Profit After Tax) margin of about 12.6%.
| Metric | Detail |
|---|---|
| Issue type | Book-built, 100% fresh issue |
| Price band | Rs 91 to Rs 96 per share |
| Lot size (minimum) | 2,400 shares (Rs 2.30 lakh at upper band) |
| FY25 revenue | Rs 35.50 Cr |
| FY25 PAT | Rs 4.47 Cr |
| QIB quota | 50% |
| HNI quota | 15% |
| Retail quota | 35% |
| Allotment date | May 25, 2026 |
| Listing date | May 27, 2026 (BSE SME) |
Vegorama Punjabi Angithi: QSR Brand Behind 19 Cloud Kitchens Files for Rs 38 Cr
Vegorama Punjabi Angithi also opened on May 20 and closes May 22. It is raising Rs 38.38 Cr, split between a fresh issue of Rs 30.70 Cr and an OFS (Offer for Sale, where existing shareholders sell their shares through the IPO) of 9.96 lakh shares.
Incorporated in March 2022 and based in Delhi NCR, the company operates the “Punjabi Angithi” brand of vegetarian QSR (Quick Service Restaurant) outlets. It runs 19 cloud kitchens and two fine-dining restaurants, all in Delhi NCR, and delivers through Swiggy and Zomato. The company grew revenue from Rs 6.64 Cr in FY24 to Rs 10.21 Cr in FY25 (+53.7% YoY), with PAT doubling from Rs 4.64 Cr to Rs 8.22 Cr (+77.2% YoY).
The GMP as of May 20 stands at Rs 15, suggesting an unofficial listing estimate of Rs 92, which is 19.5% above the upper price band of Rs 77. The company raised Rs 10.90 Cr from anchor investors on May 19.
Investors should note the scale: Rs 10.21 Cr in revenue from a company incorporated just three years ago is small relative to the Rs 38.38 Cr it is seeking. The implicit valuation assumes aggressive expansion of the cloud kitchen model.
Autofurnish: Delhi-Based Auto Accessories Brand Eyes BSE SME Listing
Autofurnish opens May 21 and closes May 25. It is a fixed-price IPO (investors apply at one set price, not within a range) at Rs 41 per share, raising Rs 14.60 Cr entirely as a fresh issue.
The company manufactures and trades automotive accessories (car body covers, foot mats, seat covers, and two-wheeler products) under the “Autofurnish” and “Mototrance” brands. Its B2B segment supplies distributors, while its wholly owned subsidiary, Golden Mace Private Limited, sells through Amazon, Flipkart, Zepto, and its own website.
Revenue doubled from Rs 15.92 Cr in FY24 to Rs 33.88 Cr in FY25 (+112.8% YoY), and PAT grew from Rs 1.63 Cr to Rs 3.50 Cr (+114.7% YoY). Its Delhi manufacturing facility runs at 86.4% capacity utilisation on 18.8 lakh units per year. Promoters are Puneet Arora and Ruppal Wadhwa.
The lot size is 3,000 shares (minimum retail application is 6,000 shares at Rs 2.46 lakh). There is no QIB quota; the issue is split 50% retail and 50% HNI (High Net-worth Individual).
Bio Medica Laboratories: Contract Pharma Manufacturer from Indore
Bio Medica Laboratories opens May 21 and closes May 25. It is priced at Rs 139 per share and consists of a fresh issue of 34.06 lakh shares and an OFS of 3.77 lakh shares. Applications are in multiples of 1,000 shares and the stock is set to list on NSE SME on May 29.
Founded in August 2015 and based in Indore, Madhya Pradesh, the company manufactures parenteral formulations (medicines delivered by injection rather than by mouth) including liquid injectables and dry powder injectables. It operates on a contract manufacturing B2B model and supplies ethical drugs, generic medicines, and OTC (Over The Counter, medicines sold without a prescription) products to pharma companies across 11 Indian states.
Both facilities hold GMP (Good Manufacturing Practices) and GLP (Good Laboratory Practices) certifications from Food and Drugs Administration, Madhya Pradesh, which are required to supply to institutional buyers and government health schemes.
The Bigger 2026 IPO Picture: Mainboard Queue Is Building
The SME segment has been a consistent performer. In all of 2025, 267 SME IPOs raised Rs 11,430 Cr, up 30% from Rs 8,761 Cr in 2024. The average SME issue size has grown from Rs 13 Cr in 2021 to Rs 43 Cr in 2025, reflecting the rising quality of companies tapping this route.
On the mainboard, 2026 is building toward one of the largest IPO years in Indian market history. PhonePe has filed its DRHP (Draft Red Herring Prospectus, the document filed with SEBI before an IPO) confidentially, targeting approximately $1.5 Bn ($1.5 billion, approximately Rs 12,500 Cr) at a $15 Bn valuation. Reliance Jio is preparing what could be the country’s largest-ever listing, targeting a valuation above Rs 14 lakh Cr. Zepto is also preparing to file with SEBI via the confidential route.
As these giant mainboard listings approach, retail capital and media attention will flow toward them. The May-June 2026 SME window may be the last period of concentrated retail focus on SME issues before the mega-IPO season dominates.
What’s Next
Allotments for Harikanta Overseas and Vegorama Punjabi Angithi are expected on May 25, 2026, with listing on May 27. Autofurnish and Bio Medica Laboratories allotments are due May 26, with listing on May 29. Watch subscription numbers closely on Day 2 (May 21 for the first batch, May 22 for Autofurnish and Bio Medica). Oversubscription above 10x in the retail category typically signals healthy grey market activity in the days before listing. Will Vegorama maintain its Rs 15 GMP through listing day?
Frequently Asked Questions
What SME IPOs are open for subscription in May 2026?
Seven SME IPOs are active during the week of May 19-26, 2026. These are NFP Sampoorna Foods, Teamtech Formwork Solutions, Harikanta Overseas, Vegorama Punjabi Angithi, Autofurnish, Bio Medica Laboratories, Q-Line Biotech, and M R Maniveni Foods. Harikanta Overseas and Vegorama Punjabi Angithi opened on May 20 and close on May 22. Autofurnish and Bio Medica Laboratories open May 21 and close May 25. All are listed on either BSE SME or NSE SME.
How do I apply for SME IPOs like Autofurnish or Vegorama Punjabi Angithi?
You can apply through ASBA (Application Supported by Blocked Amount), where your bank blocks the application amount in your account and releases it if you do not receive an allotment. Alternatively, apply through a registered broker using your UPI ID for payment authorization. The minimum investment for most of these SME IPOs ranges from Rs 1.15 lakh to Rs 2.46 lakh per lot, which is significantly higher than typical mainboard IPO minimums.
What does GMP mean and is it reliable for SME IPOs?
GMP (Grey Market Premium) is the unofficial premium at which IPO shares trade in informal markets before they list on the stock exchange. A GMP of Rs 15 on Vegorama Punjabi Angithi (upper price band Rs 77) implies an unofficial listing expectation of Rs 92, roughly 19.5% above issue price. GMP is not regulated by SEBI and can fluctuate sharply. It reflects demand sentiment but does not guarantee listing performance. Recent SME IPO trends show that robust subscription numbers do not always translate into sustained post-listing gains.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
