Gujarat-based small and medium enterprises (SMEs) seem to be dominating the SME IPO scenes in the running year so far. Out of the total 72 SME initial public offerings (IPOs) initiated till now in 2017, as many as 31 have sprung from the westernmost state of Gujarat, making it the biggest contributor.

According to data accumulated by Pantomath Capital Advisors, the 31 SMEs have altogether raised a whopping Rs 373.47 crore fund, which is the highest in India, through SME platforms of Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

“Gujarat contributes maximum companies on SME bourses with highest funds raised. Many significant milestones are to the credit of SMEs from Gujarat including biggest SME IPOs of more than Rs 50 crore, and the highest QIB participation,” said Pantomath Capital Advisors Managing Director Mahavir Lunawat.

On further dissecting the state contribution, Ahmedabad comes out with 13 IPO raising Rs 111.69 crore as the clan leader, follwed by Surat with 4 IPOs raising Rs 121.10 crore.

Going by the data, next in line is Maharashtra with 22 SME IPOs raising a fund of Rs 257.10 crore. Distantly following the state in the list are Rajasthan and Madhya Pradesh with mere 4 offerings, subsequently raising Rs 60.44 crore and Rs 55.52 crore respectively. SMEs across India have raised Rs 847 crore through 72 IPOs in 2017 so far.

Gujarat is known for its enterprising spirit and high proportion of small businesses in manufacturing, services and technology. The state has been on the forefront when it comes to companies applying for SME IPOs.

When it comes to fund-raising to meet working capital requirement or expansion investments, SMEs have hit upon a gold mine of sorts. These come in the form of initial public offerings for SMEs, which are then listed on junior bourses of the country’s leading stock exchanges.