KP Green Case Study – How an SME IPO on BSE SME Funded Real Growth
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A Surat steel-fabrication company raised ₹189.50 crore on the BSE SME platform in March 2024 — then nearly doubled its revenue in its first full year as a listed company. Here is how the listing was put together.
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The short answer. KP Green Engineering, a Surat company that fabricates steel structures, listed on the BSE SME platform in March 2024 with a ₹189.50 crore IPO — the largest SME issue India had seen at the time. The money went into a new plant, not into the promoters' pockets. In FY 2024-25, its first full year as a listed company, total income roughly doubled to ₹702 crore and net profit rose to ₹73.5 crore.
An honesty note: KP Green Engineering is not a ComplyKart client. This account is drawn from its prospectus, exchange data and published annual results.
Where they started
KP Green Engineering is part of Surat's KP Group and grew out of KP Buildcon, founded in 2001. The work is unglamorous and essential: fabricated and hot-dip galvanised steel — transmission and telecom towers, solar module mounting structures, road crash barriers, cable trays, isolators. When India's renewable and transmission build-out accelerated, companies that could fabricate and galvanise at scale found themselves with full order books.
The growth was already visible in the numbers before any listing was planned. Revenue rose from ₹38.6 crore in FY 2020-21 to ₹77.7 crore in FY 2021-22 and ₹114.2 crore in FY 2022-23, and the first half of FY 2023-24 alone brought in ₹103.9 crore. This is the raw material of a successful SME listing: a profitable company, growing fast, that needs capital for capacity rather than for survival.
The move that mattered
The company chose the SME platform of the BSE — the exchange segment built for companies too small for the main board — and did the unglamorous preparation properly. Three years of audited and restated financials went into the prospectus. The ROC record had to withstand the merchant banker's due diligence. And the issue was structured as a pure fresh issue: 1.316 crore new shares, with no offer for sale by the promoters.
Where the money would go was stated in black and white: about ₹156 crore of the proceeds were earmarked for a new manufacturing facility at Matar, in Bharuch district — taking capacity from roughly 53,000 metric tonnes a year towards a far larger base, alongside the existing plant. Investors were not asked to fund a vague ambition. They were asked to fund a specific factory.
What the numbers show
15 to 19 March 2024 — the IPO opens and closes: ₹189.50 crore, priced at ₹144 a share at the top of the ₹137–144 band. At the time, it was the biggest SME IPO in the country, ahead of every previous issue on either SME platform.
29.5 times — the subscription the issue drew, across institutional, non-institutional and retail investors.
22 March 2024 — listing day on BSE SME. The shares opened at ₹200, a premium of 38.89% over the issue price, and closed the day at ₹210. The company's market value crossed ₹1,050 crore on debut.
FY 2024-25 — the first full year after listing: total income of ₹702 crore against ₹352 crore in FY 2023-24, and net profit of ₹73.5 crore against ₹35.1 crore. Capacity funded by public money showed up in the results within a year.
What this means for your business
Founders of profitable mid-sized companies often assume an IPO is a main-board event reserved for businesses ten times their size. The SME platforms of the BSE and NSE exist precisely for companies at KP Green's stage, and the eligibility bar is about track record and paperwork, not glamour: a few years of profits, clean audited accounts, and filings that survive due diligence.
Readiness is built in the years nobody is watching. Keep your ROC annual filings current, your accounts audited and your statutory registers in order, and the listing conversation becomes a matter of timing rather than repair. When you are ready to think about it seriously, our corporate practice works through IPO readiness in the open — see how IPO readiness is assessed — starting with whether your numbers and records can take the scrutiny at all.
Sources. Based on public records: the company's IPO prospectus and BSE SME listing data (issue size, price band, subscription and listing prices, March 2024), contemporaneous reporting by Moneycontrol and Upstox, and the audited FY 2024-25 results as published by the company and summarised by Equitymaster and the business press. KP Green Engineering is not a ComplyKart client.
Frequently asked questions
You pay for our expert's time — document checking, filing, follow-ups — not the government. The government fee goes to the government; our fee is for the work we do so you don't have to figure it out yourself.
An SME IPO lists a smaller company on a dedicated segment — BSE SME or NSE Emerge — under SEBI's ICDR rules for small and medium enterprises. The platforms are designed for companies whose post-issue paid-up capital stays within ₹25 crore. Disclosure and diligence are real but proportionate, lot sizes are larger, and a market maker supports trading after listing.
₹189.50 crore, entirely a fresh issue of shares at ₹144 apiece, listed on BSE SME on 22 March 2024. At the time it was the largest SME IPO launched in India. Most SME issues are far smaller — issues of ₹10–60 crore are common — so treat KP Green as the top end of the range, not the entry ticket.
Three years of audited financials that can be restated to listing standards, an up-to-date ROC filing record, clean statutory registers, resolved related-party arrangements, and a believable use of proceeds. In our experience the accounts and filings are where timelines are won or lost — a company that has filed everything on time for years can move; a company repairing three years of records cannot.
Yes. SEBI's rules allow migration from the SME platform to the main board once the company meets the main-board eligibility conditions, including market capitalisation and track-record tests, with shareholder approval. Several well-known listed companies began life on the SME platforms and migrated as they grew.
Both have listed. What investors look for is a profit track record, growth they can follow in the numbers, and a specific use for the money — a plant, a product line, working capital for confirmed orders. A vague "expansion" story struggles in any sector; a specific, costed plan travels well.
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