This reflects a significant rise in the amount raised through SME platforms of BSE and NSE.
Further, average issue size also increased to over Rs 170 million during the period under review from Rs 130 million in the first quarter of 2017-18.
"It has been more than six years since SME market opened up and we have witnessed this market evolving gradually with varying trends: high over-subscriptions, widening shareholder base, venture capital exits through this platform, anchor investor participation and the like.
"This segment will continue to be of interest and will grow leaps and bounds in time to come," said Mahavir Lunawat, Group Managing Director, at Pantomath Advisory Services Group.
Geographically, Gujarat topped the list as a maximum 17 firms from the state listed on SME bourses, followed by Maharashtra (11), Delhi (5) and Madhya Pradesh (3).
A gradual shift from heavy over sub-subscription to low or minimal subscription pattern was seen in SME IPOs. Out of 47 IPOs, only 7 got subscribed more than 10 times, 14 initial share-sale offers witnessed a subscription between 2 and 10 times and 17 public issues subscribed less than 2 times.
Further, participation from anchor investors has been increasing in the small and medium enterprises segment too.
"Pricing of SME IPOs are generally attractive and due to high demand, post listing the prices rally up to a significant number. Markets have been corrected sharply in 2018 so far and SMEs are no exceptions. Decline in prices of some of the SME scripts was also seen in the quarter," Lunawat added.