For an SME IPO, individual investors must bid for at least 2 lots, with a total application value of at least ₹2,00,000 — a much higher floor than a mainboard IPO, where one lot is usually enough and typically costs ₹10,000–15,000.
Why is the SME minimum so much higher than a mainboard IPO?
SME companies list on a separate SME platform of the exchange (NSE Emerge / BSE SME) and tend to be smaller, thinly traded and more volatile than mainboard companies. SEBI raised the SME minimum application value to keep casual, low-conviction retail money out of these riskier issues — the earlier floor was 1 lot worth around ₹1,00,000; it's now 2 lots worth at least ₹2,00,000.
Does this change the lot size itself?
Not directly. Like any IPO, the lot size — the fixed number of shares per lot — is set by the issuer for that specific SME issue, and every applicant bids in multiples of it. What's different is the floor your bid has to clear: because 2 lots must add up to at least ₹2,00,000, an SME issuer sets its lot size (using its price band) so that 2 lots comfortably clear that amount. That's why SME lot sizes usually come out much larger than a mainboard lot size at a similar price.
On Rupeezy's SME IPO card, the Min. Investment figure already reflects this — it's the amount 2 lots work out to for that specific issue, so check it before you apply. See How do I apply for an IPO? for the Apply-screen flow.
Things to keep in mind
- This ₹2,00,000 / 2-lot minimum is specific to the Individual investor category on an SME IPO — it doesn't apply to a mainboard IPO, where the usual minimum is one lot.
- The lot size itself, in shares, still varies from one SME issue to the next — always check the current issue's Lot and Min. Investment fields rather than assuming they match the last SME IPO you applied for.