SME IPOs have garnered significant attention in recent years due to their strong subscription numbers and substantial listing gains. Since 2022, many investors have been drawn to this segment, aiming for quick profits, particularly from first-day gains. However, interest has tapered off recently, as sell-offs have intensified alongside broader market trends. While some past issues saw retail subscriptions soar to 2,493 times, the last 32 SME IPOs have experienced a more subdued response, with the highest subscription reaching only 51 times
