BASICS · 3 MIN READ
Mainboard vs SME IPOs
Both routes raise public capital, but the trading experience and risk profile can be very different.
Company scale
Mainboard issuers are generally larger. SME platforms are designed for smaller businesses meeting the relevant exchange requirements.
Application size
SME IPOs commonly have much larger minimum application values because their market lots contain more shares. Verify the current lot in the offer document.
Liquidity
Mainboard shares usually attract a broader investor base. SME shares can trade with lower volumes, wider spreads and sharper price movements.
Market making
SME issues generally include market-making arrangements for a specified period, but this does not remove liquidity or price risk.
Research standard
Apply the same business, financial and valuation checks to both. Give extra attention to concentration, working capital, governance and exit liquidity in SME issues.
Reviewed for clarity · 2026-11-03