A Rs 12 crore IPO sparked a Rs 2,700 crore frenzy last year. Now, the stock is down 50%

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An SME IPO saw over 400x subscriptions last year but later plunged 50%, raising concerns over sustainability. Sebi introduced stricter norms, capping OFS at 20% and mandating profitability criteria. IPO proceeds can’t repay promoter loans, reducing misuse. SME IPO subscriptions have since dropped sharply, curbing grey market activity.

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