Can retail investors apply for an SME IPO?

Yes. In SME IPOs (effective 1 July 2025), SEBI has redefined the retail category as Individual Investors.

• An individual investor applies with a minimum of 2 lots.
• Applications of 3 lots or more are classified under the Non-Institutional Investor (NII) category.

Thus, retail investors continue to participate in SME IPOs, but under the renamed Individual Investor category with revised limits.