The SME IPO boom needs to last for the sake of future billionaires

The 161 businesses which are listed in the SME segment of Indian stock exchanges allocated nearly 94 per cent of the money raised to meet company requirements

Sam Walton used a $25,000 loan from his father-in-law to open his first store. The venture grew into the retail giant Walmart and made him the richest man in America.

Small businesses in India have traditionally relied on similar informal sources of funds to start and sustain their ventures. This year may have marked a turnaround, with hundreds of them raising a record amount from the stock market. Unlike larger companies, which also tap the stock market for funds, most of the capital raised by small businesses has been ploughed back.

The 161 businesses which listed in the small and