This study investigates the immediate post-listing performance of Small and Medium-sized Enterprise (SME) Initial Public Offerings (IPOs) in the Indian capital market. The emergence of dedicated SME platforms like BSE SME and NSE Emerge has provided a crucial avenue for these enterprises to raise capital. However, understanding the short-term market dynamics and factors influencing their performance immediately after listing is vital for both issuing companies and potential investors. This research aims to analyze the listing day and short-term (e.g., first week, first month) returns of SME IPOs in India. It also explores the key firm-specific, issue-specific, and market-specific factors that contribute to or detract from this immediate post-listing success, such as issue size, subscription rates, industry sector, market sentiment, and financial fundamentals of the issuing company. By examining historical data and employing appropriate statistical methodologies, this study seeks to provide empirical insights into the initial market reception and trading behavior of SME IPOs in India. The findings will be valuable for SMEs considering public listing, investors seeking to understand the risks and opportunities of SME IPOs, and regulators in refining market mechanisms.