This research investigates the change in performance of Small and Medium Enterprises (SMEs) firms in India as they make the transition from private to public ownership through Initial Public Offerings (IPOs). The study compares the performance of the SME firms before and after going public in the Indian capital market. The performance of SME firms from previous studies has shown a decline on the post-issue operating performance. This study confirms that the same still holds true in context of an emerging economy like India. The study examined 10 Indian IPOs issued on the Bombay Stock Exchange (BSE) from 2012-2022. The study compares the pre-issue financial performance against the post-issue financial performance of the 10 Indian IPOs. To fulfil this, the study adopted a descriptive research design. Descriptive analysis tends to use the mean and standard deviation to measure the stated variables. The study also measures the decline on financial and operating performance through use of globally accepted accounting ratios namely, the return on assets, return on sales, current ratio and fixed asset turnover ratio. The study is comprehensive in nature and provides useful insights for stakeholders working in the Indian financial market. The study concludes by providing relevant roadmap as to what can be done to harness the true potential of public offerings.