214 Total SME IPOs listed in 2025

9,804.70 Crs. Total funds raised in 2025

145 SME IPOs listed with Gain in 2025

69 SME IPOs listed with loss in 2025

214 Total SME IPOs listed in 2025

9,804.70 Crs. Total funds raised in 2025

145 SME IPOs listed with Gain in 2025

69 SME IPOs listed with loss in 2025

214 Total SME IPOs listed in 2025

9,804.70 Crs. Total funds raised in 2025

145 SME IPOs listed with Gain in 2025

69 SME IPOs listed with loss in 2025

214 Total SME IPOs listed in 2025

9804.70 Crs. Total funds raised in 2,025.00

145 SME IPOs listed with Gain in 2025

69 SME IPOs listed with loss in 2025

Find More IPO

Analyse

Thinking of
Listing Your Business through
SME IPO?

We can Help!

Summary

PE Ratio^*
Highest	85.88
Median	27.01
Lowest	1.47

IPO Size (Cr.)
Highest	12500.00
Median	1,125.16
Lowest	116.11

*IPOs with Extreme PE (50+) are excluded from the above calculations.
Above summary is for reference only as the same is based on the limited data set.

Mainboard Merchant Banker Performance Tracker FY26

IPO Performance of Merchant Bankers in India on NSE and BSE stock exchanges for Mainboard IPO 2026. List of merchant banks with number of IPO assisted, Total Fundraise, Average PE Ratio, IPO listed in Gain/loss and Current IPO Performance of the BRLM. Latest IPO Performance of Merchant banking company for IPO 2026. IPO Lead managers help business owners in the IPO Listing Process, Pre IPO Funding and IPO valuation for a Successful IPO Listing. Merchant Banker services guide the company in the IPO process and help in DRHP filing, RHP and Final Prospectus.

Filter

Merchant Banker	No of IPOs so far	Total funds raised (Cr.)	Avg PE Ratio	IPO Listed in Gain/Loss	CMP vs Offer Price (Gain/Loss)	CMP vs Listing Price (Gain/Loss)
Jm Financial Limited	16	41,587.19	146.43	12 (75%) 4 (25%)	8 (50%) 8 (50%)	8 (50%) 8 (50%)
Motilal Oswal Investment Advisors Limited	14	23,856.64	49.87	10 (71%) 4 (29%)	8 (57%) 6 (43%)	8 (57%) 6 (43%)
IIFL Securities Limited	12	27,096.03	77.09	6 (50%) 6 (50%)	8 (67%) 4 (33%)	8 (67%) 4 (33%)
ICICI Securities Limited	11	24,224.27	212.86	7 (64%) 4 (36%)	6 (55%) 5 (45%)	8 (73%) 3 (27%)
Axis Capital Limited	8	20,646.09	24.78	5 (63%) 3 (38%)	6 (75%) 2 (25%)	7 (88%) 1 (13%)
Dam Capital Advisors Limited (Formerly Idfc Securities Limited)	8	8,224.38	12.99	7 (88%) 1 (13%)	3 (38%) 5 (63%)	3 (38%) 5 (63%)
Kotak Mahindra Capital Company Limited	8	18,396.21	47.57	5 (63%) 3 (38%)	5 (63%) 3 (38%)	6 (75%) 2 (25%)
Nuvama Wealth Management Limited	8	18,691.31	40.79	7 (88%) 1 (13%)	3 (38%) 5 (63%)	3 (38%) 5 (63%)
SBI Capital Markets Limited	7	16,192.35	35.74	5 (71%) 2 (29%)	2 (29%) 5 (71%)	3 (43%) 4 (57%)
Pantomath Capital Advisors Private Limited	5	1,658.35	82.64	4 (80%) 1 (20%)	2 (40%) 3 (60%)	1 (20%) 4 (80%)
Hsbc Securities & Capital Markets Private limited	5	23,642.36	17.35	4 (80%) 1 (20%)	4 (80%) 1 (20%)	4 (80%) 1 (20%)
Systematix Corporate Services Limited	4	1,822.00	31.84	3 (75%) 1 (25%)	1 (25%) 3 (75%)	1 (25%) 3 (75%)
Choice Capital Advisors Private Limited	4	1,121.92	24.44	4 (100%) 0 (0%)	4 (100%) 0 (0%)	2 (50%) 2 (50%)
Jefferies India Private Limited	4	21,750.00	47.39	2 (50%) 2 (50%)	2 (50%) 2 (50%)	2 (50%) 2 (50%)
Morgan Stanley India Company Private Limited	4	22,700.00	100.97	3 (75%) 1 (25%)	2 (50%) 2 (50%)	3 (75%) 1 (25%)
Nomura Financial Advisory And Securities (India) Private Limited	4	20,465.76	310.83	4 (100%) 0 (0%)	2 (50%) 2 (50%)	2 (50%) 2 (50%)
Monarch Networth Capital Limited	3	1,516.00	30.65	2 (67%) 1 (33%)	2 (67%) 1 (33%)	3 (100%) 0 (0%)
Beeline Capital Advisors Private Limited	3	681.60	25.71	3 (100%) 0 (0%)	2 (67%) 1 (33%)	0 (0%) 3 (100%)
Bofa Securities India Limited	3	20,800.00	120.62	2 (67%) 1 (33%)	1 (33%) 2 (67%)	2 (67%) 1 (33%)
Citigroup Global Markets India Private Limited	3	10,495.00	53.78	2 (67%) 1 (33%)	1 (33%) 2 (67%)	2 (67%) 1 (33%)
Equirus Capital Private Limited	3	3,589.37	47.49	3 (100%) 0 (0%)	1 (33%) 2 (67%)	1 (33%) 2 (67%)
Goldman Sachs (India) Securities Private Limited	3	18,000.00	-10.85	3 (100%) 0 (0%)	1 (33%) 2 (67%)	1 (33%) 2 (67%)
PL Capital Markets Private Limited	2	1,504.26	29.40	1 (50%) 1 (50%)	1 (50%) 1 (50%)	2 (100%) 0 (0%)
Unistone Capital Private Limited	2	1,049.35	17.61	2 (100%) 0 (0%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
Anand Rathi Securities Limited	2	1,605.00	26.55	2 (100%) 0 (0%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Axis Bank Limited	2	4,462.90	22.38	2 (100%) 0 (0%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Bnp Paribas	2	16,000.00	143.74	1 (50%) 1 (50%)	1 (50%) 1 (50%)	1 (50%) 1 (50%)
Hdfc Bank Limited	2	3,964.26	141.31	1 (50%) 1 (50%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
J.P. Morgan India Private Limited	2	6,895.00	141.86	1 (50%) 1 (50%)	1 (50%) 1 (50%)	2 (100%) 0 (0%)
Ubs Securities India Private Limited	2	14,579.37	57.02	2 (100%) 0 (0%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
Sarthi Capital Advisors Private Limited	1	231.66	26.15	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Fedex Securities Private Limited	1	242.76	33.69	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Arihant Capital Markets Limited	1	148.50	14.32	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
GYR Capital Advisors Private Limited	1	116.11	24.26	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Interactive Financial Services Limited	1	121.03	23.57	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Intensive Fiscal Services Private Limited	1	280.00	38.09	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Idbi Capital Market Services Limited	1	4,011.60	11.74	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Smart Horizon Capital Advisors Private Limited	1	122.31	20.67	0 (0%) 1 (100%)	0 (0%) 1 (100%)	1 (100%) 0 (0%)
Ambit Private Limited	1	900.00	27.63	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Batlivala & Karani Securities India Private Limited	1	2,000.00	37.89	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Bob Capital Markets Limited	1	582.56	N/A	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Clsa India Private Limited	1	1,387.34	24.22	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Elara Capital (India) Private Limited	1	410.71	29.07	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Mefcom Capital Markets Limited	1	119.00	17.88	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
PhillipCapital (India) Private Limited	1	2,079.37	85.88	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Sumedha Fiscal Services Limited	1	306.00	21.98	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)

Find More IPO

Analyse

Summary

PE Ratio^*
Highest	85.88
Median	27.01
Lowest	1.47

IPO Size (Cr.)
Highest	12500.00
Median	1,125.16
Lowest	116.11

*IPOs with Extreme PE (50+) are excluded from the above calculations.
Above summary is for reference only as the same is based on the limited data set.

Explore More...

SME BRLM Performance Tracker >> Mainboard Performance Tracker >>

IPOs by PE Multiple >> SME Performance Tracker >>

City wise Mainboard Merchant Banker >> Upcoming Mainboard IPO >>

City wise SME Merchant Banker >> Upcoming SME IPO >>

Upcoming SME IPOs in India

The below mentioned are the forthcoming SME IPOs for which DRHPs have been filed recently and are in process of approval by the BSE SME or NSE Emerge exchange.