47  Total SME IPOs listed in 2025

2,130.51 Crs.  Total funds raised in 2025

33  SME IPOs listed with Gain in 2025

14  SME IPOs listed with loss in 2025

47  Total SME IPOs listed in 2025

2130.51 Crs.  Total funds raised in 2025

33  SME IPOs listed with Gain in 2025

14  SME IPOs listed with loss in 2025

47  Total SME IPOs listed in 2025

2130.51 Crs.  Total funds raised in 2025

33  SME IPOs listed with Gain in 2025

14  SME IPOs listed with loss in 2025

47  Total SME IPOs listed in 2025

2130.51 Crs.  Total funds raised in 2025

33  SME IPOs listed with Gain in 2025

14  SME IPOs listed with loss in 2025

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    List of SME Merchant Bankers in India

    This list consists of merchant banker for SME IPO. Role of a merchant banker for SME listing has a broad scope that includes capital restructuring, appointment of market intermediaries, fund raise and promotional activities. The post Issue activities of SME IPO merchant banker in India includes proper basis of allotment, coordinating with intermediaries and compliance with regulatory requirements of the stock exchange. IPO bound companies can search for best Merchant Banker for valuation of shares. One can go through this list of merchant bankers to choose the best IPO lead manager. Through this list, promoters can also find top 10 merchant bankers in India.

    Merchant Banker No of IPOs so far Total funds raised (Cr.) Avg IPO size (Cr.) Avg Listing Gain (%) Avg Subscription (X) Location
    Hem Securities Limited 125 2900.60 23.20 33.41 89.01 Jaipur Connect
    Pantomath Capital Advisors Private Limited 103 1678.62 16.30 10.65 8.87 Mumbai Connect
    Aryaman Financial Services Limited 86 1224.88 14.24 5.07 4.84 New Delhi Connect
    Beeline Capital Advisors Private Limited 72 2337.28 32.46 47.10 189.15 Ahmedabad Connect
    First Overseas Capital Limited 51 864.46 16.95 5.74 7.52 Mumbai Connect
    Gretex Corporate Services Limited 48 832.40 17.34 18.32 43.65 Mumbai Connect
    Sarthi Capital Advisors Private Limited 48 745.76 15.54 17.59 15.23 Mumbai Connect
    Guiness Corporate Advisors Private Limited 47 585.29 12.45 7.28 6.46 Kolkata Connect
    Shreni Shares Limited 47 856.84 18.23 39.96 127.75 Mumbai Connect
    Finshore Management Services Limited 47 594.71 12.65 24.21 67.32 Kolkata Connect
    Fedex Securities Private Limited 44 909.41 20.67 17.42 68.80 Mumbai Connect
    GYR Capital Advisors Private Limited 39 1278.84 32.79 94.71 442.51 Ahmedabad Connect
    Swastika Investmart Limited 33 480.54 14.56 13.93 56.75 Mumbai Connect
    Inventure Merchant Banker Services Private Limited 33 427.77 12.96 21.61 6.38 Mumbai Connect
    Navigant Corporate Advisors Limited 23 237.14 10.31 4.48 11.80 Mumbai Connect
    Corporate Capital Ventures Private Limited 23 818.94 35.61 93.50 193.97 New Delhi Connect
    Interactive Financial Services Limited 22 693.37 31.52 8.34 49.11 Ahmedabad Connect
    Narnolia Financial Services Limited 16 585.89 36.62 37.49 198.29 Kolkata Connect
    Share India Capital Services Private Limited 16 508.34 31.77 46.00 129.81 Noida Connect
    Unistone Capital Private Limited 15 663.69 44.25 14.57 49.64 Mumbai Connect
    Horizon Management Private Limited 15 662.99 44.20 14.47 173.35 Kolkata Connect
    Expert Global Consultants Private Limited 14 372.56 26.61 45.04 99.60 New Delhi Connect
    Holani Consultants Private Limited 13 273.72 21.06 88.02 234.38 Jaipur Connect
    Fast Track Finsec Private Limited 13 224.28 17.25 27.04 31.41 New Delhi Connect
    Monarch Networth Capital Limited 12 195.39 16.28 6.77 6.84 Ahmedabad Connect
    Khandwala Securities Limited 11 344.59 31.33 25.02 198.20 Mumbai Connect
    Mark Corporate Advisors Private Limited 10 320.52 32.05 13.25 28.48 Mumbai Connect
    Corporate Strategic Allianz Limited 9 179.77 19.97 5.61 0.00 Ahmedabad Connect
    Isk Advisors Private Limited 9 341.97 38.00 32.15 43.98 Ahmedabad Connect
    Choice Capital Advisors Private Limited 8 290.77 36.35 14.73 72.64 Mumbai Connect
    Indorient Financial Services Limited 8 351.10 43.89 33.28 63.88 New Delhi Connect
    Khambatta Securities Limited 8 140.16 17.52 63.72 117.12 Mumbai Connect
    Swaraj Shares and Securities Private Limited 8 240.79 30.10 44.27 71.04 Kolkata Connect
    Vivro Financial Services Private Limited 7 412.11 58.87 50.80 202.99 Ahmedabad Connect
    Srujan Alpha Capital Advisors Llp 6 122.20 20.37 17.89 119.96 Mumbai Connect
    Keynote Financial Services Limited 6 142.29 23.72 25.62 0.27 Mumbai Connect
    Turnaround Corporate Advisors Private Limited 5 44.57 8.91 10.03 141.44 New Delhi Connect
    Systematix Corporate Services Limited 5 138.67 27.73 11.39 1.30 Gwalior Connect
    Arihant Capital Markets Limited 4 147.99 37.00 3.82 1.43 Mumbai Connect
    Affinity Global Capital Market Private Limited 4 118.47 29.62 26.85 67.22 Kolkata Connect
    SKI Capital Services Limited 4 82.35 20.59 43.49 179.30 New Delhi Connect
    Oneview Corporate Advisors Private Limited 3 66.53 22.18 71.91 113.17 kolkata Connect
    Sun Capital Advisory Services (P) Limited 3 29.13 9.71 0.93 24.81 Mumbai Connect
    Corpwis Advisors Private Limited 3 139.27 46.42 -3.10 44.35 Mumbai Connect
    Intensive Fiscal Services Private Limited 3 12.47 4.16 1.39 0.00 Mumbai Connect
    Sobhagya Capital Options Limited 3 8.12 2.71 14.39 0.00 New Delhi Connect
    Idbi Capital Market Services Limited 3 57.01 19.00 -5.84 0.00 Mumbai Connect
    Capitalsquare Advisors Private Limited 3 12.73 4.24 2.51 2.46 Mumbai Connect
    Jawa Capital Services Private Limited 3 74.07 24.69 -11.38 57.25 New Delhi Connect
    Bcb Brokerage Private Limited 3 11.16 3.72 -5.67 0.36 Mumbai Connect
    Ekadrisht Capital Private Limited 3 138.33 46.11 148.53 295.70 Mumbai Connect
    Vc Corporate Advisors Private Limited (Vcapl) 3 20.67 6.89 2.11 0.38 Kolkata Connect
    Smart Horizon Capital Advisors Private Limited 3 202.75 67.58 24.48 105.22 Mumbai Connect
    V B Desai Financial Services Limited 2 6.35 3.18 5.20 0.00 Mumbai Connect
    Comfort Securities Private Limited 2 47.83 23.92 80.95 85.67 Mumbai Connect
    kunvarji finstock private limited 2 66.25 33.13 47.69 286.27 Ahmedabad Connect
    Cumulative Capital Private Limited 2 118.62 59.31 34.69 15.92 Mumbai Connect
    Marwadi Chandarana Intermediaries Brokers Private Limited 2 46.22 23.11 94.75 706.51 Rajkot Connect
    Quintessence Enterprises Private Limited 2 13.38 6.69 -6.40 0.56 Hyderabad Connect
    Galactico Corporate Service Limited 2 34.19 17.10 -15.68 1.53 Nashik Connect
    Saffron Capital Advisors Private Limited 2 65.78 32.89 5.34 1.18 New Delhi Connect
    Chartered Capital And Investment Limited 2 46.22 23.11 -2.09 0.00 Ahmedabad Connect
    D And A Financial Services Private Limited 2 12.02 6.01 -3.14 0.97 New Delhi Connect
    Boi Merchant Bankers Limited 2 38.30 19.15 -2.56 13.67 Mumbai Connect
    Mehta Integrated Finance Limited 2 32.02 16.01 -1.46 0.59 Ahmedabad Connect
    Ajcon Global Services Limited 2 31.91 15.96 0.50 0.59 Mumbai Connect
    Sundae Capital Advisors 2 101.24 50.62 -6.76 2.00 New Delhi Connect
    Ckp Financial Services Private Limited 2 38.98 19.49 1.32 1.20 Mumbai Connect
    Socradamus Capital Private Limited 1 19.95 19.95 75.93 544.28 Mumbai Connect
    First Call India Equity Advisors Private Limited 1 5.05 5.05 0.56 0.00 Mumbai Connect
    3Dimesnion Capital Services Limited 1 25.99 25.99 9.68 8.32 New Delhi Connect
    Almondz Financial Services Limited 1 39.42 39.42 0.00 151.52 New Delhi Connect
    PL Capital Markets Private Limited 1 35.52 35.52 -2.83 5.36 Mumbai Connect
    Corporate Professionals Capital Private Limited 1 22.08 22.08 152.00 53.94 New Delhi Connect
    Corporate Makers Capital Limited 1 83.65 83.65 -9.57 4.36 New Delhi Connect
    Kreo Capital Private Limited 1 11.44 11.44 13.15 20.21 Nagpur Connect
    New Berry Capitals Private Limited 1 105.84 105.84 4.17 1.15 Ahmedabad Connect
    Bonanza Portfolio Limited 1 10.62 10.62 0.28 1.34 New Delhi Connect
    Smc Capitals Limited 1 42.48 42.48 -4.92 1.21 New Delhi Connect
    Kjmc Corporate Advisors (India) Limited 1 21.00 21.00 24.88 0.00 Mumbai Connect
    Basan Financial Services Limited 1 3.50 3.50 26.00 0.00 Hyderabad Connect
    Asit C. Mehta Investment Interrmediates Limited 1 54.97 54.97 -17.00 1.64 Mumbai Connect
    Unicon Capital Services Private Limited 1 3.02 3.02 43.50 0.00 Connect
    Chartered Finance Management Limited 1 10.23 10.23 3.81 2.39 Mumbai Connect
    Karvy Investor Services Limited 1 3.58 3.58 6.88 0.00 Hyderabad Connect
    Tipsons Consultancy Services Private Limited 1 25.50 25.50 2.52 0.00 Ahmedabad Connect
    Nirbhay Capital Services Private Limited 1 38.40 38.40 -6.67 33.60 Ahmedabad Connect
    Microsec Capital Limited 1 19.25 19.25 -10.91 0.00 Kolkata Connect
    Spa Capital Advisors Limited 1 6.00 6.00 -13.75 0.00 New Delhi Connect
    Skyline Financial Services Private Limited 1 13.87 13.87 20.00 0.00 New Delhi Connect

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