247  Total SME IPOs listed in 2024

9572.65 Crs.  Total funds raised in 2024

223  SME IPOs listed with Gain in 2024

24  SME IPOs listed with loss in 2024

247  Total SME IPOs listed in 2024

9572.65 Crs.  Total funds raised in 2024

223  SME IPOs listed with Gain in 2024

24  SME IPOs listed with loss in 2024

247  Total SME IPOs listed in 2024

9572.65 Crs.  Total funds raised in 2024

223  SME IPOs listed with Gain in 2024

24  SME IPOs listed with loss in 2024

247  Total SME IPOs listed in 2024

9572.65 Crs.  Total funds raised in 2024

223  SME IPOs listed with Gain in 2024

24  SME IPOs listed with loss in 2024

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List of Mainboard Merchant Bankers

Merchant bankers play a crucial role in the IPO process in India, serving as financial advisors and facilitators for companies looking to go public. They help businesses with IPO preparation, including due diligence, document filing, and pricing. IPO advisors guide companies on valuation, structuring, and navigating regulatory approvals. Merchant bankers are appointed by companies to manage the IPO process, ensuring compliance with SEBI regulations. They act as intermediaries between the issuer and investors. Multiple merchant bankers are often involved in an IPO, serving as Book Running Lead Managers (BRLMs) to ensure successful listing and capital raising. Below is a list of merchant bankers in mainboard IPOs, showcasing their role in facilitating smooth IPO execution.

Merchant Banker No of IPOs so far Total funds raised (Cr.) Avg IPO size (Cr.) Avg Listing Gain (%) Avg Subscription (X)
ICICI Securities Limited 162 257168.41 1587.46 454.30 33.97 Connect
Axis Capital Limited 158 329068.07 2082.71 475.70 34.35 Connect
Kotak Mahindra Capital Company Limited 134 344992.75 2574.57 468.93 21.19 Connect
Jm Financial Limited 110 181454.11 1649.58 529.55 41.82 Connect
SBI Capital Markets Limited 97 215406.72 2220.69 311.52 26.76 Connect
Iifl Securities Limited 89 130179.62 1462.69 522.10 42.04 Connect
Edelweiss Financial Services Limited 68 96515.47 1419.35 510.06 33.12 Connect
Citigroup Global Markets India Private Limited 67 278514.64 4156.93 616.99 19.04 Connect
Dam Capital Advisors Limited (Formerly Idfc Securities Limited) 53 54815.84 1034.26 385.66 31.73 Connect
Bofa Securities India Limited 42 175231.69 4172.18 506.86 16.39 Connect
J.P. Morgan India Private Limited 35 135336.27 3866.75 366.78 19.28 Connect
Motilal Oswal Investment Advisors Limited 33 26198.87 793.91 438.59 39.54 Connect
Morgan Stanley India Company Private Limited 31 130331.41 4204.24 347.25 15.45 Connect
Idbi Capital Market Services Limited 30 29993.09 999.77 266.38 29.87 Connect
Equirus Capital Private Limited 27 17765.02 657.96 477.68 46.13 Connect
Nomura Financial Advisory And Securities (India) Private Limited 27 81203.59 3007.54 651.74 35.53 Connect
Axis Bank Limited 26 54218.60 2085.33 374.22 23.07 Connect
Hdfc Bank Limited 26 66716.36 2566.01 498.03 27.28 Connect
Jefferies India Private Limited 23 79435.72 3453.73 590.92 29.17 Connect
Credit Suisse Securities (India) Private Limited 22 64104.56 2913.84 489.43 21.76 Connect
Hsbc Securities & Capital Markets Private limited 19 106675.68 5614.51 362.35 14.55 Connect
Nuvama Wealth Management Limited 18 31069.64 1726.09 235.53 37.31 Connect
Anand Rathi Securities Limited 18 3926.63 218.15 200.14 41.18 Connect
Keynote Financial Services Limited 17 1630.56 95.92 93.23 15.10 Connect
Ambit Private Limited 16 28328.30 1770.52 524.50 47.15 Connect
Clsa India Private Limited 15 34296.01 2286.40 436.83 45.28 Connect
Goldman Sachs (India) Securities Private Limited 14 76396.87 5456.92 521.66 17.96 Connect
Yes Securities (India) Limited 14 18436.36 1316.88 527.81 12.08 Connect
Deutsche Equities India Private Limited 14 59488.07 4249.15 348.19 3.32 Connect
Unistone Capital Private Limited 13 2657.95 204.46 209.43 86.41 Connect
Intensive Fiscal Services Private Limited 12 16613.02 1384.42 304.95 37.01 Connect
Idfc Bank Limited 12 28782.17 2398.51 592.42 36.55 Connect
Bob Capital Markets Limited 11 23399.77 2127.25 353.43 19.19 Connect
Karvy Investor Services Limited 11 1035.38 94.13 201.44 1.79 Connect
Ubs Securities India Private Limited 10 40300.33 4030.03 207.12 3.43 Connect
Almondz Global Securities Limited 10 1198.39 119.84 155.29 1.88 Connect
Bnp Paribas 9 18167.06 2018.56 514.43 33.69 Connect
Ashika Capital Limited 9 329.17 36.57 46.73 2.71 Connect
Chartered Capital And Investment Limited 9 483.67 53.74 69.97 3.26 Connect
Pantomath Capital Advisors Private Limited 8 1668.85 208.61 112.40 103.50 Connect
Yes Bank Limited 8 20200.82 2525.10 268.86 53.29 Connect
Srei Capital Markets Limited 8 368.60 46.08 104.98 0.19 Connect
Il&Fs Investsmart Securities Limited 8 3728.74 466.09 290.45 0.23 Connect
Uti Securities Limited 8 480.17 60.02 195.41 0.00 Connect
Aryaman Financial Services Limited 7 1550.15 221.45 223.66 86.99 Connect
Iti Capital Limited 7 7075.14 1010.73 174.40 24.83 Connect
Smart Horizon Capital Advisors Private Limited 7 1668.04 238.29 253.22 11.56 Connect
Saffron Capital Advisors Private Limited 6 1012.38 168.73 118.94 21.76 Connect
Elara Capital (India) Private Limited 6 2128.19 354.70 243.99 43.72 Connect
Jm Morgan Stanley Private Limited 6 7492.96 1248.83 335.89 5.40 Connect
Centrum Capital Limited 5 161.24 32.25 41.07 0.00 Connect
Pnb Investment Services Limited 4 1107.09 276.77 192.60 54.72 Connect
Emkay Global Financial Services Limited 4 1947.65 486.91 550.50 55.26 Connect
Inga Ventures Private Limited 4 1683.51 420.88 404.11 35.50 Connect
Haitong Securities India Private Limited 4 16298.55 4074.64 728.73 125.90 Connect
Arihant Capital Markets Limited 3 171.65 57.22 94.40 6.61 Connect
Macquarie India Advisory Services Private Limited 3 1124.24 374.75 126.80 1.00 Connect
Collins Stewart Inga Private Limited 3 199.93 66.64 154.68 6.71 Connect
PL Capital Markets Private Limited 2 281.93 140.97 453.18 101.33 Connect
Fedex Securities Private Limited 2 484.04 242.02 11.01 89.27 Connect
Monarch Networth Capital Limited 2 680.15 340.08 246.03 84.53 Connect
Systematix Corporate Services Limited 2 629.00 314.50 193.03 68.55 Connect
Khambatta Securities Limited 2 393.41 196.71 360.88 198.13 Connect
Bajaj Capital Limited 2 414.01 207.01 137.22 57.77 Connect
Smc Capitals Limited 2 1408.85 704.43 710.48 33.77 Connect
Indusind Bank Limited 2 5052.34 2526.17 691.65 1.61 Connect
Batlivala & Karani Securities India Private Limited 2 757.59 378.80 537.90 62.18 Connect
Spark Capital Advisors (India) Private Limited 2 1724.99 862.50 1123.75 49.31 Connect
Vivro Financial Services Private Limited 2 491.70 245.85 131.46 91.52 Connect
Barclays Securities (India) Private Limited 2 7174.04 3587.02 534.83 3.73 Connect
Religare Securities Limited 2 490.33 245.17 533.53 3.92 Connect
Standard Chartered Securities (India) Limited 2 7632.80 3816.40 408.45 3.67 Connect
Avendus Capital Private Limited 2 11527.43 5763.72 64.06 2.37 Connect
Corporate Strategic Allianz Limited 2 70.24 35.12 71.33 1.90 Connect
D And A Financial Services Private Limited 2 156.00 78.00 138.88 1.59 Connect
Antique Capital Markets Private Limited 2 591.46 295.73 218.95 1.98 Connect
Indbank Merchant Banking Services Limited 2 70.12 35.06 130.28 2.10 Connect
Spa Capital Advisors Limited 2 305.00 152.50 84.78 1.70 Connect
Allahabad Bank 2 205.93 102.97 77.93 0.56 Connect
Hem Securities Limited 2 801.27 400.64 35.56 156.98 Connect
Gretex Corporate Services Limited 1 132.00 132.00 131.95 54.49 Connect
Interactive Financial Services Limited 1 130.20 130.20 236.20 86.57 Connect
Mirae Asset Capital Markets (India) Private Limited 1 490.78 490.78 442.75 31.65 Connect
Choice Capital Advisors Private Limited 1 308.88 308.88 47.40 87.82 Connect
First Overseas Capital Limited 1 153.05 153.05 175.75 18.29 Connect
Indorient Financial Services Limited 1 412.79 412.79 258.85 2.72 Connect
Incred Capital Financial Services Private Limited 1 472.29 472.29 802.60 1.04 Connect
Corporate Capitalventures Private Limited 1 60.00 60.00 84.00 7.67 Connect
Investec Capital Services (India) Private Limited 1 600.65 600.65 208.15 1.81 Connect
Sarthi Capital Advisors Private Limited 1 35.87 35.87 259.15 273.05 Connect
Atherstone Capital Markets Limited 1 36.85 36.85 145.90 1.53 Connect
Comfort Securities Private Limited 1 73.60 73.60 80.05 2.22 Connect
Vc Corporate Advisors Private Limited (Vcapl) 1 48.75 48.75 -8.07 2.97 Connect
Comfort Securities Limited 1 63.75 63.75 56.90 1.74 Connect
Fortune Financial Services (India) Limited 1 33.50 33.50 89.95 0.00 Connect
A.K. Capital Services Limited 1 23.50 23.50 20.95 0.00 Connect
Kjmc Corporate Advisors (India) Limited 1 22.50 22.50 30.25 0.00 Connect
Nexgen Capitals Limited 1 40.68 40.68 27.90 0.00 Connect
Holani Consultants Private Limited 1 341.95 341.95 117.48 213.41 Connect
Corpwis Advisors Private Limited 1 264.10 264.10 12.45 7.55 Connect
Almondz Financial Services Limited 1 4321.44 4321.44 55.48 79.44 Connect
Beeline Capital Advisors Private Limited 1 179.39 179.39 146.91 194.95 Connect
Sundae Capital Advisors 1 290.00 290.00 27.59 195.96 Connect

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