35  Total SME IPOs listed in 2025

1636.98 Crs.  Total funds raised in 2025

27  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

35  Total SME IPOs listed in 2025

1636.98 Crs.  Total funds raised in 2025

27  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

35  Total SME IPOs listed in 2025

1636.98 Crs.  Total funds raised in 2025

27  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

35  Total SME IPOs listed in 2025

1636.98 Crs.  Total funds raised in 2025

27  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

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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 163 258437.76 1585.51 381.76 33.79 Connect
Axis Capital Limited 158 329068.07 2082.71 403.31 34.35 Connect
Kotak Mahindra Capital Company Limited 136 356770.01 2623.31 431.46 20.90 Connect
Jm Financial Limited 111 182723.46 1646.16 446.84 41.49 Connect
SBI Capital Markets Limited 98 216676.07 2210.98 264.14 26.55 Connect
Iifl Securities Limited 90 138929.62 1543.66 467.95 41.60 Connect
Citigroup Global Markets India Private Limited 69 288533.99 4181.65 558.25 18.62 Connect
Edelweiss Financial Services Limited 68 96515.47 1419.35 510.06 33.12 Connect
Dam Capital Advisors Limited (Formerly Idfc Securities Limited) 53 54815.84 1034.26 368.75 31.73 Connect
Bofa Securities India Limited 42 175231.69 4172.18 484.55 16.39 Connect
J.P. Morgan India Private Limited 36 144086.27 4002.40 289.91 18.82 Connect
Motilal Oswal Investment Advisors Limited 34 29226.13 859.59 366.63 38.42 Connect
Morgan Stanley India Company Private Limited 32 133358.67 4167.46 307.47 15.01 Connect
Idbi Capital Market Services Limited 30 29993.09 999.77 266.38 29.87 Connect
Equirus Capital Private Limited 27 17765.02 657.96 374.57 46.13 Connect
Nomura Financial Advisory And Securities (India) Private Limited 27 81203.59 3007.54 619.54 35.53 Connect
Axis Bank Limited 26 54218.60 2085.33 328.85 23.07 Connect
Hdfc Bank Limited 26 66716.36 2566.01 482.90 27.28 Connect
Jefferies India Private Limited 24 82462.98 3435.96 455.04 28.01 Connect
Credit Suisse Securities (India) Private Limited 22 64104.56 2913.84 489.43 21.76 Connect
Hsbc Securities & Capital Markets Private limited 20 115425.68 5771.28 344.49 13.96 Connect
Nuvama Wealth Management Limited 19 32338.99 1702.05 86.60 35.67 Connect
Anand Rathi Securities Limited 18 3926.63 218.15 164.15 41.18 Connect
Keynote Financial Services Limited 17 1630.56 95.92 80.49 15.10 Connect
Ambit Private Limited 16 28328.30 1770.52 369.81 47.15 Connect
Clsa India Private Limited 15 34296.01 2286.40 403.33 45.28 Connect
Goldman Sachs (India) Securities Private Limited 14 76396.87 5456.92 422.99 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 4249.15 333.60 3.32 Connect
Unistone Capital Private Limited 13 2657.95 204.46 146.87 86.41 Connect
Intensive Fiscal Services Private Limited 12 16613.02 1384.42 241.02 37.01 Connect
Idfc Bank Limited 12 28782.17 2398.51 592.42 36.55 Connect
Bob Capital Markets Limited 11 23399.77 2127.25 210.72 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 4030.03 186.69 3.43 Connect
Almondz Global Securities Limited 10 1198.39 119.84 155.29 1.88 Connect
Bnp Paribas 9 18167.06 2018.56 374.16 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 1668.85 208.61 100.66 103.50 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 1550.15 221.45 190.77 86.99 Connect
Iti Capital Limited 7 7075.14 1010.73 174.40 24.83 Connect
Smart Horizon Capital Advisors Private Limited 7 1668.04 238.29 184.12 11.56 Connect
Saffron Capital Advisors Private Limited 6 1012.38 168.73 80.13 21.76 Connect
Elara Capital (India) Private Limited 6 2128.19 354.70 201.22 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 1107.09 276.77 172.59 54.72 Connect
Emkay Global Financial Services Limited 4 1947.65 486.91 400.87 55.26 Connect
Inga Ventures Private Limited 4 1683.51 420.88 225.94 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 61.06 6.61 Connect
Smc Capitals Limited 3 1629.35 543.12 479.60 96.36 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 84.04 101.33 Connect
Fedex Securities Private Limited 2 484.04 242.02 15.34 89.27 Connect
Monarch Networth Capital Limited 2 680.15 340.08 162.66 84.53 Connect
Systematix Corporate Services Limited 2 629.00 314.50 109.66 68.55 Connect
Khambatta Securities Limited 2 393.41 196.71 236.24 198.13 Connect
Bajaj Capital Limited 2 414.01 207.01 129.52 57.77 Connect
Holani Consultants Private Limited 2 493.04 246.52 100.72 193.32 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
Sarthi Capital Advisors Private Limited 2 235.32 117.66 146.24 230.69 Connect
Barclays Securities (India) Private Limited 2 7174.04 3587.02 432.68 3.73 Connect
Religare Securities Limited 2 490.33 245.17 533.53 3.92 Connect
Standard Chartered Securities (India) Limited 2 7632.80 3816.40 306.31 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 9.96 54.49 Connect
Interactive Financial Services Limited 1 130.20 130.20 12.48 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
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
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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