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

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Summary

PE Ratio^*
Highest	35.82
Median	17.06
Lowest	6.83

IPO Size (Cr.)
Highest	165.63
Median	45.68
Lowest	8.75

*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.

SME Merchant Banker Performance Tracker FY26

SME IPO Performance of Merchant Bankers in India on NSE Emerge and BSE SME for IPO 2026. List of merchant banks with number of SME IPO assisted, Total Fundraise, Average PE Ratio, IPO listed in Gain/loss and Current IPO Performance of the BRLM. Latest SME 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.

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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)
Hem Securities Limited	12	876.29	15.77	9 (75%) 3 (25%)	8 (67%) 4 (33%)	6 (50%) 6 (50%)
Smart Horizon Capital Advisors Private Limited	12	490.01	16.88	10 (83%) 2 (17%)	9 (75%) 3 (25%)	6 (50%) 6 (50%)
GYR Capital Advisors Private Limited	11	620.60	15.90	10 (91%) 1 (9%)	6 (55%) 5 (45%)	3 (27%) 8 (73%)
Narnolia Financial Services Limited	10	534.44	18.03	9 (90%) 1 (10%)	10 (100%) 0 (0%)	9 (90%) 1 (10%)
Gretex Corporate Services Limited	8	303.24	16.87	8 (100%) 0 (0%)	4 (50%) 4 (50%)	4 (50%) 4 (50%)
Unistone Capital Private Limited	8	389.23	17.15	5 (63%) 3 (38%)	5 (63%) 3 (38%)	2 (25%) 6 (75%)
Finshore Management Services Limited	7	138.41	18.10	1 (14%) 6 (86%)	1 (14%) 6 (86%)	2 (29%) 5 (71%)
Beeline Capital Advisors Private Limited	7	319.79	13.66	7 (100%) 0 (0%)	5 (71%) 2 (29%)	5 (71%) 2 (29%)
Fast Track Finsec Private Limited	6	277.97	16.11	1 (17%) 5 (83%)	2 (33%) 4 (67%)	2 (33%) 4 (67%)
Expert Global Consultants Private Limited	6	203.90	16.68	5 (83%) 1 (17%)	4 (67%) 2 (33%)	2 (33%) 4 (67%)
Corporate Makers Capital Limited	5	112.03	16.06	1 (20%) 4 (80%)	1 (20%) 4 (80%)	1 (20%) 4 (80%)
Vivro Financial Services Private Limited	4	261.89	16.30	3 (75%) 1 (25%)	3 (75%) 1 (25%)	1 (25%) 3 (75%)
Share India Capital Services Private Limited	4	206.01	15.22	1 (25%) 3 (75%)	1 (25%) 3 (75%)	0 (0%) 4 (100%)
Interactive Financial Services Limited	4	136.43	23.78	1 (25%) 3 (75%)	1 (25%) 3 (75%)	1 (25%) 3 (75%)
Horizon Management Private Limited	4	180.20	19.51	4 (100%) 0 (0%)	4 (100%) 0 (0%)	4 (100%) 0 (0%)
Aryaman Financial Services Limited	3	145.11	17.72	2 (67%) 1 (33%)	3 (100%) 0 (0%)	3 (100%) 0 (0%)
Indorient Financial Services Limited	3	130.76	19.33	1 (33%) 2 (67%)	1 (33%) 2 (67%)	2 (67%) 1 (33%)
Khambatta Securities Limited	3	82.74	15.95	0 (0%) 3 (100%)	1 (33%) 2 (67%)	1 (33%) 2 (67%)
Affinity Global Capital Market Private Limited	3	146.09	17.36	1 (33%) 2 (67%)	0 (0%) 3 (100%)	1 (33%) 2 (67%)
Nirbhay Capital Services Private Limited	3	80.95	17.32	2 (67%) 1 (33%)	1 (33%) 2 (67%)	1 (33%) 2 (67%)
Jawa Capital Services Private Limited	3	78.60	21.05	1 (33%) 2 (67%)	0 (0%) 3 (100%)	0 (0%) 3 (100%)
Marwadi Chandarana Intermediaries Brokers Private Limited	3	224.05	16.29	1 (33%) 2 (67%)	2 (67%) 1 (33%)	2 (67%) 1 (33%)
Seren Capital Private Limited	3	150.57	17.35	3 (100%) 0 (0%)	3 (100%) 0 (0%)	3 (100%) 0 (0%)
Swastika Investmart Limited	2	101.53	16.55	0 (0%) 2 (100%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
Mark Corporate Advisors Private Limited	2	98.12	20.38	1 (50%) 1 (50%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
Holani Consultants Private Limited	2	66.22	17.75	2 (100%) 0 (0%)	2 (100%) 0 (0%)	1 (50%) 1 (50%)
Sun Capital Advisory Services (P) Limited	2	106.02	16.57	1 (50%) 1 (50%)	1 (50%) 1 (50%)	2 (100%) 0 (0%)
Srujan Alpha Capital Advisors Llp	2	173.58	12.07	2 (100%) 0 (0%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Corpwis Advisors Private Limited	2	94.38	18.81	1 (50%) 1 (50%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
Sarthi Capital Advisors Private Limited	1	49.26	26.98	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Inventure Merchant Banker Services Private Limited	1	48.72	19.62	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Fedex Securities Private Limited	1	23.52	11.61	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Turnaround Corporate Advisors Private Limited	1	8.75	23.31	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Arihant Capital Markets Limited	1	50.00	14.88	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Bonanza Portfolio Limited	1	10.71	18.55	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Smc Capitals Limited	1	46.74	18.92	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Oneview Corporate Advisors Private Limited	1	37.67	25.94	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Khandwala Securities Limited	1	23.01	15.08	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Sobhagya Capital Options Limited	1	27.56	13.20	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Corporate Professionals Capital Private Limited	1	22.35	16.42	0 (0%) 1 (100%)	0 (0%) 1 (100%)	1 (100%) 0 (0%)
3Dimesnion Capital Services Limited	1	85.66	17.02	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Socradamus Capital Private Limited	1	69.81	12.07	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Indcap Advisors Private Limited	1	42.03	17.81	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Fintellectual Corporate Advisors Private Limited	1	28.09	17.34	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Cumulative Capital Private Limited	1	58.80	19.77	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Wealth Mine Networks Private Limited	1	26.40	19.16	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Getfive Advisors Private Limited	1	27.13	12.69	0 (0%) 1 (100%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Shannon Advisors Private Limited	1	31.05	19.81	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Rarever Financial Advisors Private Limited	1	58.57	16.63	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)

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Summary

PE Ratio^*
Highest	35.82
Median	17.06
Lowest	6.83

IPO Size (Cr.)
Highest	165.63
Median	45.68
Lowest	8.75

*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.

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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.