33  Total SME IPOs listed in 2025

1608.98 Crs.  Total funds raised in 2025

25  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

33  Total SME IPOs listed in 2025

1608.98 Crs.  Total funds raised in 2025

25  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

33  Total SME IPOs listed in 2025

1608.98 Crs.  Total funds raised in 2025

25  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

33  Total SME IPOs listed in 2025

1608.98 Crs.  Total funds raised in 2025

25  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

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Year Wise Mainboard Merchant Bankers in India

Get detailed insights into year-wise Merchant Banker reviews with our comprehensive analysis of BRLMs (Book Running Lead Managers) for IPOs in India. This page highlights the performance and services provided by top merchant banking firms for each year, including 2024 merchant bankers, 2023 merchant bankers, and 2022 merchant bankers. Discover which merchant bankers excelled in facilitating IPOs, ensuring smooth execution, and delivering value to issuers and investors. Explore reviews of the best merchant bankers known for expertise in equity capital markets and regulatory compliance.

Merchant Banker No of IPOs so far Total funds raised (Cr.) Avg IPO size (Cr.) Avg Listing Gain (%) Avg Subscription (X) Location
ICICI Securities Limited 163 258437.76 1585.51 381.76 33.79 Mumbai Connect
Axis Capital Limited 158 329068.07 2082.71 403.31 34.35 Mumbai Connect
Kotak Mahindra Capital Company Limited 136 356770.01 2623.31 431.46 20.90 Mumbai Connect
Jm Financial Limited 111 182723.46 1646.16 446.84 41.49 Mumbai Connect
SBI Capital Markets Limited 98 216676.07 2210.98 264.14 26.55 Mumbai Connect
Iifl Securities Limited 90 138929.62 1543.66 467.95 41.60 Mumbai Connect
Citigroup Global Markets India Private Limited 69 288533.99 4181.65 558.25 18.62 Mumbai Connect
Edelweiss Financial Services Limited 68 96515.47 1419.35 510.06 33.12 Mumbai Connect
Dam Capital Advisors Limited (Formerly Idfc Securities Limited) 53 54815.84 1034.26 368.75 31.73 Mumbai Connect
Bofa Securities India Limited 42 175231.69 4172.18 484.55 16.39 Mumbai Connect
J.P. Morgan India Private Limited 36 144086.27 4002.40 289.91 18.82 Mumbai Connect
Motilal Oswal Investment Advisors Limited 34 29226.13 859.59 366.63 38.42 Mumbai Connect
Morgan Stanley India Company Private Limited 32 133358.67 4167.46 307.47 15.01 Mumbai Connect
Idbi Capital Market Services Limited 30 29993.09 999.77 266.38 29.87 Mumbai Connect
Equirus Capital Private Limited 27 17765.02 657.96 374.57 46.13 Mumbai Connect
Nomura Financial Advisory And Securities (India) Private Limited 27 81203.59 3007.54 619.54 35.53 Mumbai Connect
Axis Bank Limited 26 54218.60 2085.33 328.85 23.07 Ahmedabad Connect
Hdfc Bank Limited 26 66716.36 2566.01 482.90 27.28 Mumbai Connect
Jefferies India Private Limited 24 82462.98 3435.96 455.04 28.01 Mumbai Connect
Credit Suisse Securities (India) Private Limited 22 64104.56 2913.84 489.43 21.76 Mumbai Connect
Hsbc Securities & Capital Markets Private limited 20 115425.68 5771.28 344.49 13.96 Mumbai Connect
Nuvama Wealth Management Limited 19 32338.99 1702.05 86.60 35.67 Mumbai Connect
Anand Rathi Securities Limited 18 3926.63 218.15 164.15 41.18 Mumbai Connect
Keynote Financial Services Limited 17 1630.56 95.92 80.49 15.10 Mumbai Connect
Ambit Private Limited 16 28328.30 1770.52 369.81 47.15 Mumbai Connect
Clsa India Private Limited 15 34296.01 2286.40 403.33 45.28 Mumbai Connect
Goldman Sachs (India) Securities Private Limited 14 76396.87 5456.92 422.99 17.96 Mumbai Connect
Yes Securities (India) Limited 14 18436.36 1316.88 527.81 12.08 Mumbai Connect
Deutsche Equities India Private Limited 14 59488.07 4249.15 333.60 3.32 Mumbai Connect
Unistone Capital Private Limited 13 2657.95 204.46 146.87 86.41 Mumbai Connect
Intensive Fiscal Services Private Limited 12 16613.02 1384.42 241.02 37.01 Mumbai Connect
Idfc Bank Limited 12 28782.17 2398.51 592.42 36.55 Chennai Connect
Bob Capital Markets Limited 11 23399.77 2127.25 210.72 19.19 Mumbai Connect
Karvy Investor Services Limited 11 1035.38 94.13 201.44 1.79 Hyderabad Connect
Ubs Securities India Private Limited 10 40300.33 4030.03 186.69 3.43 Mumbai Connect
Almondz Global Securities Limited 10 1198.39 119.84 155.29 1.88 New Delhi Connect
Bnp Paribas 9 18167.06 2018.56 374.16 33.69 Mumbai Connect
Ashika Capital Limited 9 329.17 36.57 46.73 2.71 Kolkata Connect
Chartered Capital And Investment Limited 9 483.67 53.74 69.97 3.26 Ahmedabad Connect
Pantomath Capital Advisors Private Limited 8 1668.85 208.61 100.66 103.50 Mumbai Connect
Yes Bank Limited 8 20200.82 2525.10 268.86 53.29 Mumbai Connect
Srei Capital Markets Limited 8 368.60 46.08 104.98 0.19 Kolkata Connect
Il&Fs Investsmart Securities Limited 8 3728.74 466.09 290.45 0.23 Mumbai Connect
Uti Securities Limited 8 480.17 60.02 195.41 0.00 Jaipur Connect
Aryaman Financial Services Limited 7 1550.15 221.45 190.77 86.99 New Delhi Connect
Iti Capital Limited 7 7075.14 1010.73 174.40 24.83 Mumbai Connect
Smart Horizon Capital Advisors Private Limited 7 1668.04 238.29 184.12 11.56 Mumbai Connect
Saffron Capital Advisors Private Limited 6 1012.38 168.73 80.13 21.76 New Delhi Connect
Elara Capital (India) Private Limited 6 2128.19 354.70 201.22 43.72 Mumbai Connect
Jm Morgan Stanley Private Limited 6 7492.96 1248.83 335.89 5.40 Mumbai Connect
Centrum Capital Limited 5 161.24 32.25 41.07 0.00 Mumbai Connect
Pnb Investment Services Limited 4 1107.09 276.77 172.59 54.72 New Delhi Connect
Emkay Global Financial Services Limited 4 1947.65 486.91 400.87 55.26 Mumbai Connect
Inga Ventures Private Limited 4 1683.51 420.88 225.94 35.50 Mumbai Connect
Haitong Securities India Private Limited 4 16298.55 4074.64 728.73 125.90 Mumbai Connect
Arihant Capital Markets Limited 3 171.65 57.22 61.06 6.61 Mumbai Connect
Smc Capitals Limited 3 1629.35 543.12 479.60 96.36 New Delhi Connect
Macquarie India Advisory Services Private Limited 3 1124.24 374.75 126.80 1.00 Gurugram Connect
Collins Stewart Inga Private Limited 3 199.93 66.64 154.68 6.71 Mumbai Connect
PL Capital Markets Private Limited 2 281.93 140.97 84.04 101.33 Mumbai Connect
Fedex Securities Private Limited 2 484.04 242.02 15.34 89.27 Mumbai Connect
Monarch Networth Capital Limited 2 680.15 340.08 162.66 84.53 Ahmedabad Connect
Systematix Corporate Services Limited 2 629.00 314.50 109.66 68.55 Gwalior Connect
Khambatta Securities Limited 2 393.41 196.71 236.24 198.13 Mumbai Connect
Bajaj Capital Limited 2 414.01 207.01 129.52 57.77 New Delhi Connect
Holani Consultants Private Limited 2 493.04 246.52 100.72 193.32 Jaipur Connect
Indusind Bank Limited 2 5052.34 2526.17 691.65 1.61 Pune Connect
Batlivala & Karani Securities India Private Limited 2 757.59 378.80 537.90 62.18 Kolkata Connect
Spark Capital Advisors (India) Private Limited 2 1724.99 862.50 1123.75 49.31 Chennai Connect
Vivro Financial Services Private Limited 2 491.70 245.85 131.46 91.52 Ahmedabad Connect
Sarthi Capital Advisors Private Limited 2 235.32 117.66 146.24 230.69 Mumbai Connect
Barclays Securities (India) Private Limited 2 7174.04 3587.02 432.68 3.73 Mumbai Connect
Religare Securities Limited 2 490.33 245.17 533.53 3.92 New Delhi Connect
Standard Chartered Securities (India) Limited 2 7632.80 3816.40 306.31 3.67 Mumbai Connect
Avendus Capital Private Limited 2 11527.43 5763.72 64.06 2.37 Mumbai Connect
Corporate Strategic Allianz Limited 2 70.24 35.12 71.33 1.90 Ahmedabad Connect
D And A Financial Services Private Limited 2 156.00 78.00 138.88 1.59 New Delhi Connect
Antique Capital Markets Private Limited 2 591.46 295.73 218.95 1.98 Mumbai Connect
Indbank Merchant Banking Services Limited 2 70.12 35.06 130.28 2.10 Chennai Connect
Spa Capital Advisors Limited 2 305.00 152.50 84.78 1.70 New Delhi Connect
Allahabad Bank 2 205.93 102.97 77.93 0.56 Kolkata Connect
Hem Securities Limited 2 801.27 400.64 35.56 156.98 Jaipur Connect
Gretex Corporate Services Limited 1 132.00 132.00 9.96 54.49 Mumbai Connect
Interactive Financial Services Limited 1 130.20 130.20 12.48 86.57 Ahmedabad Connect
Mirae Asset Capital Markets (India) Private Limited 1 490.78 490.78 442.75 31.65 Mumbai Connect
Choice Capital Advisors Private Limited 1 308.88 308.88 47.40 87.82 Mumbai Connect
First Overseas Capital Limited 1 153.05 153.05 175.75 18.29 Mumbai Connect
Indorient Financial Services Limited 1 412.79 412.79 258.85 2.72 New Delhi Connect
Incred Capital Financial Services Private Limited 1 472.29 472.29 802.60 1.04 Mumbai Connect
Corporate Capitalventures Private Limited 1 60.00 60.00 84.00 7.67 New Delhi Connect
Investec Capital Services (India) Private Limited 1 600.65 600.65 208.15 1.81 Mumbai Connect
Atherstone Capital Markets Limited 1 36.85 36.85 145.90 1.53 Mumbai Connect
Comfort Securities Private Limited 1 73.60 73.60 80.05 2.22 Mumbai Connect
Vc Corporate Advisors Private Limited (Vcapl) 1 48.75 48.75 -8.07 2.97 Kolkata Connect
Comfort Securities Limited 1 63.75 63.75 56.90 1.74 Mumbai Connect
Fortune Financial Services (India) Limited 1 33.50 33.50 89.95 0.00 Mumbai Connect
A.K. Capital Services Limited 1 23.50 23.50 20.95 0.00 Mumbai Connect
Kjmc Corporate Advisors (India) Limited 1 22.50 22.50 30.25 0.00 Mumbai Connect
Nexgen Capitals Limited 1 40.68 40.68 27.90 0.00 New Delhi Connect
Corpwis Advisors Private Limited 1 264.10 264.10 12.45 7.55 Mumbai Connect
Almondz Financial Services Limited 1 4321.44 4321.44 55.48 79.44 New Delhi Connect
Beeline Capital Advisors Private Limited 1 179.39 179.39 146.91 194.95 Ahmedabad Connect
Sundae Capital Advisors 1 290.00 290.00 27.59 195.96 New Delhi Connect

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