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2023 MainBoard Merchant Bankers' report

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	19	16487.11	867.74	428.51	50.25	Mumbai	Connect
Jm Financial Limited	18	22779.66	1265.54	574.53	41.40	Mumbai	Connect
Axis Capital Limited	14	21112.28	1508.02	513.65	41.38	Mumbai	Connect
Iifl Securities Limited	14	14140.55	1010.04	568.60	40.09	Mumbai	Connect
Kotak Mahindra Capital Company Limited	12	21144.17	1762.01	345.07	31.10	Mumbai	Connect
SBI Capital Markets Limited	8	11670.21	1458.78	248.62	32.60	Mumbai	Connect
Motilal Oswal Investment Advisors Limited	6	4203.51	700.59	418.28	31.67	Mumbai	Connect
Equirus Capital Private Limited	6	4197.68	699.61	620.85	36.26	Mumbai	Connect
Dam Capital Advisors Limited (Formerly Idfc Securities Limited)	6	5943.56	990.59	252.50	33.98	Mumbai	Connect
Citigroup Global Markets India Private Limited	6	12658.96	2109.83	722.94	27.44	Mumbai	Connect
Nuvama Wealth Management Limited	5	3626.77	725.35	428.67	52.24	Mumbai	Connect
Pantomath Capital Advisors Private Limited	4	797.46	199.37	95.20	90.84	Mumbai	Connect
J.P. Morgan India Private Limited	4	6621.71	1655.43	234.55	5.97	Mumbai	Connect
Unistone Capital Private Limited	3	472.47	157.49	158.48	45.32	Mumbai	Connect
Bnp Paribas	3	3172.26	1057.42	557.27	34.81	Mumbai	Connect
Ambit Private Limited	3	2291.55	763.85	415.93	51.04	Mumbai	Connect
Jefferies India Private Limited	2	5877.36	2938.68	1182.95	20.10	Mumbai	Connect
Hsbc Securities & Capital Markets Private limited	2	5164.01	2582.01	600.46	12.07	Mumbai	Connect
Hdfc Bank Limited	2	1746.40	873.20	358.90	15.76	Mumbai	Connect
Nomura Financial Advisory And Securities (India) Private Limited	2	1355.33	677.67	640.23	13.10	Mumbai	Connect
Bob Capital Markets Limited	2	2695.61	1347.81	266.47	32.93	Mumbai	Connect
Bofa Securities India Limited	2	6242.51	3121.26	659.26	37.44	Mumbai	Connect
Anand Rathi Securities Limited	2	1140.00	570.00	334.98	49.81	Mumbai	Connect
Yes Securities (India) Limited	1	256.64	256.64	104.70	0.53	Mumbai	Connect
Idbi Capital Market Services Limited	1	2150.21	2150.21	59.99	38.80	Mumbai	Connect
Inga Ventures Private Limited	1	412.12	412.12	604.00	5.44	Mumbai	Connect
Saffron Capital Advisors Private Limited	1	66.00	66.00	31.50	32.49	New Delhi	Connect
Morgan Stanley India Company Private Limited	1	3200.00	3200.00	4.26	5.45	Mumbai	Connect
Aryaman Financial Services Limited	1	480.00	480.00	584.75	1.62	New Delhi	Connect
Intensive Fiscal Services Private Limited	1	686.55	686.55	300.00	37.28	Mumbai	Connect
First Overseas Capital Limited	1	153.05	153.05	175.75	18.29	Mumbai	Connect
Pnb Investment Services Limited	1	153.05	153.05	175.75	18.29	New Delhi	Connect
Choice Capital Advisors Private Limited	1	308.88	308.88	47.40	87.82	Mumbai	Connect
Mirae Asset Capital Markets (India) Private Limited	1	490.78	490.78	442.75	31.65	Mumbai	Connect
Keynote Financial Services Limited	1	549.78	549.78	312.50	51.85	Mumbai	Connect
Khambatta Securities Limited	1	321.24	321.24	279.75	76.21	Mumbai	Connect
Credit Suisse Securities (India) Private Limited	1	2800.00	2800.00	157.30	39.36	Mumbai	Connect
Bajaj Capital Limited	1	270.20	270.20	215.65	2.33	New Delhi	Connect
Elara Capital (India) Private Limited	1	270.20	270.20	215.65	2.33	Mumbai	Connect
Arihant Capital Markets Limited	1	100.00	100.00	104.99	16.86	Mumbai	Connect
Iti Capital Limited	1	400.00	400.00	-7.14	16.57	Mumbai	Connect

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2023 MainBoard Merchant Bankers' report

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SME IPO?

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how much funds you can raise through SME IPO