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 SME Merchant Bankers in India

Get detailed insights into year-wise Merchant Banker reviews with our comprehensive analysis of BRLMs (Book Running Lead Managers) for SME 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 played a key role in helping SMEs raise capital, navigate regulatory processes, and achieve successful listings. Explore reviews of the best merchant bankers known for their expertise in SME IPO advisory and capital market strategies tailored for growing businesses.

Merchant Banker No of IPOs so far Total funds raised (Cr.) Avg IPO size (Cr.) Avg Listing Gain (%) Avg Subscription (X) Location
Hem Securities Limited 125 2900.60 23.20 33.41 89.01 Jaipur Connect
Pantomath Capital Advisors Private Limited 103 1678.62 16.30 10.65 8.87 Mumbai Connect
Aryaman Financial Services Limited 85 1213.00 14.27 4.89 4.89 New Delhi Connect
Beeline Capital Advisors Private Limited 72 2337.28 32.46 47.10 189.15 Ahmedabad Connect
First Overseas Capital Limited 51 864.46 16.95 5.74 7.52 Mumbai Connect
Sarthi Capital Advisors Private Limited 48 745.76 15.54 17.59 15.23 Mumbai Connect
Gretex Corporate Services Limited 48 832.40 17.34 18.32 43.65 Mumbai Connect
Guiness Corporate Advisors Private Limited 47 585.29 12.45 7.28 6.46 Kolkata Connect
Shreni Shares Limited 47 856.84 18.23 39.96 127.75 Mumbai Connect
Finshore Management Services Limited 46 574.09 12.48 24.74 68.76 Kolkata Connect
Fedex Securities Private Limited 43 873.41 20.31 17.83 70.37 Mumbai Connect
GYR Capital Advisors Private Limited 39 1278.84 32.79 94.71 442.51 Ahmedabad Connect
Inventure Merchant Banker Services Private Limited 33 427.77 12.96 21.61 6.38 Mumbai Connect
Swastika Investmart Limited 32 473.16 14.79 14.37 57.13 Mumbai Connect
Navigant Corporate Advisors Limited 23 237.14 10.31 4.48 11.80 Mumbai Connect
Corporate Capital Ventures Private Limited 23 818.94 35.61 93.50 193.97 New Delhi Connect
Interactive Financial Services Limited 21 659.14 31.39 8.43 51.35 Ahmedabad Connect
Narnolia Financial Services Limited 16 585.89 36.62 37.49 198.29 Kolkata Connect
Share India Capital Services Private Limited 15 463.48 30.90 50.40 138.35 Noida Connect
Unistone Capital Private Limited 15 663.69 44.25 14.57 49.64 Mumbai Connect
Expert Global Consultants Private Limited 14 372.56 26.61 45.04 99.60 New Delhi Connect
Fast Track Finsec Private Limited 13 224.28 17.25 27.04 31.41 New Delhi Connect
Holani Consultants Private Limited 13 273.72 21.06 88.02 234.38 Jaipur Connect
Horizon Management Private Limited 13 580.02 44.62 16.70 199.30 Kolkata Connect
Monarch Networth Capital Limited 12 195.39 16.28 6.77 6.84 Ahmedabad Connect
Khandwala Securities Limited 11 344.59 31.33 25.02 198.20 Mumbai Connect
Mark Corporate Advisors Private Limited 10 320.52 32.05 13.25 28.48 Mumbai Connect
Corporate Strategic Allianz Limited 9 179.77 19.97 5.61 0.00 Ahmedabad Connect
Isk Advisors Private Limited 9 341.97 38.00 32.15 43.98 Ahmedabad Connect
Swaraj Shares and Securities Private Limited 8 240.79 30.10 44.27 71.04 Kolkata Connect
Khambatta Securities Limited 8 140.16 17.52 63.72 117.12 Mumbai Connect
Indorient Financial Services Limited 8 351.10 43.89 33.28 63.88 New Delhi Connect
Choice Capital Advisors Private Limited 8 290.77 36.35 14.73 72.64 Mumbai Connect
Vivro Financial Services Private Limited 7 412.11 58.87 50.80 202.99 Ahmedabad Connect
Srujan Alpha Capital Advisors Llp 6 122.20 20.37 17.89 119.96 Mumbai Connect
Keynote Financial Services Limited 6 142.29 23.72 25.62 0.27 Mumbai Connect
Systematix Corporate Services Limited 5 138.67 27.73 11.39 1.30 Gwalior Connect
Turnaround Corporate Advisors Private Limited 5 44.57 8.91 10.03 141.44 New Delhi Connect
SKI Capital Services Limited 4 82.35 20.59 43.49 179.30 New Delhi Connect
Affinity Global Capital Market Private Limited 4 118.47 29.62 26.85 67.22 Kolkata Connect
Ekadrisht Capital Private Limited 3 138.33 46.11 148.53 295.70 Mumbai Connect
Idbi Capital Market Services Limited 3 57.01 19.00 -5.84 0.00 Mumbai Connect
Sobhagya Capital Options Limited 3 8.12 2.71 14.39 0.00 New Delhi Connect
Oneview Corporate Advisors Private Limited 3 66.53 22.18 71.91 113.17 kolkata Connect
Intensive Fiscal Services Private Limited 3 12.47 4.16 1.39 0.00 Mumbai Connect
Arihant Capital Markets Limited 3 97.88 32.63 2.72 1.50 Mumbai Connect
Vc Corporate Advisors Private Limited (Vcapl) 3 20.67 6.89 2.11 0.38 Kolkata Connect
Corpwis Advisors Private Limited 3 139.27 46.42 -3.10 44.35 Mumbai Connect
Jawa Capital Services Private Limited 3 74.07 24.69 -11.38 57.25 New Delhi Connect
Bcb Brokerage Private Limited 3 11.16 3.72 -5.67 0.36 Mumbai Connect
Capitalsquare Advisors Private Limited 3 12.73 4.24 2.51 2.46 Mumbai Connect
V B Desai Financial Services Limited 2 6.35 3.18 5.20 0.00 Mumbai Connect
Chartered Capital And Investment Limited 2 46.22 23.11 -2.09 0.00 Ahmedabad Connect
Comfort Securities Private Limited 2 47.83 23.92 80.95 85.67 Mumbai Connect
kunvarji finstock private limited 2 66.25 33.13 47.69 286.27 Ahmedabad Connect
Mehta Integrated Finance Limited 2 32.02 16.01 -1.46 0.59 Ahmedabad Connect
Sun Capital Advisory Services (P) Limited 2 16.48 8.24 11.40 36.71 Mumbai Connect
Cumulative Capital Private Limited 2 118.62 59.31 34.69 15.92 Mumbai Connect
Ajcon Global Services Limited 2 31.91 15.96 0.50 0.59 Mumbai Connect
Quintessence Enterprises Private Limited 2 13.38 6.69 -6.40 0.56 Hyderabad Connect
Marwadi Chandarana Intermediaries Brokers Private Limited 2 46.22 23.11 94.75 706.51 Rajkot Connect
Ckp Financial Services Private Limited 2 38.98 19.49 1.32 1.20 Mumbai Connect
Boi Merchant Bankers Limited 2 38.30 19.15 -2.56 13.67 Mumbai Connect
Smart Horizon Capital Advisors Private Limited 2 142.82 71.41 45.00 155.12 Mumbai Connect
Saffron Capital Advisors Private Limited 2 65.78 32.89 5.34 1.18 New Delhi Connect
D And A Financial Services Private Limited 2 12.02 6.01 -3.14 0.97 New Delhi Connect
First Call India Equity Advisors Private Limited 1 5.05 5.05 0.56 0.00 Mumbai Connect
Almondz Financial Services Limited 1 39.42 39.42 0.00 151.52 New Delhi Connect
Socradamus Capital Private Limited 1 19.95 19.95 75.93 544.28 Mumbai Connect
Kreo Capital Private Limited 1 11.44 11.44 13.15 20.21 Nagpur Connect
Corporate Professionals Capital Private Limited 1 22.08 22.08 152.00 53.94 New Delhi Connect
3Dimesnion Capital Services Limited 1 25.99 25.99 9.68 8.32 New Delhi Connect
Corporate Makers Capital Limited 1 83.65 83.65 -9.57 4.36 New Delhi Connect
Kjmc Corporate Advisors (India) Limited 1 21.00 21.00 24.88 0.00 Mumbai Connect
Basan Financial Services Limited 1 3.50 3.50 26.00 0.00 Hyderabad Connect
Unicon Capital Services Private Limited 1 3.02 3.02 43.50 0.00 Connect
Karvy Investor Services Limited 1 3.58 3.58 6.88 0.00 Hyderabad Connect
Tipsons Consultancy Services Private Limited 1 25.50 25.50 2.52 0.00 Ahmedabad Connect
Microsec Capital Limited 1 19.25 19.25 -10.91 0.00 Kolkata Connect
Spa Capital Advisors Limited 1 6.00 6.00 -13.75 0.00 New Delhi Connect
Skyline Financial Services Private Limited 1 13.87 13.87 20.00 0.00 New Delhi Connect
Nirbhay Capital Services Private Limited 1 38.40 38.40 -6.67 33.60 Ahmedabad Connect
Sundae Capital Advisors 1 69.54 69.54 6.49 2.70 New Delhi Connect
Galactico Corporate Service Limited 1 10.83 10.83 -7.36 1.20 Nashik Connect
Chartered Finance Management Limited 1 10.23 10.23 3.81 2.39 Mumbai Connect
Smc Capitals Limited 1 42.48 42.48 -4.92 1.21 New Delhi Connect
Bonanza Portfolio Limited 1 10.62 10.62 0.28 1.34 New Delhi Connect
PL Capital Markets Private Limited 1 35.52 35.52 -2.83 5.36 Mumbai Connect
Asit C. Mehta Investment Interrmediates Limited 1 54.97 54.97 -17.00 1.64 Mumbai Connect

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