Filters

City Name

IPO so far

Total funds raised (Cr.)

Avg IPO size (Cr.)

Avg Listing Gain (%)

Avg Subscription (X)

Clear All

Thinking of
Listing Your Business through
SME IPO?

We can Help!

Top SME Merchant Bankers in India 2025

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
Horizon Management Private Limited	5	181.06	36.21	-5.36	89.07	Kolkata	Connect
Beeline Capital Advisors Private Limited	5	287.53	57.51	15.00	253.11	Ahmedabad	Connect
GYR Capital Advisors Private Limited	4	265.57	66.39	19.70	404.90	Ahmedabad	Connect
Shreni Shares Limited	3	90.71	30.24	13.01	226.57	Mumbai	Connect
Smart Horizon Capital Advisors Private Limited	3	202.75	67.58	24.48	105.22	Mumbai	Connect
Interactive Financial Services Limited	2	60.15	30.08	0.99	74.42	Ahmedabad	Connect
Unistone Capital Private Limited	2	167.34	83.67	-8.06	6.39	Mumbai	Connect
Aryaman Financial Services Limited	2	84.18	42.09	11.20	3.31	New Delhi	Connect
Indorient Financial Services Limited	2	150.47	75.24	13.06	111.43	New Delhi	Connect
SKI Capital Services Limited	2	26.99	13.50	39.75	222.53	New Delhi	Connect
Finshore Management Services Limited	2	30.76	15.38	49.75	28.32	Kolkata	Connect
Vivro Financial Services Private Limited	2	105.81	52.91	46.67	385.51	Ahmedabad	Connect
Swastika Investmart Limited	1	7.38	7.38	0.14	44.57	Mumbai	Connect
Share India Capital Services Private Limited	1	44.86	44.86	-20.00	1.78	Noida	Connect
Kreo Capital Private Limited	1	77.83	77.83	0.00	1.05	Nagpur	Connect
Gretex Corporate Services Limited	1	43.87	43.87	1.56	1.65	Mumbai	Connect
Sun Capital Advisory Services (P) Limited	1	12.65	12.65	-20.00	1.01	Mumbai	Connect
Arihant Capital Markets Limited	1	50.11	50.11	7.14	1.21	Mumbai	Connect
Galactico Corporate Service Limited	1	23.36	23.36	-24.00	1.85	Nashik	Connect
Sundae Capital Advisors	1	31.70	31.70	-20.00	1.29	New Delhi	Connect
Fedex Securities Private Limited	1	36.00	36.00	0.00	1.60	Mumbai	Connect
New Berry Capitals Private Limited	1	105.84	105.84	4.17	1.15	Ahmedabad	Connect
Almondz Financial Services Limited	1	39.42	39.42	0.00	151.52	New Delhi	Connect
Khambatta Securities Limited	1	28.28	28.28	3.57	9.82	Mumbai	Connect
Hem Securities Limited	1	37.66	37.66	0.00	4.61	Jaipur	Connect
Corporate Makers Capital Limited	1	83.65	83.65	-9.57	4.36	New Delhi	Connect
Navigant Corporate Advisors Limited	1	8.78	8.78	-16.00	120.80	Mumbai	Connect
Marwadi Chandarana Intermediaries Brokers Private Limited	1	40.00	40.00	90.00	356.02	Rajkot	Connect
Narnolia Financial Services Limited	1	33.80	33.80	90.00	332.78	Kolkata	Connect

Let's calculate
How much Funds you can raise through SME IPO

Calculate Now! Contact Us

Why Us?

Leading portal for IPOs
End to End Solutions
Known for Transparency

Filters

Thinking ofListing Your Business through SME IPO?

We can Help!

Top SME Merchant Bankers in India 2025

Let's calculateHow much Funds you can raise through SME IPO

Thinking of
Listing Your Business through
SME IPO?

Let's calculate
How much Funds you can raise through SME IPO