35  Total SME IPOs listed in 2025

1636.98 Crs.  Total funds raised in 2025

27  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

35  Total SME IPOs listed in 2025

1636.98 Crs.  Total funds raised in 2025

27  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

35  Total SME IPOs listed in 2025

1636.98 Crs.  Total funds raised in 2025

27  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

35  Total SME IPOs listed in 2025

1636.98 Crs.  Total funds raised in 2025

27  SME IPOs listed with Gain in 2025

8  SME IPOs listed with loss in 2025

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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
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
Horizon Management Private Limited 2 66.25 33.13 -10.89 216.01 Kolkata Connect
Unistone Capital Private Limited 2 167.34 83.67 -8.06 6.39 Mumbai Connect
Smart Horizon Capital Advisors Private Limited 2 142.82 71.41 45.00 155.12 Mumbai 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
Narnolia Financial Services Limited 1 33.80 33.80 90.00 332.78 Kolkata Connect
Almondz Financial Services Limited 1 39.42 39.42 0.00 151.52 New Delhi Connect
Marwadi Chandarana Intermediaries Brokers Private Limited 1 40.00 40.00 90.00 356.02 Rajkot Connect
Indorient Financial Services Limited 1 76.01 76.01 26.21 221.06 New Delhi Connect
Aryaman Financial Services Limited 1 72.30 72.30 2.40 5.42 New Delhi Connect
Interactive Financial Services Limited 1 25.92 25.92 -4.56 146.93 Ahmedabad Connect
Navigant Corporate Advisors Limited 1 8.78 8.78 -16.00 120.80 Mumbai Connect
Corporate Makers Capital Limited 1 83.65 83.65 -9.57 4.36 New Delhi Connect
Hem Securities Limited 1 37.66 37.66 0.00 4.61 Jaipur Connect
Khambatta Securities Limited 1 28.28 28.28 3.57 9.82 Mumbai Connect
Swastika Investmart Limited 1 7.38 7.38 0.14 44.57 Mumbai Connect

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