114  Total SME IPOs listed in 2025

5,174.44 Crs.  Total funds raised in 2025

79  SME IPOs listed with Gain in 2025

35  SME IPOs listed with loss in 2025

114  Total SME IPOs listed in 2025

5,174.44 Crs.  Total funds raised in 2025

79  SME IPOs listed with Gain in 2025

35  SME IPOs listed with loss in 2025

114  Total SME IPOs listed in 2025

5,174.44 Crs.  Total funds raised in 2025

79  SME IPOs listed with Gain in 2025

35  SME IPOs listed with loss in 2025

114  Total SME IPOs listed in 2025

5174.44 Crs.  Total funds raised in 2,025.00

79  SME IPOs listed with Gain in 2025

35  SME IPOs listed with loss in 2025

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Summary

PE Ratio*
Highest 55.54
Median 10.05
Lowest 3.81
IPO Size (Cr.)
Highest 4326.36
Median 882.67
Lowest 66.00
  1. *IPOs with Extreme PE (50+) are excluded from the above calculations.
  2. Above summary is for reference only as the same is based on the limited data set.

Mainboard Merchant Banker Performance Tracker 2023

IPO Performance of Merchant Bankers in India on NSE and BSE stock exchanges for Mainboard IPO 2023. List of merchant banks with number of IPO assisted, Total Fundraise, Average PE Ratio, IPO listed in Gain/loss and Current IPO Performance of the BRLM. Latest IPO Performance of Merchant banking company for IPO 2023. IPO Lead managers help business owners in the IPO Listing Process, Pre IPO Funding and IPO valuation for a Successful IPO Listing. Merchant Banker services guide the company in the IPO process and help in DRHP filing, RHP and Final Prospectus.

Merchant Banker No of IPOs so far Total funds raised (Cr.) Avg PE Ratio IPO Listed in Gain/Loss CMP vs Offer Price (Gain/Loss) CMP vs Listing Price (Gain/Loss)
ICICI Securities Limited 19.00 16,487.11 12.24 18  (95%)
1  (5%)
12  (63%)
7  (37%)
11  (58%)
8  (42%)
Jm Financial Limited 18.00 22,779.66 12.82 16  (89%)
2  (11%)
12  (67%)
6  (33%)
10  (56%)
8  (44%)
Axis Capital Limited 14.00 21,112.28 3.36 13  (93%)
1  (7%)
12  (86%)
2  (14%)
10  (71%)
4  (29%)
IIFL Securities Limited 14.00 14,140.55 14.14 12  (86%)
2  (14%)
9  (64%)
5  (36%)
8  (57%)
6  (43%)
Kotak Mahindra Capital Company Limited 12.00 21,144.17 8.48 12  (100%)
0  (0%)
9  (75%)
3  (25%)
9  (75%)
3  (25%)
SBI Capital Markets Limited 8.00 11,670.21 19.80 6  (75%)
2  (25%)
5  (63%)
3  (38%)
5  (63%)
3  (38%)
Citigroup Global Markets India Private Limited 6.00 12,658.96 12.96 6  (100%)
0  (0%)
5  (83%)
1  (17%)
4  (67%)
2  (33%)
Dam Capital Advisors Limited (Formerly Idfc Securities Limited) 6.00 5,943.56 13.12 4  (67%)
2  (33%)
2  (33%)
4  (67%)
2  (33%)
4  (67%)
Equirus Capital Private Limited 6.00 4,197.68 18.03 6  (100%)
0  (0%)
5  (83%)
1  (17%)
3  (50%)
3  (50%)
Motilal Oswal Investment Advisors Limited 6.00 4,203.51 5.52 6  (100%)
0  (0%)
1  (17%)
5  (83%)
1  (17%)
5  (83%)
Nuvama Wealth Management Limited 5.00 3,626.77 5.79 5  (100%)
0  (0%)
2  (40%)
3  (60%)
1  (20%)
4  (80%)
Pantomath Capital Advisors Private Limited 4.00 797.46 8.38 4  (100%)
0  (0%)
4  (100%)
0  (0%)
3  (75%)
1  (25%)
J.P. Morgan India Private Limited 4.00 6,621.71 12.78 4  (100%)
0  (0%)
2  (50%)
2  (50%)
2  (50%)
2  (50%)
Unistone Capital Private Limited 3.00 472.47 7.28 3  (100%)
0  (0%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
Ambit Private Limited 3.00 2,291.55 7.94 3  (100%)
0  (0%)
3  (100%)
0  (0%)
2  (67%)
1  (33%)
Bnp Paribas 3.00 3,172.26 5.55 3  (100%)
0  (0%)
1  (33%)
2  (67%)
1  (33%)
2  (67%)
Anand Rathi Securities Limited 2.00 1,140.00 12.97 1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Bob Capital Markets Limited 2.00 2,695.61 75.27 1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Bofa Securities India Limited 2.00 6,242.51 21.89 2  (100%)
0  (0%)
2  (100%)
0  (0%)
1  (50%)
1  (50%)
Hdfc Bank Limited 2.00 1,746.40 11.77 1  (50%)
1  (50%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
Hsbc Securities & Capital Markets Private limited 2.00 5,164.01 0.00 2  (100%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
Jefferies India Private Limited 2.00 5,877.36 0.00 2  (100%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
Nomura Financial Advisory And Securities (India) Private Limited 2.00 1,355.33 51.03 1  (50%)
1  (50%)
2  (100%)
0  (0%)
1  (50%)
1  (50%)
Aryaman Financial Services Limited 1.00 480.00 0.00 0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
First Overseas Capital Limited 1.00 153.05 11.34 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)
Holani Consultants Private Limited 1.00 151.09 0.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Arihant Capital Markets Limited 1.00 100.00 34.04 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Saffron Capital Advisors Private Limited 1.00 66.00 9.67 0  (0%)
1  (100%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Khambatta Securities Limited 1.00 321.24 0.00 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Keynote Financial Services Limited 1.00 549.78 4.49 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Choice Capital Advisors Private Limited 1.00 308.88 0.00 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Intensive Fiscal Services Private Limited 1.00 686.55 0.00 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Idbi Capital Market Services Limited 1.00 2,150.21 127.00 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Bajaj Capital Limited 1.00 270.20 0.00 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Credit Suisse Securities (India) Private Limited 1.00 2,800.00 0.00 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Elara Capital (India) Private Limited 1.00 270.20 0.00 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Inga Ventures Private Limited 1.00 412.12 35.16 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Iti Capital Limited 1.00 400.00 15.33 0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Mirae Asset Capital Markets (India) Private Limited 1.00 490.78 0.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Morgan Stanley India Company Private Limited 1.00 3,200.00 0.00 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Pnb Investment Services Limited 1.00 153.05 11.34 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)
Yes Securities (India) Limited 1.00 256.64 17.34 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)

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Summary

PE Ratio*
Highest 55.54
Median 10.05
Lowest 3.81
IPO Size (Cr.)
Highest 4326.36
Median 882.67
Lowest 66.00
  1. *IPOs with Extreme PE (50+) are excluded from the above calculations.
  2. Above summary is for reference only as the same is based on the limited data set.

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Upcoming SME IPOs in India

The below mentioned are the forthcoming SME IPOs for which DRHPs have been filed recently and are in process of approval by the BSE SME or NSE Emerge exchange.

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*The Revenue and PAT figures mentioned above are on the Annualised basis.