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	84.59
Median	22.77
Lowest	9.84

IPO Size (Cr.)
Highest	27870.16
Median	1,933.61
Lowest	72.17

*IPOs with Extreme PE (50+) are excluded from the above calculations.
Above summary is for reference only as the same is based on the limited data set.

Mainboard Merchant Banker Performance Tracker 2024

IPO Performance of Merchant Bankers in India on NSE and BSE stock exchanges for Mainboard IPO 2024. 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 2024. 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.

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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	30.00	60,254.79	160.86	23 (77%) 7 (23%)	17 (57%) 13 (43%)	17 (57%) 13 (43%)
Axis Capital Limited	23.00	59,589.33	33.13	19 (83%) 4 (17%)	16 (70%) 7 (30%)	15 (65%) 8 (35%)
SBI Capital Markets Limited	18.00	57,395.17	28.37	14 (78%) 4 (22%)	9 (50%) 9 (50%)	7 (39%) 11 (61%)
Jm Financial Limited	16.00	24,971.74	31.13	12 (75%) 4 (25%)	7 (44%) 9 (56%)	6 (38%) 10 (63%)
Kotak Mahindra Capital Company Limited	16.00	88,181.57	217.64	13 (81%) 3 (19%)	10 (63%) 6 (38%)	10 (63%) 6 (38%)
IIFL Securities Limited	14.00	35,104.63	55.77	11 (79%) 3 (21%)	10 (71%) 4 (29%)	7 (50%) 7 (50%)
Nuvama Wealth Management Limited	12.00	26,744.81	395.89	7 (58%) 5 (42%)	5 (42%) 7 (58%)	4 (33%) 8 (67%)
Jefferies India Private Limited	10.00	57,330.93	46.66	9 (90%) 1 (10%)	6 (60%) 4 (40%)	7 (70%) 3 (30%)
Equirus Capital Private Limited	9.00	5,179.47	33.26	7 (78%) 2 (22%)	4 (44%) 5 (56%)	2 (22%) 7 (78%)
Morgan Stanley India Company Private Limited	9.00	56,160.88	392.72	6 (67%) 3 (33%)	6 (67%) 3 (33%)	7 (78%) 2 (22%)
Dam Capital Advisors Limited (Formerly Idfc Securities Limited)	8.00	10,800.22	19.67	7 (88%) 1 (13%)	4 (50%) 4 (50%)	5 (63%) 3 (38%)
Unistone Capital Private Limited	7.00	1,872.89	14.98	7 (100%) 0 (0%)	5 (71%) 2 (29%)	3 (43%) 4 (57%)
J.P. Morgan India Private Limited	7.00	55,928.38	30.99	5 (71%) 2 (29%)	6 (86%) 1 (14%)	6 (86%) 1 (14%)
Citigroup Global Markets India Private Limited	6.00	46,673.09	14.35	5 (83%) 1 (17%)	3 (50%) 3 (50%)	3 (50%) 3 (50%)
Hdfc Bank Limited	5.00	18,153.56	50.97	5 (100%) 0 (0%)	5 (100%) 0 (0%)	4 (80%) 1 (20%)
Intensive Fiscal Services Private Limited	4.00	13,806.12	68.30	3 (75%) 1 (25%)	2 (50%) 2 (50%)	3 (75%) 1 (25%)
Axis Bank Limited	4.00	9,455.18	17.48	4 (100%) 0 (0%)	2 (50%) 2 (50%)	2 (50%) 2 (50%)
Motilal Oswal Investment Advisors Limited	4.00	4,223.89	-26.19	3 (75%) 1 (25%)	2 (50%) 2 (50%)	1 (25%) 3 (75%)
Nomura Financial Advisory And Securities (India) Private Limited	4.00	14,593.20	31.29	4 (100%) 0 (0%)	3 (75%) 1 (25%)	3 (75%) 1 (25%)
Ambit Private Limited	3.00	3,039.14	25.12	3 (100%) 0 (0%)	2 (67%) 1 (33%)	2 (67%) 1 (33%)
Bob Capital Markets Limited	3.00	11,520.56	39.35	3 (100%) 0 (0%)	2 (67%) 1 (33%)	1 (33%) 2 (67%)
Bofa Securities India Limited	3.00	16,899.29	10.07	3 (100%) 0 (0%)	1 (33%) 2 (67%)	0 (0%) 3 (100%)
Pantomath Capital Advisors Private Limited	2.00	640.30	25.20	2 (100%) 0 (0%)	2 (100%) 0 (0%)	1 (50%) 1 (50%)
Hem Securities Limited	2.00	801.27	20.15	2 (100%) 0 (0%)	2 (100%) 0 (0%)	1 (50%) 1 (50%)
Fedex Securities Private Limited	2.00	484.04	8.32	1 (50%) 1 (50%)	1 (50%) 1 (50%)	0 (0%) 2 (100%)
Keynote Financial Services Limited	2.00	395.00	21.57	1 (50%) 1 (50%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Idbi Capital Market Services Limited	2.00	10,838.91	143.79	2 (100%) 0 (0%)	2 (100%) 0 (0%)	1 (50%) 1 (50%)
Clsa India Private Limited	2.00	2,076.57	42.30	2 (100%) 0 (0%)	1 (50%) 1 (50%)	0 (0%) 2 (100%)
Emkay Global Financial Services Limited	2.00	850.12	10.04	1 (50%) 1 (50%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Goldman Sachs (India) Securities Private Limited	2.00	8,110.81	39.40	2 (100%) 0 (0%)	2 (100%) 0 (0%)	1 (50%) 1 (50%)
Hsbc Securities & Capital Markets Private limited	2.00	29,470.16	13.37	1 (50%) 1 (50%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Inga Ventures Private Limited	2.00	1,139.04	26.16	1 (50%) 1 (50%)	1 (50%) 1 (50%)	1 (50%) 1 (50%)
Iti Capital Limited	2.00	5,821.44	513.38	2 (100%) 0 (0%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Aryaman Financial Services Limited	1.00	171.00	11.49	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Systematix Corporate Services Limited	1.00	429.00	0.00	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Monarch Networth Capital Limited	1.00	429.00	0.00	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Holani Consultants Private Limited	1.00	341.95	33.52	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Gretex Corporate Services Limited	1.00	132.00	31.33	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
PL Capital Markets Private Limited	1.00	167.93	30.01	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Beeline Capital Advisors Private Limited	1.00	179.39	16.59	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Saffron Capital Advisors Private Limited	1.00	230.00	34.33	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Interactive Financial Services Limited	1.00	130.20	17.15	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Khambatta Securities Limited	1.00	72.17	21.99	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Corpwis Advisors Private Limited	1.00	264.10	21.03	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Almondz Financial Services Limited	1.00	4,321.44	26.76	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Anand Rathi Securities Limited	1.00	500.00	51.61	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Avendus Capital Private Limited	1.00	11,327.43	-35.72	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Bajaj Capital Limited	1.00	143.81	23.06	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Bnp Paribas	1.00	1,250.00	40.24	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Centrum Capital Limited	1.00	251.19	20.08	0 (0%) 1 (100%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Elara Capital (India) Private Limited	1.00	214.76	20.70	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Il&Fs Investsmart Securities Limited	1.00	1,114.72	37.21	0 (0%) 1 (100%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Jm Morgan Stanley Private Limited	1.00	2,900.00	3147.37	0 (0%) 1 (100%)	0 (0%) 1 (100%)	1 (100%) 0 (0%)
Pnb Investment Services Limited	1.00	169.65	18.77	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)

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Summary

PE Ratio^*
Highest	84.59
Median	22.77
Lowest	9.84

IPO Size (Cr.)
Highest	27870.16
Median	1,933.61
Lowest	72.17

*IPOs with Extreme PE (50+) are excluded from the above calculations.
Above summary is for reference only as the same is based on the limited data set.

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SME BRLM Performance Tracker >> Mainboard Performance Tracker >>

IPOs by PE Multiple >> SME Performance Tracker >>

City wise Mainboard Merchant Banker >> Upcoming Mainboard IPO >>

City wise SME Merchant Banker >> Upcoming SME IPO >>

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.