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 70.62
Median 26.12
Lowest 1.47
IPO Size (Cr.)
Highest 12500.00
Median 1,825.04
Lowest 119.00
  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 2025

IPO Performance of Merchant Bankers in India on NSE and BSE stock exchanges for Mainboard IPO 2025. 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 2025. 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)
Jm Financial Limited 10.00 28,557.14 197.99 7  (70%)
3  (30%)
9  (90%)
1  (10%)
8  (80%)
2  (20%)
IIFL Securities Limited 9.00 31,982.08 105.16 6  (67%)
3  (33%)
8  (89%)
1  (11%)
7  (78%)
2  (22%)
Motilal Oswal Investment Advisors Limited 7.00 21,527.90 86.31 6  (86%)
1  (14%)
7  (100%)
0  (0%)
5  (71%)
2  (29%)
Nuvama Wealth Management Limited 6.00 16,894.35 36.85 4  (67%)
2  (33%)
5  (83%)
1  (17%)
3  (50%)
3  (50%)
Hsbc Securities & Capital Markets Private limited 5.00 28,380.76 18.75 4  (80%)
1  (20%)
5  (100%)
0  (0%)
4  (80%)
1  (20%)
ICICI Securities Limited 5.00 11,859.35 341.19 2  (40%)
3  (60%)
5  (100%)
0  (0%)
5  (100%)
0  (0%)
Kotak Mahindra Capital Company Limited 5.00 17,859.82 137.15 4  (80%)
1  (20%)
5  (100%)
0  (0%)
5  (100%)
0  (0%)
SBI Capital Markets Limited 5.00 9,195.41 81.23 1  (20%)
4  (80%)
4  (80%)
1  (20%)
3  (60%)
2  (40%)
Axis Capital Limited 4.00 10,018.10 61.57 2  (50%)
2  (50%)
4  (100%)
0  (0%)
4  (100%)
0  (0%)
Citigroup Global Markets India Private Limited 4.00 16,914.35 106.44 2  (50%)
2  (50%)
4  (100%)
0  (0%)
4  (100%)
0  (0%)
Jefferies India Private Limited 4.00 21,177.26 118.11 2  (50%)
2  (50%)
4  (100%)
0  (0%)
3  (75%)
1  (25%)
Nomura Financial Advisory And Securities (India) Private Limited 4.00 20,465.76 310.83 4  (100%)
0  (0%)
4  (100%)
0  (0%)
3  (75%)
1  (25%)
J.P. Morgan India Private Limited 3.00 15,645.00 141.86 2  (67%)
1  (33%)
3  (100%)
0  (0%)
3  (100%)
0  (0%)
Morgan Stanley India Company Private Limited 3.00 19,027.26 133.91 2  (67%)
1  (33%)
3  (100%)
0  (0%)
2  (67%)
1  (33%)
Bnp Paribas 2.00 16,000.00 143.74 1  (50%)
1  (50%)
2  (100%)
0  (0%)
1  (50%)
1  (50%)
Bofa Securities India Limited 2.00 16,000.00 120.62 1  (50%)
1  (50%)
2  (100%)
0  (0%)
1  (50%)
1  (50%)
Hdfc Bank Limited 2.00 5,078.00 259.32 0  (0%)
2  (100%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Sarthi Capital Advisors Private Limited 1.00 199.45 21.55 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)
Aryaman Financial Services Limited 1.00 260.15 105.25 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Pantomath Capital Advisors Private Limited 1.00 858.70 32.86 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Systematix Corporate Services Limited 1.00 200.00 24.27 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Monarch Networth Capital Limited 1.00 220.00 25.25 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Beeline Capital Advisors Private Limited 1.00 144.89 1.47 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)
Smc Capitals Limited 1.00 220.50 16.22 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)
Sundae Capital Advisors 1.00 290.00 -47.91 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Choice Capital Advisors Private Limited 1.00 168.00 20.97 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Anand Rathi Securities Limited 1.00 860.00 28.03 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Batlivala & Karani Securities India Private Limited 1.00 2,000.00 37.89 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Bob Capital Markets Limited 1.00 582.56 N/A 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Clsa India Private Limited 1.00 1,387.34 24.22 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Equirus Capital Private Limited 1.00 860.00 28.03 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Goldman Sachs (India) Securities Private Limited 1.00 12,500.00 28.15 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)
Ubs Securities India Private Limited 1.00 12,500.00 28.15 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)
Mefcom Capital Markets Limited 1.00 119.00 17.88 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)

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Summary

PE Ratio*
Highest 70.62
Median 26.12
Lowest 1.47
IPO Size (Cr.)
Highest 12500.00
Median 1,825.04
Lowest 119.00
  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.