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	48.41
Median	19.04
Lowest	4.16

IPO Size (Cr.)
Highest	105.14
Median	26.94
Lowest	2.03

*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.

SME Merchant Banker Performance Tracker 2023

SME IPO Performance of Merchant Bankers in India on NSE Emerge and BSE SME for IPO 2023. List of merchant banks with number of SME IPO assisted, Total Fundraise, Average PE Ratio, IPO listed in Gain/loss and Current IPO Performance of the BRLM. Latest SME 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.

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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)
Beeline Capital Advisors Private Limited	21	538.22	19.87	19 (90%) 2 (10%)	14 (67%) 7 (33%)	13 (62%) 8 (38%)
Hem Securities Limited	20	578.97	13.78	20 (100%) 0 (0%)	15 (75%) 5 (25%)	14 (70%) 6 (30%)
First Overseas Capital Limited	13	400.24	18.82	9 (69%) 4 (31%)	5 (38%) 8 (62%)	5 (38%) 8 (62%)
Shreni Shares Limited	12	262.49	20.90	11 (92%) 1 (8%)	9 (75%) 3 (25%)	7 (58%) 5 (42%)
Gretex Corporate Services Limited	9	253.79	15.89	6 (67%) 3 (33%)	7 (78%) 2 (22%)	7 (78%) 2 (22%)
GYR Capital Advisors Private Limited	8	203.64	11.35	8 (100%) 0 (0%)	8 (100%) 0 (0%)	8 (100%) 0 (0%)
Interactive Financial Services Limited	8	175.54	25.93	5 (63%) 3 (38%)	4 (50%) 4 (50%)	4 (50%) 4 (50%)
Aryaman Financial Services Limited	7	161.21	25.66	6 (86%) 1 (14%)	5 (71%) 2 (29%)	5 (71%) 2 (29%)
Fedex Securities Private Limited	7	112.83	25.13	5 (71%) 2 (29%)	6 (86%) 1 (14%)	6 (86%) 1 (14%)
Share India Capital Services Private Limited	6	103.93	10.13	3 (50%) 3 (50%)	5 (83%) 1 (17%)	5 (83%) 1 (17%)
Khambatta Securities Limited	6	89.12	11.87	6 (100%) 0 (0%)	3 (50%) 3 (50%)	2 (33%) 4 (67%)
Narnolia Financial Services Limited	6	217.27	17.43	6 (100%) 0 (0%)	3 (50%) 3 (50%)	2 (33%) 4 (67%)
Finshore Management Services Limited	5	69.26	14.69	3 (60%) 2 (40%)	4 (80%) 1 (20%)	3 (60%) 2 (40%)
Unistone Capital Private Limited	5	169.27	33.78	5 (100%) 0 (0%)	4 (80%) 1 (20%)	4 (80%) 1 (20%)
Swaraj Shares and Securities Private Limited	5	105.02	21.53	4 (80%) 1 (20%)	1 (20%) 4 (80%)	0 (0%) 5 (100%)
Sarthi Capital Advisors Private Limited	4	206.14	16.04	3 (75%) 1 (25%)	3 (75%) 1 (25%)	2 (50%) 2 (50%)
Corporate Capital Ventures Private Limited	4	200.86	14.09	4 (100%) 0 (0%)	4 (100%) 0 (0%)	1 (25%) 3 (75%)
Indorient Financial Services Limited	4	116.04	18.61	4 (100%) 0 (0%)	1 (25%) 3 (75%)	1 (25%) 3 (75%)
Swastika Investmart Limited	3	55.05	17.43	2 (67%) 1 (33%)	1 (33%) 2 (67%)	1 (33%) 2 (67%)
Holani Consultants Private Limited	3	75.28	16.20	3 (100%) 0 (0%)	3 (100%) 0 (0%)	3 (100%) 0 (0%)
Expert Global Consultants Private Limited	3	94.20	13.28	2 (67%) 1 (33%)	2 (67%) 1 (33%)	2 (67%) 1 (33%)
Inventure Merchant Banker Services Private Limited	2	19.74	32.80	0 (0%) 2 (100%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
Pantomath Capital Advisors Private Limited	2	36.17	20.61	2 (100%) 0 (0%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Mark Corporate Advisors Private Limited	2	107.85	28.88	1 (50%) 1 (50%)	1 (50%) 1 (50%)	1 (50%) 1 (50%)
Isk Advisors Private Limited	2	69.98	19.50	1 (50%) 1 (50%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Srujan Alpha Capital Advisors Llp	2	26.36	32.54	2 (100%) 0 (0%)	1 (50%) 1 (50%)	1 (50%) 1 (50%)
Affinity Global Capital Market Private Limited	2	44.14	14.98	1 (50%) 1 (50%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
Horizon Management Private Limited	2	90.21	25.89	0 (0%) 2 (100%)	1 (50%) 1 (50%)	1 (50%) 1 (50%)
Khandwala Securities Limited	2	66.82	10.97	2 (100%) 0 (0%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Turnaround Corporate Advisors Private Limited	1	15.00	34.72	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Arihant Capital Markets Limited	1	50.00	42.11	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Vivro Financial Services Private Limited	1	42.72	8.88	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Fast Track Finsec Private Limited	1	5.31	25.94	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Oneview Corporate Advisors Private Limited	1	16.94	24.09	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Sundae Capital Advisors	1	69.54	N/A	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Nirbhay Capital Services Private Limited	1	38.40	17.60	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)

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Summary

PE Ratio^*
Highest	48.41
Median	19.04
Lowest	4.16

IPO Size (Cr.)
Highest	105.14
Median	26.94
Lowest	2.03

*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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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.