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	48.95
Median	17.56
Lowest	3.27

IPO Size (Cr.)
Highest	169.37
Median	45.39
Lowest	1.92

*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 2025

SME IPO Performance of Merchant Bankers in India on NSE Emerge and BSE SME for IPO 2025. 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 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.

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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)
GYR Capital Advisors Private Limited	9	475.01	17.01	8 (89%) 1 (11%)	6 (67%) 3 (33%)	3 (33%) 6 (67%)
Smart Horizon Capital Advisors Private Limited	9	477.45	15.33	7 (78%) 2 (22%)	5 (56%) 4 (44%)	4 (44%) 5 (56%)
Hem Securities Limited	8	593.11	15.26	7 (88%) 1 (13%)	7 (88%) 1 (13%)	6 (75%) 2 (25%)
Beeline Capital Advisors Private Limited	8	395.13	13.75	8 (100%) 0 (0%)	7 (88%) 1 (13%)	6 (75%) 2 (25%)
Horizon Management Private Limited	6	258.10	19.54	1 (17%) 5 (83%)	1 (17%) 5 (83%)	1 (17%) 5 (83%)
Aryaman Financial Services Limited	4	183.93	21.01	4 (100%) 0 (0%)	3 (75%) 1 (25%)	3 (75%) 1 (25%)
Finshore Management Services Limited	4	61.93	22.41	2 (50%) 2 (50%)	2 (50%) 2 (50%)	2 (50%) 2 (50%)
Gretex Corporate Services Limited	4	133.45	18.21	4 (100%) 0 (0%)	2 (50%) 2 (50%)	1 (25%) 3 (75%)
Indorient Financial Services Limited	4	241.23	20.10	2 (50%) 2 (50%)	2 (50%) 2 (50%)	2 (50%) 2 (50%)
Narnolia Financial Services Limited	4	158.92	17.28	3 (75%) 1 (25%)	3 (75%) 1 (25%)	3 (75%) 1 (25%)
Vivro Financial Services Private Limited	3	166.79	15.51	2 (67%) 1 (33%)	3 (100%) 0 (0%)	3 (100%) 0 (0%)
Fast Track Finsec Private Limited	3	179.74	16.16	0 (0%) 3 (100%)	0 (0%) 3 (100%)	3 (100%) 0 (0%)
Shreni Shares Limited	3	90.71	15.97	3 (100%) 0 (0%)	1 (33%) 2 (67%)	1 (33%) 2 (67%)
Unistone Capital Private Limited	3	201.33	18.33	1 (33%) 2 (67%)	1 (33%) 2 (67%)	1 (33%) 2 (67%)
Interactive Financial Services Limited	3	106.64	12.49	1 (33%) 2 (67%)	1 (33%) 2 (67%)	1 (33%) 2 (67%)
Jawa Capital Services Private Limited	3	78.60	21.05	1 (33%) 2 (67%)	0 (0%) 3 (100%)	0 (0%) 3 (100%)
Corporate Makers Capital Limited	3	127.54	18.37	0 (0%) 3 (100%)	1 (33%) 2 (67%)	1 (33%) 2 (67%)
Swastika Investmart Limited	2	39.06	30.95	1 (50%) 1 (50%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
Arihant Capital Markets Limited	2	100.11	15.80	2 (100%) 0 (0%)	2 (100%) 0 (0%)	1 (50%) 1 (50%)
Share India Capital Services Private Limited	2	69.57	13.96	0 (0%) 2 (100%)	1 (50%) 1 (50%)	1 (50%) 1 (50%)
Khambatta Securities Limited	2	46.43	14.72	1 (50%) 1 (50%)	1 (50%) 1 (50%)	1 (50%) 1 (50%)
Affinity Global Capital Market Private Limited	2	123.78	14.07	1 (50%) 1 (50%)	0 (0%) 2 (100%)	1 (50%) 1 (50%)
Nirbhay Capital Services Private Limited	2	64.11	19.03	1 (50%) 1 (50%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
SKI Capital Services Limited	2	26.99	10.27	1 (50%) 1 (50%)	1 (50%) 1 (50%)	0 (0%) 2 (100%)
Marwadi Chandarana Intermediaries Brokers Private Limited	2	67.89	11.19	1 (50%) 1 (50%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
Navigant Corporate Advisors Limited	1	8.78	19.67	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Fedex Securities Private Limited	1	36.00	20.98	0 (0%) 1 (100%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Turnaround Corporate Advisors Private Limited	1	8.75	23.31	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Sun Capital Advisory Services (P) Limited	1	12.65	17.05	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Expert Global Consultants Private Limited	1	43.96	14.77	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Oneview Corporate Advisors Private Limited	1	37.67	25.94	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Srujan Alpha Capital Advisors Llp	1	73.81	14.25	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Sundae Capital Advisors	1	31.70	46.82	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Corpwis Advisors Private Limited	1	24.25	14.93	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Galactico Corporate Service Limited	1	23.36	26.97	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Sobhagya Capital Options Limited	1	27.56	13.20	0 (0%) 1 (100%)	0 (0%) 1 (100%)	1 (100%) 0 (0%)
Kreo Capital Private Limited	1	77.83	24.48	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Almondz Financial Services Limited	1	39.42	7.34	0 (0%) 1 (100%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Getfive Advisors Private Limited	1	27.13	12.69	0 (0%) 1 (100%)	0 (0%) 1 (100%)	1 (100%) 0 (0%)
Seren Capital Private Limited	1	69.61	22.38	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Rarever Financial Advisors Private Limited	1	58.57	16.63	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
New Berry Capitals Private Limited	1	105.84	22.95	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)

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Summary

PE Ratio^*
Highest	48.95
Median	17.56
Lowest	3.27

IPO Size (Cr.)
Highest	169.37
Median	45.39
Lowest	1.92

*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.