List of SME Merchant Bankers

Explore a comprehensive list of leading SME merchant bankers in India, detailing the number of IPOs they’ve successfully managed, total funds raised, and their contact details. This page highlights the expertise of top Book Running Lead Managers (BRLMs) in navigating the SME IPO landscape. With detailed reviews, assess the performance of these merchant bankers to choose the right partner for your IPO journey. Optimize your listing with trusted SME IPO experts across India.

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Total Number of Merchant Bankers : 93

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Hem Securities Limited

Hem Securities is a SEBI registered CAT I Merchant Banker located in Jaipur. They provide services in various areas of capital markets which include Merchant Banking Services, Mutual Fund Services, Po ...

Detailed review

No of IPOs so far

131

Total funds raised (Cr.)

3375.87

Avg IPO size (Cr.)

25.77

Avg Listing Gain (%)

32.79

Avg Subscription (X)

89.51

Connect

★★★★☆

Pantomath Capital Advisors Private Limited

Pantomath Capital Advisors is a SEBI Registered Category I Merchant Banker located in Mumbai. They provide services in various areas of capital markets which include Merchant Banking Services, Investm ...

Detailed review

No of IPOs so far

104

Total funds raised (Cr.)

1684.10

Avg IPO size (Cr.)

16.19

Avg Listing Gain (%)

10.59

Avg Subscription (X)

8.87

Connect

★★★★☆

Aryaman Financial Services Limited

Aryaman Financial Services is a SEBI registered CAT I Merchant Banker located in New Delhi. They provide services in various areas of capital markets which include Merchant Banking Services, Valuation ...

Detailed review

No of IPOs so far

87

Total funds raised (Cr.)

1236.88

Avg IPO size (Cr.)

14.22

Avg Listing Gain (%)

5.02

Avg Subscription (X)

4.81

Connect

★★★★☆

Beeline Capital Advisors Private Limited

BCAPL is a SEBI registered CAT I Merchant Banker located in Ahmedabad. They provide services in various areas of capital markets which include Merchant Banking Services, Corporate Advisory Services, a ...

Detailed review

No of IPOs so far

74

Total funds raised (Cr.)

2427.11

Avg IPO size (Cr.)

32.80

Avg Listing Gain (%)

46.05

Avg Subscription (X)

184.45

Connect

★★★★☆

Gretex Corporate Services Limited

Gretex is a SEBI Registered Category I Merchant Banker located in Mumbai. They provide services in various areas of capital markets which include Merchant Banking Services, Valuation, and Transaction ...

Detailed review

No of IPOs so far

51

Total funds raised (Cr.)

935.17

Avg IPO size (Cr.)

18.34

Avg Listing Gain (%)

17.31

Avg Subscription (X)

41.97

Connect

★★★★☆

First Overseas Capital Limited

First Overseas Capital is a SEBI registered CAT I Merchant Banker located in Mumbai. They provide services in various areas of capital markets which include Merchant Banking Services, Valuation, Priva ...

Detailed review

No of IPOs so far

51

Total funds raised (Cr.)

864.46

Avg IPO size (Cr.)

16.95

Avg Listing Gain (%)

5.74

Avg Subscription (X)

7.52

Connect

★★★★☆

Sarthi Capital Advisors Private Limited

Sarthi Capital Advisors is a SEBI Registered Category I Merchant Banker located in New Delhi. They provide services in various areas of capital markets which include Merchant Banking Services, corpora ...

Detailed review

No of IPOs so far

48

Total funds raised (Cr.)

745.76

Avg IPO size (Cr.)

15.54

Avg Listing Gain (%)

17.59

Avg Subscription (X)

15.23

Connect

★★★★☆

Finshore Management Services Limited

Finshore Management Services is a SEBI registered CAT I Merchant Banker located in Kolkata. They provide services in various areas of capital markets which include Merchant Banking Services, Corporate ...

Detailed review

No of IPOs so far

48

Total funds raised (Cr.)

604.88

Avg IPO size (Cr.)

12.60

Avg Listing Gain (%)

23.78

Avg Subscription (X)

65.92

Connect

★★★★☆

Shreni Shares Limited

Shreni Shares is a SEBI registered CAT I Merchant Banker located in Mumbai. They provide services in various areas of capital markets which include Merchant Banking Services, Valuation and Transaction ...

Detailed review

No of IPOs so far

47

Total funds raised (Cr.)

856.84

Avg IPO size (Cr.)

18.23

Avg Listing Gain (%)

39.96

Avg Subscription (X)

127.75

Connect

★★★★☆

Guiness Corporate Advisors Private Limited

Guiness Corporate Advisors Private Limited is a SEBI registered CAT I Merchant Banker located in Kolkata. They provide services in various areas of capital market like IPO, Private Equity, Investment ...

Detailed review

No of IPOs so far

47

Total funds raised (Cr.)

585.29

Avg IPO size (Cr.)

12.45

Avg Listing Gain (%)

7.28

Avg Subscription (X)

6.46

Connect

★★★★☆

FAQs

What does a Lead Manager do in an IPO?

Merchant bankers act as an important financial intermediary throughout the process of IPO (SME e-book - IPO Eligibility Criteria). They assist in services like due diligence, regulatory compliance, preparation of Offer documents and during marketing activities like roadshows for the IPO.

How much does a merchant banker charge for an IPO?

Book running Lead Managers charge a certain proportion of fee based on the nature of IPO, IPO size and complexity of the Issue. BRLM play a crucial role in the entire IPO procedure and charge accordingly.The IPO cost for SME IPO is quite lower than that in the case of a Mainboard IPO. IPO charges are disclosed in the RHP as regulated by SEBI.

Is underwriting compulsory in IPO?

In SME IPO, Underwriting is Mandatory as per the SEBI ICDR Regulations, 2018. At least 15% of the Issue must be underwritten by the Market Maker and the rest by the Underwriters appointed Check Lead Manager performance by IPO subscription levels.

Who are intermediaries in IPO?

Intermediaries in an IPO are individuals or organizations that assist a company in selling its shares to the public for the first time and ensuring smooth IPO journey for the promoters. Following intermediaries are involved in IPO:

Merchant Bankers: They manage the entire IPO process and interact with SEBI and stock exchanges. Compare Merchant Bankers
Registrars (RTA): They handle applications, refunds, and share allotments. List of Registrar
Underwriters: They agree to buy the shares if there are not enough investors.
Brokers & Syndicate Members: They gather bids from investors.
Bankers to the Issue: They collect funds from investors.
Legal Advisors & Auditors: They review the company's documents and financials for accuracy and legal compliance.
Market Makers in SME IPOs: They ensure there is regular buying and selling of shares after the listing.

These intermediaries collaborate to help the company launch a successful IPO.

What is a Category I Merchant Banker?

A Category I Merchant Banker is a financial expert registered with SEBI who can manage public issues like IPOs. They oversee the entire IPO process, including preparing documents like, DRHP, UDRHP, RHP(Check DRHP of Upcoming SME IPO) securing approvals, setting the price range, marketing the issue, and assisting with allotment and listing. Only Category I merchant bankers can serve as Lead Managers for IPOs in India

Eligibility Criteria to Become a Category I Merchant Banker:

SEBI registration is mandatory
They must have a minimum net worth of ₹5 crores.
The firm should employ qualified and experienced staff in finance, law, and capital markets.
They must comply with all SEBI rules and regulations

What is IPO Advisory?

IPO Advisors provide professional guidance to a company when it plans to raise funds from the primary market through IPO.
It includes complete IPO consultancy from IPO readiness to listing its securities on the recognized stock exchanges of NSE and BSE in India. If company is IPO ready then it helps to prepare the financials of the company and documentation required for the IPO process.
They also assists Issuer company to find best merchant banker as per their requirements, best legal advisors and other intermediaries like RTA as required under IPO Regulations.

IPOplatform helps the company to plan, prepare, and launch a successful IPO smoothly and legally.