100  Total SME IPOs listed in 2025

4,441.26 Crs.  Total funds raised in 2025

69  SME IPOs listed with Gain in 2025

31  SME IPOs listed with loss in 2025

100  Total SME IPOs listed in 2025

4,441.26 Crs.  Total funds raised in 2025

69  SME IPOs listed with Gain in 2025

31  SME IPOs listed with loss in 2025

100  Total SME IPOs listed in 2025

4,441.26 Crs.  Total funds raised in 2025

69  SME IPOs listed with Gain in 2025

31  SME IPOs listed with loss in 2025

100  Total SME IPOs listed in 2025

4441.26 Crs.  Total funds raised in 2,025.00

69  SME IPOs listed with Gain in 2025

31  SME IPOs listed with loss in 2025

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    List of SME Merchant Bankers in India

    This list consists of merchant banker for SME IPO. Role of a merchant banker for SME listing has a broad scope that includes capital restructuring, appointment of market intermediaries, fund raise and promotional activities. The post Issue activities of SME IPO merchant banker in India includes proper basis of allotment, coordinating with intermediaries and compliance with regulatory requirements of the stock exchange. IPO bound companies can search for best Merchant Banker for valuation of shares. One can go through this list of merchant bankers to choose the best IPO lead manager. Through this list, promoters can also find top 10 merchant bankers in India.

    Merchant Banker No of IPOs so far Total funds raised (Cr.) Avg IPO size (Cr.) Avg Listing Gain (%) Avg Subscription (X) Location
    Hem Securities Limited 131 3,375.87 25.77 32.79 89.51 Jaipur Connect
    Pantomath Capital Advisors Private Limited 104 1,684.10 16.19 10.59 8.87 Mumbai Connect
    Aryaman Financial Services Limited 87 1,236.88 14.22 5.02 4.81 New Delhi Connect
    Beeline Capital Advisors Private Limited 74 2,427.11 32.80 46.05 184.45 Ahmedabad Connect
    Gretex Corporate Services Limited 51 935.17 18.34 17.31 41.97 Mumbai Connect
    First Overseas Capital Limited 51 864.46 16.95 5.74 7.52 Mumbai Connect
    Sarthi Capital Advisors Private Limited 48 745.76 15.54 17.59 15.23 Mumbai Connect
    Finshore Management Services Limited 48 604.88 12.60 23.78 65.92 Kolkata Connect
    Guiness Corporate Advisors Private Limited 47 585.29 12.45 7.28 6.46 Kolkata Connect
    Shreni Shares Limited 47 856.84 18.23 39.96 127.75 Mumbai Connect
    Fedex Securities Private Limited 44 909.41 20.67 17.42 68.80 Mumbai Connect
    GYR Capital Advisors Private Limited 43 1,425.26 33.15 89.97 432.33 Ahmedabad Connect
    Swastika Investmart Limited 34 512.22 15.07 13.34 55.13 Mumbai Connect
    Inventure Merchant Banker Services Private Limited 33 427.77 12.96 21.61 6.38 Mumbai Connect
    Navigant Corporate Advisors Limited 23 237.14 10.31 4.48 11.80 Mumbai Connect
    Corporate Capital Ventures Private Limited 23 818.94 35.61 93.50 193.97 New Delhi Connect
    Interactive Financial Services Limited 23 739.86 32.17 7.11 47.03 Ahmedabad Connect
    Narnolia Financial Services Limited 19 711.01 37.42 34.31 198.95 Kolkata Connect
    Share India Capital Services Private Limited 17 533.05 31.36 42.12 122.44 Noida Connect
    Horizon Management Private Limited 17 771.87 45.40 14.83 160.73 Kolkata Connect
    Unistone Capital Private Limited 16 697.68 43.61 10.82 46.70 Mumbai Connect
    Fast Track Finsec Private Limited 15 343.12 22.87 20.84 27.42 New Delhi Connect
    Expert Global Consultants Private Limited 15 416.52 27.77 48.04 112.71 New Delhi Connect
    Holani Consultants Private Limited 13 273.72 21.06 88.02 234.38 Jaipur Connect
    Monarch Networth Capital Limited 12 195.39 16.28 6.77 6.84 Ahmedabad Connect
    Indorient Financial Services Limited 11 516.32 46.94 23.73 46.97 New Delhi Connect
    Khandwala Securities Limited 11 344.59 31.33 25.02 198.20 Mumbai Connect
    Mark Corporate Advisors Private Limited 10 320.52 32.05 13.25 28.48 Mumbai Connect
    Khambatta Securities Limited 9 158.31 17.59 56.52 104.38 Mumbai Connect
    Corporate Strategic Allianz Limited 9 179.77 19.97 5.61 0.00 Ahmedabad Connect
    Isk Advisors Private Limited 9 341.97 38.00 32.15 43.98 Ahmedabad Connect
    Smart Horizon Capital Advisors Private Limited 8 397.37 49.67 15.19 84.02 Mumbai Connect
    Swaraj Shares and Securities Private Limited 8 240.79 30.10 44.27 71.04 Kolkata Connect
    Choice Capital Advisors Private Limited 8 290.77 36.35 14.73 72.64 Mumbai Connect
    Jawa Capital Services Private Limited 7 163.73 23.39 0.99 121.56 New Delhi Connect
    Srujan Alpha Capital Advisors Llp 7 196.01 28.00 17.86 111.78 Mumbai Connect
    Vivro Financial Services Private Limited 7 412.11 58.87 50.80 202.99 Ahmedabad Connect
    Keynote Financial Services Limited 6 142.29 23.72 25.62 0.27 Mumbai Connect
    Affinity Global Capital Market Private Limited 5 143.60 28.72 22.65 54.10 Kolkata Connect
    Turnaround Corporate Advisors Private Limited 5 42.26 8.45 1.54 8.28 New Delhi Connect
    Systematix Corporate Services Limited 5 138.67 27.73 11.39 1.30 Gwalior Connect
    Arihant Capital Markets Limited 4 147.99 37.00 3.82 1.43 Mumbai Connect
    SKI Capital Services Limited 4 82.35 20.59 43.49 179.30 New Delhi Connect
    Oneview Corporate Advisors Private Limited 4 104.20 26.05 54.38 85.33 kolkata Connect
    Corpwis Advisors Private Limited 3 139.27 46.42 -3.10 44.35 Mumbai Connect
    Intensive Fiscal Services Private Limited 3 12.47 4.16 1.39 0.00 Mumbai Connect
    Sobhagya Capital Options Limited 3 8.12 2.71 14.39 0.00 New Delhi Connect
    Idbi Capital Market Services Limited 3 57.01 19.00 -5.84 0.00 Mumbai Connect
    Ekadrisht Capital Private Limited 3 138.33 46.11 148.53 295.70 Mumbai Connect
    Marwadi Chandarana Intermediaries Brokers Private Limited 3 74.11 24.70 63.16 504.67 Rajkot Connect
    Corporate Makers Capital Limited 3 127.54 42.51 -12.44 12.42 New Delhi Connect
    Sun Capital Advisory Services (P) Limited 3 29.13 9.71 0.93 24.81 Mumbai Connect
    Capitalsquare Advisors Private Limited 3 12.73 4.24 2.51 2.46 Mumbai Connect
    Vc Corporate Advisors Private Limited (Vcapl) 3 20.67 6.89 2.11 0.38 Kolkata Connect
    Bcb Brokerage Private Limited 3 11.16 3.72 -5.67 0.36 Mumbai Connect
    Mehta Integrated Finance Limited 2 32.02 16.01 -1.46 0.59 Ahmedabad Connect
    kunvarji finstock private limited 2 66.25 33.13 47.69 286.27 Ahmedabad Connect
    Kreo Capital Private Limited 2 89.27 44.64 6.58 10.63 Nagpur Connect
    Boi Merchant Bankers Limited 2 38.30 19.15 -2.56 13.67 Mumbai Connect
    Comfort Securities Private Limited 2 47.83 23.92 80.95 85.67 Mumbai Connect
    Ckp Financial Services Private Limited 2 38.98 19.49 1.32 1.20 Mumbai Connect
    Cumulative Capital Private Limited 2 118.62 59.31 34.69 15.92 Mumbai Connect
    Quintessence Enterprises Private Limited 2 13.38 6.69 -6.40 0.56 Hyderabad Connect
    D And A Financial Services Private Limited 2 12.02 6.01 -3.14 0.97 New Delhi Connect
    Saffron Capital Advisors Private Limited 2 65.78 32.89 5.34 1.18 New Delhi Connect
    V B Desai Financial Services Limited 2 6.35 3.18 5.20 0.00 Mumbai Connect
    Ajcon Global Services Limited 2 31.91 15.96 0.50 0.59 Mumbai Connect
    Chartered Capital And Investment Limited 2 46.22 23.11 -2.09 0.00 Ahmedabad Connect
    Sundae Capital Advisors 2 101.24 50.62 -6.76 2.00 New Delhi Connect
    Galactico Corporate Service Limited 2 34.19 17.10 -15.68 1.53 Nashik Connect
    Nirbhay Capital Services Private Limited 2 72.15 36.08 -4.84 17.70 Ahmedabad Connect
    Socradamus Capital Private Limited 1 19.95 19.95 75.93 544.28 Mumbai Connect
    Almondz Financial Services Limited 1 39.42 39.42 0.00 151.52 New Delhi Connect
    Asit C. Mehta Investment Interrmediates Limited 1 54.97 54.97 -17.00 1.64 Mumbai Connect
    New Berry Capitals Private Limited 1 105.84 105.84 4.17 1.15 Ahmedabad Connect
    Rarever Financial Advisors Private Limited 1 58.57 58.57 38.02 201.35 Ahmedabad Connect
    3Dimesnion Capital Services Limited 1 25.99 25.99 9.68 8.32 New Delhi Connect
    Getfive Advisors Private Limited 1 27.13 27.13 -10.47 2.96 Ahmedabad Connect
    Corporate Professionals Capital Private Limited 1 22.08 22.08 152.00 53.94 New Delhi Connect
    Seren Capital Private Limited 1 69.61 69.61 29.17 101.42 Mumbai Connect
    PL Capital Markets Private Limited 1 35.52 35.52 -2.83 5.36 Mumbai Connect
    First Call India Equity Advisors Private Limited 1 5.05 5.05 0.56 0.00 Mumbai Connect
    Kjmc Corporate Advisors (India) Limited 1 21.00 21.00 24.88 0.00 Mumbai Connect
    Basan Financial Services Limited 1 3.50 3.50 26.00 0.00 Hyderabad Connect
    Unicon Capital Services Private Limited 1 3.02 3.02 43.50 0.00 Connect
    Karvy Investor Services Limited 1 3.58 3.58 6.88 0.00 Hyderabad Connect
    Tipsons Consultancy Services Private Limited 1 25.50 25.50 2.52 0.00 Ahmedabad Connect
    Bonanza Portfolio Limited 1 10.62 10.62 0.28 1.34 New Delhi Connect
    Microsec Capital Limited 1 19.25 19.25 -10.91 0.00 Kolkata Connect
    Spa Capital Advisors Limited 1 6.00 6.00 -13.75 0.00 New Delhi Connect
    Skyline Financial Services Private Limited 1 13.87 13.87 20.00 0.00 New Delhi Connect
    Smc Capitals Limited 1 42.48 42.48 -4.92 1.21 New Delhi Connect
    Chartered Finance Management Limited 1 10.23 10.23 3.81 2.39 Mumbai Connect

    FAQs

    A merchant banker, as per SEBI (Securities and Exchange Board of India), helps businesses to raise money from the market. They manage tasks like issuing shares, handling IPOs, and provide advice on mergers and financial restructuring. SEBI has registered and authorized merchant bankers to ensure they follow proper rules and protect investors. They act as financial experts and middlemen between companies and investors.

    In an IPO, a merchant banker assists a company go public. They handle the IPO process and follow all the IPO regulations laid by SEBI. Without them, a company can't launch an IPO.
    Merchant Banker List for SME IPO includes
    • Hem Securities
    • Beeline Capital Advisory
    • GYR Capital Advisors
    • Holani Consultants
    • Narnoliya Financial Services

    Yes, a merchant banker is required for an SME IPO. Even though SME IPOs are smaller in size, SEBI regulations require a mandatory appointment of registered merchant banker to carry out the IPO procedure. They help the company prepare all documents, get approvals, assist in IPO valuation and henceforth IPO price.Choosing the best merchant banker is crucial for a successful fund raise through IPO

    BRLM (Book running Lead Managers) manages and enables the listing of the company on stock exchanges of India. They have to work closely with other intermediaries like Bankers, Advisors and Registrar and Transfer Agents. IPOplatform provides the list of merchant bankers and analyse their performance basis IPO subscription, listing gains and successful IPO. Merchant Bankers differ for SME IPO and Mainboard IPO.
    List of SME IPO Merchant Bankers in India

    There are two main categories of Book Running Lead Managers as approved by SEBI based on their net worth and activities.
    Category I Merchant banker: They must have required minimum net worth of Rs. 5 crores to operate in this category. They manage the entire IPO Process including Pre IPO and Post Issue activities, underwriting, portfolio management, and advisory services. Year Wise SME IPO Merchant Bankers Review
    Category II Merchant banker: They must have minimum net worth of Rs. 50 Lakh to operate in this category. They act as co-managers of the Issue, advisors, consultants and underwriters. They cannot manage the entire IPO Process they can co-manage the process but cannot lead the Issue.

    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.

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