94  Total SME IPOs listed in 2025

4,138.28 Crs.  Total funds raised in 2025

63  SME IPOs listed with Gain in 2025

31  SME IPOs listed with loss in 2025

94  Total SME IPOs listed in 2025

4,138.28 Crs.  Total funds raised in 2025

63  SME IPOs listed with Gain in 2025

31  SME IPOs listed with loss in 2025

94  Total SME IPOs listed in 2025

4,138.28 Crs.  Total funds raised in 2025

63  SME IPOs listed with Gain in 2025

31  SME IPOs listed with loss in 2025

94  Total SME IPOs listed in 2025

4138.28 Crs.  Total funds raised in 2,025.00

63  SME IPOs listed with Gain in 2025

31  SME IPOs listed with loss in 2025

List of Merchant Bankers

Merchant bankers, also known as Book Running Lead Managers (BRLMs), are essential to the IPO process in India, guiding companies from preparation to listing. They provide critical services such as IPO structuring, due diligence, pricing strategies, document filing, and ensuring compliance with SEBI regulations. Acting as intermediaries between issuers and investors, BRLMs help companies raise capital efficiently while navigating complex regulatory frameworks. Their expertise in valuation and market positioning ensures a seamless IPO experience. Below is a curated list of merchant bankers in mainboard IPOs, showcasing their proven track record in successful listings and end-to-end IPO management.


ICICI Securities Limited

ICICI Securities Limited is a SEBI registered Merchant Banker located in Mumbai. They provide services in various areas of capital markets like, Equity investment and trading, IPO investment, Mutual F ...

Detailed review

No of IPOs so far

165

Total funds raised (Cr.)

265,565.45

Avg IPO size (Cr.)

1,609.49

Avg Listing Gain (%)

328.31

Avg Subscription (X)

33.24
Connect

Axis Capital Limited

Axis Capital Limited is a SEBI registered Merchant Banker located in Mumbai. They provide services in various areas of capital markets like, strategic advisory and solutions for established as well as ...

Detailed review

No of IPOs so far

163

Total funds raised (Cr.)

339,334.24

Avg IPO size (Cr.)

2,081.81

Avg Listing Gain (%)

312.49

Avg Subscription (X)

33.80
Connect

Kotak Mahindra Capital Company Limited

Kotak Mahindra Capital Company Limited is a SEBI registered Merchant Banker located in Mumbai. They provide services in various areas of capital markets like, Private equity advisory, Mergers, Capital ...

Detailed review

No of IPOs so far

137

Total funds raised (Cr.)

360,270.01

Avg IPO size (Cr.)

2,629.71

Avg Listing Gain (%)

377.75

Avg Subscription (X)

20.78
Connect

Jm Financial Limited

Jm Financial Limited is a SEBI registered Merchant Banker located in Mumbai. They provide services in various areas of capital markets like, Capital Markets, Private Equity, capital structuring etc. ...

Detailed review

No of IPOs so far

118

Total funds raised (Cr.)

204,571.38

Avg IPO size (Cr.)

1,748.47

Avg Listing Gain (%)

326.82

Avg Subscription (X)

40.24
Connect

SBI Capital Markets Limited

SBI Capital Markets Limited is a SEBI registered Merchant Banker located in Mumbai. They provide services in various areas of capital markets like, corporate advisory and investment banking services, ...

Detailed review

No of IPOs so far

101

Total funds raised (Cr.)

222,574.14

Avg IPO size (Cr.)

2,203.70

Avg Listing Gain (%)

218.26

Avg Subscription (X)

26.15
Connect

IIFL Securities Limited

Iifl Securities Limited is a SEBI registered Merchant Banker located in Mumbai. They provide services in various areas of capital markets like, Portfolio management services, Mutual funds etc. ...

Detailed review

No of IPOs so far

95

Total funds raised (Cr.)

159,706.78

Avg IPO size (Cr.)

1,681.12

Avg Listing Gain (%)

361.88

Avg Subscription (X)

40.17
Connect

Citigroup Global Markets India Private Limited

Citigroup Global Markets India Private Limited is a SEBI registered Merchant Banker located in Mumbai. They provide services in various areas of capital markets like, advisory, debt and equity capital ...

Detailed review

No of IPOs so far

71

Total funds raised (Cr.)

292,033.99

Avg IPO size (Cr.)

4,171.91

Avg Listing Gain (%)

442.13

Avg Subscription (X)

19.12
Connect

Edelweiss Financial Services Limited

Edelweiss Financial Services Limited is a SEBI registered Merchant Banker located in Mumbai. They provide services in various areas of capital markets like, Assets Management, Reconstruction, Insuranc ...

Detailed review

No of IPOs so far

70

Total funds raised (Cr.)

96,865.54

Avg IPO size (Cr.)

1,383.79

Avg Listing Gain (%)

460.13

Avg Subscription (X)

32.64
Connect

Dam Capital Advisors Limited (Formerly Idfc Securities Limited)

Dam Capital Advisors Limited (Formerly Idfc Securities Limited) is a SEBI registered Merchant Banker located in Mumbai. They provide services in various areas of capital markets like, equity capital m ...

Detailed review

No of IPOs so far

53

Total funds raised (Cr.)

54,815.84

Avg IPO size (Cr.)

1,034.26

Avg Listing Gain (%)

321.12

Avg Subscription (X)

31.73
Connect

Bofa Securities India Limited

Bofa Securities India Limited is a SEBI registered Merchant Banker located in Mumbai. They provide services in various areas of capital markets like, Capital markets, Mergers and acquisitions, Wealth ...

Detailed review

No of IPOs so far

44

Total funds raised (Cr.)

191,231.69

Avg IPO size (Cr.)

4,346.17

Avg Listing Gain (%)

376.08

Avg Subscription (X)

16.12
Connect

FAQs

Merchant bankers play an important role in the IPO Process. They help companies to raise funds from the market through Initial Public Offering on NSE Emerge, BSE SME platforms or on NSE and BSE. They ensure compliances with all legal and financial requirements like due diligence, peer review audit. They manage the entire IPO Process from drafting offer documents (DRHP and RHP) to listing of its securities. Merchant bankers may also act as underwriters in case of SME IPO. Merchant bankers for Mainboard in India

Merchant bankers act as an important financial intermediary throughout the process of IPO (Check Mainboard 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.

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 IPO is quite lower than that in the case of a Mainboard IPO. IPO charges are disclosed in the RHP as regulated by SEBI.

Choosing the right BRLM for the Issue is the most important step in IPO process. Here are some points to be considered before choosing the Merchant banker for the Issue:
a. Experience and Track record: The number of IPOs managed by the merchant banker and the successful IPO is a key metric to analyze the performance of the Lead Manager for Mainboard IPO. A good track record is important criteria to choose BRLM. b. Market Reach and Investors Relations: A good merchant banker will have good connections with investors, brokers and other market intermediaries. This helps in better marketing of the Issue. List of Registrars in IPO c. Understanding of the Industry: Issuer must choose a merchant banker who have the full knowledge of the industry in which the Issuer operates its business. This ensures the better positioning of the Issue in the market.

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.

Underwriting is not compulsory in Mainboard IPO. Issuer companies may choose to have their Issue underwritten or not in case of Mainboard IPOs. If the Issue is not fully subscribed, it may still proceed without underwriting support as long as the minimum subscription requirement is fulfilled. Check the performance of Merchant Bankers in Mainboard IPO by IPO subscription levels

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