111  Total SME IPOs listed in 2025

4,998.15 Crs.  Total funds raised in 2025

77  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

111  Total SME IPOs listed in 2025

4,998.15 Crs.  Total funds raised in 2025

77  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

111  Total SME IPOs listed in 2025

4,998.15 Crs.  Total funds raised in 2025

77  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

111  Total SME IPOs listed in 2025

4998.15 Crs.  Total funds raised in 2,025.00

77  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

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List of Mainboard Merchant Bankers

Merchant bankers play a crucial role in the IPO process in India, serving as financial advisors and facilitators for companies looking to go public. They help businesses with IPO preparation, including due diligence, document filing, and pricing. IPO advisors guide companies on valuation, structuring, and navigating regulatory approvals. Merchant bankers are appointed by companies to manage the IPO process, ensuring compliance with SEBI regulations. They act as intermediaries between the issuer and investors. Multiple merchant bankers are often involved in an IPO, serving as Book Running Lead Managers (BRLMs) to ensure successful listing and capital raising. Below is a list of merchant bankers in mainboard IPOs, showcasing their role in facilitating smooth IPO execution.

Merchant Banker No of IPOs so far Total funds raised (Cr.) Avg IPO size (Cr.) Avg Listing Gain (%) Avg Subscription (X)
ICICI Securities Limited 166 2,67,565.45 1,611.84 325.14 33.05 Connect
Axis Capital Limited 163 3,39,334.24 2,081.81 311.10 33.80 Connect
Kotak Mahindra Capital Company Limited 138 3,62,270.01 2,625.15 373.69 20.65 Connect
Jm Financial Limited 118 2,04,571.38 1,748.47 319.66 40.05 Connect
SBI Capital Markets Limited 101 2,22,574.14 2,203.70 218.26 26.15 Connect
IIFL Securities Limited 95 1,59,706.78 1,681.12 363.06 39.94 Connect
Citigroup Global Markets India Private Limited 71 2,92,033.99 4,171.91 442.13 19.12 Connect
Edelweiss Financial Services Limited 70 96,865.54 1,383.79 460.13 32.64 Connect
Dam Capital Advisors Limited (Formerly Idfc Securities Limited) 53 54,815.84 1,034.26 316.83 31.73 Connect
Bofa Securities India Limited 44 1,91,231.69 4,346.17 374.08 16.15 Connect
Motilal Oswal Investment Advisors Limited 38 46,618.66 1,226.81 263.46 36.34 Connect
J.P. Morgan India Private Limited 37 1,47,586.27 3,988.82 256.35 18.44 Connect
Morgan Stanley India Company Private Limited 34 1,49,358.67 4,392.90 239.82 14.79 Connect
Nomura Financial Advisory And Securities (India) Private Limited 30 98,274.35 3,275.81 465.43 32.69 Connect
Idbi Capital Market Services Limited 30 29,993.09 999.77 264.11 29.87 Connect
Equirus Capital Private Limited 28 18,625.02 665.18 297.01 46.73 Connect
Jefferies India Private Limited 27 1,00,612.98 3,726.41 310.84 26.62 Connect
Hdfc Bank Limited 27 70,216.36 2,600.61 335.89 26.35 Connect
Axis Bank Limited 26 54,218.60 2,085.33 322.35 23.07 Connect
Hsbc Securities & Capital Markets Private limited 24 1,35,056.44 5,627.35 234.38 13.10 Connect
Nuvama Wealth Management Limited 23 47,265.93 2,055.04 18.45 33.17 Connect
Credit Suisse Securities (India) Private Limited 22 64,104.56 2,913.84 409.23 21.76 Connect
Anand Rathi Securities Limited 20 4,872.56 243.63 136.20 43.25 Connect
Keynote Financial Services Limited 17 1,630.56 95.92 62.79 15.10 Connect
Ambit Private Limited 16 28,328.30 1,770.52 301.17 47.15 Connect
Clsa India Private Limited 16 35,683.35 2,230.21 335.37 44.60 Connect
Goldman Sachs (India) Securities Private Limited 15 88,896.87 5,926.46 189.70 17.94 Connect
Yes Securities (India) Limited 14 18,436.36 1,316.88 521.14 12.08 Connect
Deutsche Equities India Private Limited 14 59,488.07 4,249.15 298.28 3.32 Connect
Unistone Capital Private Limited 13 2,657.95 204.46 99.93 86.41 Connect
Intensive Fiscal Services Private Limited 12 16,613.02 1,384.42 215.05 37.01 Connect
Idfc Bank Limited 12 28,782.17 2,398.51 592.42 36.55 Connect
Bob Capital Markets Limited 11 23,399.77 2,127.25 167.14 19.19 Connect
Centrum Capital Limited 11 1,227.73 111.61 27.11 7.24 Connect
Bnp Paribas 11 34,167.06 3,106.10 265.92 29.37 Connect
Ubs Securities India Private Limited 11 52,800.33 4,800.03 170.88 4.72 Connect
Karvy Investor Services Limited 11 1,035.38 94.13 186.07 1.79 Connect
Almondz Global Securities Limited 10 1,198.39 119.84 121.44 1.88 Connect
Pantomath Capital Advisors Private Limited 9 2,527.55 280.84 67.96 103.50 Connect
Ashika Capital Limited 9 329.17 36.57 46.73 2.71 Connect
Chartered Capital And Investment Limited 9 483.67 53.74 69.97 3.26 Connect
Il&Fs Investsmart Securities Limited 9 3,830.74 425.64 213.32 2.87 Connect
Uti Securities Limited 9 555.17 61.69 166.34 0.00 Connect
Yes Bank Limited 8 20,200.82 2,525.10 268.86 53.29 Connect
Srei Capital Markets Limited 8 368.60 46.08 104.98 0.19 Connect
Aryaman Financial Services Limited 7 1,550.15 221.45 73.51 86.99 Connect
Iti Capital Limited 7 7,075.14 1,010.73 148.99 24.83 Connect
Saffron Capital Advisors Private Limited 6 1,012.38 168.73 73.22 21.76 Connect
Elara Capital (India) Private Limited 6 2,128.19 354.70 91.57 43.72 Connect
Jm Morgan Stanley Private Limited 6 7,492.96 1,248.83 335.89 5.40 Connect
Pnb Investment Services Limited 4 1,107.09 276.77 73.44 54.72 Connect
Emkay Global Financial Services Limited 4 1,947.65 486.91 198.08 55.26 Connect
Inga Ventures Private Limited 4 1,683.51 420.88 225.94 35.50 Connect
Haitong Securities India Private Limited 4 16,298.55 4,074.64 728.73 125.90 Connect
Monarch Networth Capital Limited 3 900.15 300.05 108.44 75.47 Connect
Systematix Corporate Services Limited 3 829.00 276.33 73.10 54.75 Connect
Arihant Capital Markets Limited 3 171.65 57.22 61.06 6.61 Connect
Smc Capitals Limited 3 1,629.35 543.12 479.60 96.36 Connect
Batlivala & Karani Securities India Private Limited 3 2,757.59 919.20 359.36 42.46 Connect
Macquarie India Advisory Services Private Limited 3 1,124.24 374.75 126.80 1.00 Connect
Collins Stewart Inga Private Limited 3 199.93 66.64 154.68 6.71 Connect
PL Capital Markets Private Limited 2 281.93 140.97 84.04 101.33 Connect
Fedex Securities Private Limited 2 484.04 242.02 15.34 89.27 Connect
Khambatta Securities Limited 2 393.41 196.71 112.65 198.13 Connect
Bajaj Capital Limited 2 414.01 207.01 21.85 57.77 Connect
Holani Consultants Private Limited 2 493.04 246.52 100.72 193.32 Connect
Choice Capital Advisors Private Limited 2 476.88 238.44 30.85 92.25 Connect
Indusind Bank Limited 2 5,052.34 2,526.17 691.65 1.61 Connect
Spark Capital Advisors (India) Private Limited 2 1,724.99 862.50 1,123.75 49.31 Connect
Vivro Financial Services Private Limited 2 491.70 245.85 131.46 91.52 Connect
Sarthi Capital Advisors Private Limited 2 235.32 117.66 146.24 230.69 Connect
Barclays Securities (India) Private Limited 2 7,174.04 3,587.02 432.68 3.73 Connect
Religare Securities Limited 2 490.33 245.17 533.53 3.92 Connect
Standard Chartered Securities (India) Limited 2 7,632.80 3,816.40 306.31 3.67 Connect
Avendus Capital Private Limited 2 11,527.43 5,763.72 64.06 2.37 Connect
Corporate Strategic Allianz Limited 2 70.24 35.12 71.33 1.90 Connect
D And A Financial Services Private Limited 2 156.00 78.00 15.47 1.59 Connect
Antique Capital Markets Private Limited 2 591.46 295.73 218.95 1.98 Connect
Indbank Merchant Banking Services Limited 2 70.12 35.06 130.28 2.10 Connect
Spa Capital Advisors Limited 2 305.00 152.50 84.78 1.70 Connect
Allahabad Bank 2 205.93 102.97 77.93 0.56 Connect
Nexgen Capitals Limited 2 115.68 57.84 10.17 0.00 Connect
Hem Securities Limited 2 801.27 400.64 35.56 156.98 Connect
Beeline Capital Advisors Private Limited 2 324.28 162.14 79.71 171.40 Connect
Gretex Corporate Services Limited 1 132.00 132.00 9.96 54.49 Connect
Interactive Financial Services Limited 1 130.20 130.20 12.48 86.57 Connect
Mirae Asset Capital Markets (India) Private Limited 1 490.78 490.78 0.40 31.65 Connect
First Overseas Capital Limited 1 153.05 153.05 5.87 18.29 Connect
Indorient Financial Services Limited 1 412.79 412.79 258.85 2.72 Connect
Incred Capital Financial Services Private Limited 1 472.29 472.29 -8.59 1.04 Connect
Corporate Capitalventures Private Limited 1 60.00 60.00 23.53 7.67 Connect
Investec Capital Services (India) Private Limited 1 600.65 600.65 208.15 1.81 Connect
Atherstone Capital Markets Limited 1 36.85 36.85 145.90 1.53 Connect
Comfort Securities Private Limited 1 73.60 73.60 25.08 2.22 Connect
Vc Corporate Advisors Private Limited (Vcapl) 1 48.75 48.75 -8.07 2.97 Connect
Comfort Securities Limited 1 63.75 63.75 56.90 1.74 Connect
Fortune Financial Services (India) Limited 1 33.50 33.50 89.95 0.00 Connect
A.K. Capital Services Limited 1 23.50 23.50 20.95 0.00 Connect
Kjmc Corporate Advisors (India) Limited 1 22.50 22.50 30.25 0.00 Connect
Corpwis Advisors Private Limited 1 264.10 264.10 12.45 7.55 Connect
Almondz Financial Services Limited 1 4,321.44 4,321.44 55.48 79.44 Connect
Sundae Capital Advisors 1 290.00 290.00 27.59 195.96 Connect
Mefcom Capital Markets Limited 1 119.00 119.00 26.76 80.97 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 Mainboard IPO includes
• ICICI Securities
• Kotak Mahindra Capital
• Dam Capital Advisors
• JM Financial
• Axis Capital

Yes, a merchant banker is required for an Mainboard 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 by performance 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 Mainboard 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 Mainboard 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.

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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