107  Total SME IPOs listed in 2025

4,724.87 Crs.  Total funds raised in 2025

73  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

107  Total SME IPOs listed in 2025

4,724.87 Crs.  Total funds raised in 2025

73  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

107  Total SME IPOs listed in 2025

4,724.87 Crs.  Total funds raised in 2025

73  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

107  Total SME IPOs listed in 2025

4724.87 Crs.  Total funds raised in 2,025.00

73  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

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Year Wise Mainboard Merchant Bankers in India

Get detailed insights into year-wise Merchant Banker reviews with our comprehensive analysis of BRLMs (Book Running Lead Managers) for IPOs in India. This page highlights the performance and services provided by top merchant banking firms for each year, including 2024 merchant bankers, 2023 merchant bankers, and 2022 merchant bankers. Discover which merchant bankers excelled in facilitating IPOs, ensuring smooth execution, and delivering value to issuers and investors. Explore reviews of the best merchant bankers known for expertise in equity capital markets and regulatory compliance.

Merchant Banker No of IPOs so far Total funds raised (Cr.) Avg IPO size (Cr.) Avg Listing Gain (%) Avg Subscription (X) Location
ICICI Securities Limited 166 267,565.45 1,611.84 324.52 33.24 Mumbai Connect
Axis Capital Limited 163 339,334.24 2,081.81 311.10 33.80 Mumbai Connect
Kotak Mahindra Capital Company Limited 138 362,270.01 2,625.15 372.95 20.78 Mumbai Connect
Jm Financial Limited 118 204,571.38 1,748.47 319.66 40.05 Mumbai Connect
SBI Capital Markets Limited 101 222,574.14 2,203.70 218.26 26.15 Mumbai Connect
IIFL Securities Limited 95 159,706.78 1,681.12 363.06 39.94 Mumbai Connect
Citigroup Global Markets India Private Limited 71 292,033.99 4,171.91 442.13 19.12 Mumbai Connect
Edelweiss Financial Services Limited 70 96,865.54 1,383.79 460.13 32.64 Mumbai Connect
Dam Capital Advisors Limited (Formerly Idfc Securities Limited) 53 54,815.84 1,034.26 316.83 31.73 Mumbai Connect
Bofa Securities India Limited 44 191,231.69 4,346.17 374.08 16.15 Mumbai Connect
Motilal Oswal Investment Advisors Limited 38 46,618.66 1,226.81 263.46 36.34 Mumbai Connect
J.P. Morgan India Private Limited 37 147,586.27 3,988.82 256.35 18.44 Mumbai Connect
Morgan Stanley India Company Private Limited 34 149,358.67 4,392.90 239.82 14.79 Mumbai Connect
Nomura Financial Advisory And Securities (India) Private Limited 30 98,274.35 3,275.81 465.43 32.69 Mumbai Connect
Idbi Capital Market Services Limited 30 29,993.09 999.77 264.11 29.87 Mumbai Connect
Equirus Capital Private Limited 28 18,625.02 665.18 297.01 46.73 Mumbai Connect
Jefferies India Private Limited 27 100,612.98 3,726.41 310.84 26.62 Mumbai Connect
Hdfc Bank Limited 27 70,216.36 2,600.61 335.89 26.35 Mumbai Connect
Axis Bank Limited 26 54,218.60 2,085.33 322.35 23.07 Ahmedabad Connect
Hsbc Securities & Capital Markets Private limited 24 135,056.44 5,627.35 230.12 13.56 Mumbai Connect
Nuvama Wealth Management Limited 23 47,265.93 2,055.04 18.45 33.17 Mumbai Connect
Credit Suisse Securities (India) Private Limited 22 64,104.56 2,913.84 409.23 21.76 Mumbai Connect
Anand Rathi Securities Limited 20 4,872.56 243.63 136.20 43.25 Mumbai Connect
Keynote Financial Services Limited 17 1,630.56 95.92 62.79 15.10 Mumbai Connect
Ambit Private Limited 16 28,328.30 1,770.52 301.17 47.15 Mumbai Connect
Clsa India Private Limited 16 35,683.35 2,230.21 335.37 44.60 Mumbai Connect
Goldman Sachs (India) Securities Private Limited 15 88,896.87 5,926.46 189.70 17.94 Mumbai Connect
Yes Securities (India) Limited 14 18,436.36 1,316.88 521.14 12.08 Mumbai Connect
Deutsche Equities India Private Limited 14 59,488.07 4,249.15 298.28 3.32 Mumbai Connect
Unistone Capital Private Limited 13 2,657.95 204.46 99.93 86.41 Mumbai Connect
Intensive Fiscal Services Private Limited 12 16,613.02 1,384.42 215.05 37.01 Mumbai Connect
Idfc Bank Limited 12 28,782.17 2,398.51 592.42 36.55 Chennai Connect
Bob Capital Markets Limited 11 23,399.77 2,127.25 167.14 19.19 Mumbai Connect
Centrum Capital Limited 11 1,227.73 111.61 27.11 7.24 Mumbai Connect
Bnp Paribas 11 34,167.06 3,106.10 265.92 29.37 Mumbai Connect
Ubs Securities India Private Limited 11 52,800.33 4,800.03 170.88 4.72 Mumbai Connect
Karvy Investor Services Limited 11 1,035.38 94.13 186.07 1.79 Hyderabad Connect
Almondz Global Securities Limited 10 1,198.39 119.84 155.29 1.88 New Delhi Connect
Pantomath Capital Advisors Private Limited 9 2,527.55 280.84 67.96 103.50 Mumbai Connect
Ashika Capital Limited 9 329.17 36.57 46.73 2.71 Kolkata Connect
Chartered Capital And Investment Limited 9 483.67 53.74 69.97 3.26 Ahmedabad Connect
Il&Fs Investsmart Securities Limited 9 3,830.74 425.64 213.32 2.87 Mumbai Connect
Uti Securities Limited 9 555.17 61.69 166.34 0.00 Jaipur Connect
Yes Bank Limited 8 20,200.82 2,525.10 268.86 53.29 Mumbai Connect
Srei Capital Markets Limited 8 368.60 46.08 104.98 0.19 Kolkata Connect
Aryaman Financial Services Limited 7 1,550.15 221.45 73.51 86.99 New Delhi Connect
Iti Capital Limited 7 7,075.14 1,010.73 148.99 24.83 Mumbai Connect
Saffron Capital Advisors Private Limited 6 1,012.38 168.73 73.22 21.76 New Delhi Connect
Elara Capital (India) Private Limited 6 2,128.19 354.70 91.57 43.72 Mumbai Connect
Jm Morgan Stanley Private Limited 6 7,492.96 1,248.83 335.89 5.40 Mumbai Connect
Pnb Investment Services Limited 4 1,107.09 276.77 73.44 54.72 New Delhi Connect
Emkay Global Financial Services Limited 4 1,947.65 486.91 198.08 55.26 Mumbai Connect
Inga Ventures Private Limited 4 1,683.51 420.88 225.94 35.50 Mumbai Connect
Haitong Securities India Private Limited 4 16,298.55 4,074.64 728.73 125.90 Mumbai Connect
Monarch Networth Capital Limited 3 900.15 300.05 108.44 75.47 Ahmedabad Connect
Systematix Corporate Services Limited 3 829.00 276.33 73.10 54.75 Gwalior Connect
Arihant Capital Markets Limited 3 171.65 57.22 61.06 6.61 Mumbai Connect
Smc Capitals Limited 3 1,629.35 543.12 479.60 96.36 New Delhi Connect
Batlivala & Karani Securities India Private Limited 3 2,757.59 919.20 325.27 62.18 Kolkata Connect
Macquarie India Advisory Services Private Limited 3 1,124.24 374.75 126.80 1.00 Gurugram Connect
Collins Stewart Inga Private Limited 3 199.93 66.64 154.68 6.71 Mumbai Connect
PL Capital Markets Private Limited 2 281.93 140.97 84.04 101.33 Mumbai Connect
Fedex Securities Private Limited 2 484.04 242.02 15.34 89.27 Mumbai Connect
Khambatta Securities Limited 2 393.41 196.71 112.65 198.13 Mumbai Connect
Bajaj Capital Limited 2 414.01 207.01 21.85 57.77 New Delhi Connect
Holani Consultants Private Limited 2 493.04 246.52 100.72 193.32 Jaipur Connect
Choice Capital Advisors Private Limited 2 476.88 238.44 30.85 92.25 Mumbai Connect
Indusind Bank Limited 2 5,052.34 2,526.17 691.65 1.61 Pune Connect
Spark Capital Advisors (India) Private Limited 2 1,724.99 862.50 1,123.75 49.31 Chennai Connect
Vivro Financial Services Private Limited 2 491.70 245.85 131.46 91.52 Ahmedabad Connect
Sarthi Capital Advisors Private Limited 2 235.32 117.66 146.24 230.69 Mumbai Connect
Barclays Securities (India) Private Limited 2 7,174.04 3,587.02 432.68 3.73 Mumbai Connect
Religare Securities Limited 2 490.33 245.17 533.53 3.92 New Delhi Connect
Standard Chartered Securities (India) Limited 2 7,632.80 3,816.40 306.31 3.67 Mumbai Connect
Avendus Capital Private Limited 2 11,527.43 5,763.72 64.06 2.37 Mumbai Connect
Corporate Strategic Allianz Limited 2 70.24 35.12 71.33 1.90 Ahmedabad Connect
D And A Financial Services Private Limited 2 156.00 78.00 15.47 1.59 New Delhi Connect
Antique Capital Markets Private Limited 2 591.46 295.73 218.95 1.98 Mumbai Connect
Indbank Merchant Banking Services Limited 2 70.12 35.06 130.28 2.10 Chennai Connect
Spa Capital Advisors Limited 2 305.00 152.50 84.78 1.70 New Delhi Connect
Allahabad Bank 2 205.93 102.97 77.93 0.56 Kolkata Connect
Nexgen Capitals Limited 2 115.68 57.84 10.17 0.00 New Delhi Connect
Hem Securities Limited 2 801.27 400.64 35.56 156.98 Jaipur Connect
Beeline Capital Advisors Private Limited 2 324.28 162.14 79.71 171.40 Ahmedabad Connect
Gretex Corporate Services Limited 1 132.00 132.00 9.96 54.49 Mumbai Connect
Interactive Financial Services Limited 1 130.20 130.20 12.48 86.57 Ahmedabad Connect
Mirae Asset Capital Markets (India) Private Limited 1 490.78 490.78 0.40 31.65 Mumbai Connect
First Overseas Capital Limited 1 153.05 153.05 5.87 18.29 Mumbai Connect
Indorient Financial Services Limited 1 412.79 412.79 258.85 2.72 New Delhi Connect
Incred Capital Financial Services Private Limited 1 472.29 472.29 -8.59 1.04 Mumbai Connect
Corporate Capitalventures Private Limited 1 60.00 60.00 23.53 7.67 New Delhi Connect
Investec Capital Services (India) Private Limited 1 600.65 600.65 208.15 1.81 Mumbai Connect
Atherstone Capital Markets Limited 1 36.85 36.85 145.90 1.53 Mumbai Connect
Comfort Securities Private Limited 1 73.60 73.60 80.05 2.22 Mumbai Connect
Vc Corporate Advisors Private Limited (Vcapl) 1 48.75 48.75 -8.07 2.97 Kolkata Connect
Comfort Securities Limited 1 63.75 63.75 56.90 1.74 Mumbai Connect
Fortune Financial Services (India) Limited 1 33.50 33.50 89.95 0.00 Mumbai Connect
A.K. Capital Services Limited 1 23.50 23.50 20.95 0.00 Mumbai Connect
Kjmc Corporate Advisors (India) Limited 1 22.50 22.50 30.25 0.00 Mumbai Connect
Corpwis Advisors Private Limited 1 264.10 264.10 12.45 7.55 Mumbai Connect
Almondz Financial Services Limited 1 4,321.44 4,321.44 55.48 79.44 New Delhi Connect
Sundae Capital Advisors 1 290.00 290.00 27.59 195.96 New Delhi Connect
Mefcom Capital Markets Limited 1 119.00 119.00 26.76 80.97 New Delhi Connect

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