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Top Mainboard Merchant Bankers in India 2025

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
IIFL Securities Limited	8	31,399.52	3,924.94	4.85	34.03	Mumbai	Connect
Jm Financial Limited	8	24,579.58	3,072.45	-10.45	11.46	Mumbai	Connect
Motilal Oswal Investment Advisors Limited	7	21,527.90	3,075.41	15.02	53.71	Mumbai	Connect
Nuvama Wealth Management Limited	6	16,894.35	2,815.73	10.13	34.23	Mumbai	Connect
Hsbc Securities & Capital Markets Private limited	5	28,380.76	5,676.15	4.34	6.24	Mumbai	Connect
ICICI Securities Limited	5	11,859.35	2,371.87	-23.84	3.66	Mumbai	Connect
SBI Capital Markets Limited	5	9,195.41	1,839.08	2.06	31.93	Mumbai	Connect
Kotak Mahindra Capital Company Limited	4	17,277.26	4,319.32	0.21	3.01	Mumbai	Connect
Jefferies India Private Limited	4	21,177.26	5,294.32	1.56	7.11	Mumbai	Connect
Axis Capital Limited	4	10,018.10	2,504.53	-0.52	13.55	Mumbai	Connect
Morgan Stanley India Company Private Limited	3	19,027.26	6,342.42	2.06	7.95	Mumbai	Connect
Citigroup Global Markets India Private Limited	3	13,519.35	4,506.45	-3.29	4.52	Mumbai	Connect
Nomura Financial Advisory And Securities (India) Private Limited	3	17,070.76	5,690.25	-28.53	7.15	Mumbai	Connect
Bnp Paribas	2	16,000.00	8,000.00	3.23	9.93	Mumbai	Connect
Bofa Securities India Limited	2	16,000.00	8,000.00	3.09	11.19	Mumbai	Connect
J.P. Morgan India Private Limited	2	12,250.00	6,125.00	-0.72	3.76	Mumbai	Connect
Hdfc Bank Limited	2	5,078.00	2,539.00	-3.69	2.50	Mumbai	Connect
Mefcom Capital Markets Limited	1	119.00	119.00	26.76	80.97	New Delhi	Connect
Ubs Securities India Private Limited	1	12,500.00	12,500.00	12.84	17.65	Mumbai	Connect
Choice Capital Advisors Private Limited	1	168.00	168.00	14.29	96.68	Mumbai	Connect
Systematix Corporate Services Limited	1	200.00	200.00	0.00	27.17	Gwalior	Connect
Clsa India Private Limited	1	1,387.34	1,387.34	3.26	34.42	Mumbai	Connect
Equirus Capital Private Limited	1	860.00	860.00	14.69	62.89	Mumbai	Connect
Anand Rathi Securities Limited	1	860.00	860.00	14.69	62.89	Mumbai	Connect
Batlivala & Karani Securities India Private Limited	1	2,000.00	2,000.00	2.27	3.03	Kolkata	Connect
Monarch Networth Capital Limited	1	220.00	220.00	0.00	57.37	Ahmedabad	Connect
Goldman Sachs (India) Securities Private Limited	1	12,500.00	12,500.00	12.84	17.65	Mumbai	Connect
Beeline Capital Advisors Private Limited	1	144.89	144.89	12.50	147.85	Ahmedabad	Connect
Pantomath Capital Advisors Private Limited	1	858.70	858.70	1.66		Mumbai	Connect
Aryaman Financial Services Limited	1	260.15	260.15	19.07	227.67	New Delhi	Connect
Sundae Capital Advisors	1	290.00	290.00	27.59	195.96	New Delhi	Connect
Smc Capitals Limited	1	220.50	220.50	17.84	221.54	New Delhi	Connect
Sarthi Capital Advisors Private Limited	1	199.45	199.45	33.33	188.32	Mumbai	Connect

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