105  Total SME IPOs listed in 2025

4,682.85 Crs.  Total funds raised in 2025

71  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

105  Total SME IPOs listed in 2025

4,682.85 Crs.  Total funds raised in 2025

71  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

105  Total SME IPOs listed in 2025

4,682.85 Crs.  Total funds raised in 2025

71  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

105  Total SME IPOs listed in 2025

4682.85 Crs.  Total funds raised in 2,025.00

71  SME IPOs listed with Gain in 2025

34  SME IPOs listed with loss in 2025

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Year Wise SME Merchant Bankers in India

Get detailed insights into year-wise Merchant Banker reviews with our comprehensive analysis of BRLMs (Book Running Lead Managers) for SME 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 played a key role in helping SMEs raise capital, navigate regulatory processes, and achieve successful listings. Explore reviews of the best merchant bankers known for their expertise in SME IPO advisory and capital market strategies tailored for growing businesses.

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 52 965.85 18.57 17.10 44.48 Mumbai Connect
First Overseas Capital Limited 51 864.46 16.95 5.74 7.52 Mumbai Connect
Finshore Management Services Limited 49 625.88 12.77 22.89 64.60 Kolkata Connect
Sarthi Capital Advisors Private Limited 48 745.76 15.54 17.59 15.23 Mumbai 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
Interactive Financial Services Limited 23 739.86 32.17 7.11 47.03 Ahmedabad Connect
Corporate Capital Ventures Private Limited 23 818.94 35.61 93.50 193.97 New Delhi 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 16 404.02 25.25 18.60 26.47 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
Khandwala Securities Limited 11 344.59 31.33 25.02 198.20 Mumbai Connect
Indorient Financial Services Limited 11 516.32 46.94 23.73 46.97 New Delhi 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
Choice Capital Advisors Private Limited 8 290.77 36.35 14.73 72.64 Mumbai 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
Vivro Financial Services Private Limited 7 412.11 58.87 50.80 202.99 Ahmedabad Connect
Srujan Alpha Capital Advisors Llp 7 196.01 28.00 17.86 111.78 Mumbai Connect
Jawa Capital Services Private Limited 7 163.73 23.39 0.99 121.56 New Delhi Connect
Keynote Financial Services Limited 6 142.29 23.72 25.62 0.27 Mumbai Connect
Affinity Global Capital Market Private Limited 6 242.25 40.38 14.91 45.49 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
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
Arihant Capital Markets Limited 4 147.99 37.00 3.82 1.43 Mumbai Connect
Sun Capital Advisory Services (P) Limited 3 29.13 9.71 0.93 24.81 Mumbai Connect
Idbi Capital Market Services Limited 3 57.01 19.00 -5.84 0.00 Mumbai Connect
Corporate Makers Capital Limited 3 127.54 42.51 -12.44 12.42 New Delhi Connect
Ekadrisht Capital Private Limited 3 138.33 46.11 148.53 295.70 Mumbai Connect
Nirbhay Capital Services Private Limited 3 102.51 34.17 -0.32 12.38 Ahmedabad Connect
Corpwis Advisors Private Limited 3 139.27 46.42 -3.10 44.35 Mumbai Connect
Marwadi Chandarana Intermediaries Brokers Private Limited 3 74.11 24.70 63.16 504.67 Rajkot 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
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
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
3Dimesnion Capital Services Limited 1 25.99 25.99 9.68 8.32 New Delhi Connect
Rarever Financial Advisors Private Limited 1 58.57 58.57 38.02 201.35 Ahmedabad 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

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