119  Total SME IPOs listed in 2025

5,543.76 Crs.  Total funds raised in 2025

83  SME IPOs listed with Gain in 2025

36  SME IPOs listed with loss in 2025

119  Total SME IPOs listed in 2025

5,543.76 Crs.  Total funds raised in 2025

83  SME IPOs listed with Gain in 2025

36  SME IPOs listed with loss in 2025

119  Total SME IPOs listed in 2025

5,543.76 Crs.  Total funds raised in 2025

83  SME IPOs listed with Gain in 2025

36  SME IPOs listed with loss in 2025

119  Total SME IPOs listed in 2025

5543.76 Crs.  Total funds raised in 2,025.00

83  SME IPOs listed with Gain in 2025

36  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
Pantomath Capital Advisors Private Limited 30 553.70 18.46 11.15 6.16 Mumbai Connect
Sarthi Capital Advisors Private Limited 16 243.49 15.22 8.78 1.01 Mumbai Connect
Aryaman Financial Services Limited 16 165.48 10.34 0.88 2.75 New Delhi Connect
Hem Securities Limited 16 214.87 13.43 17.92 14.72 Jaipur Connect
Guiness Corporate Advisors Private Limited 12 149.39 12.45 17.99 28.02 Kolkata Connect
Swastika Investmart Limited 9 79.23 8.80 6.79 2.47 Mumbai Connect
Navigant Corporate Advisors Limited 8 48.26 6.03 -1.02 0.00 Mumbai Connect
Gretex Corporate Services Limited 7 47.74 6.82 5.15 0.00 Mumbai Connect
Inventure Merchant Banker Services Private Limited 6 82.99 13.83 -7.53 0.45 Mumbai Connect
First Overseas Capital Limited 4 26.78 6.70 1.43 1.41 Mumbai Connect
Corporate Capital Ventures Private Limited 4 40.60 10.15 7.04 0.00 New Delhi Connect
Systematix Corporate Services Limited 3 86.20 28.73 9.00 0.77 Gwalior Connect
Mark Corporate Advisors Private Limited 2 38.61 19.31 13.72 48.98 Mumbai Connect
Monarch Networth Capital Limited 2 28.15 14.08 -2.11 0.00 Ahmedabad Connect
Fedex Securities Private Limited 2 13.02 6.51 -7.92 0.86 Mumbai Connect
Microsec Capital Limited 1 19.25 19.25 -10.91 0.00 Kolkata Connect
Choice Capital Advisors Private Limited 1 20.02 20.02 -9.02 0.00 Mumbai Connect
Keynote Financial Services Limited 1 54.97 54.97 -17.00 1.64 Mumbai Connect
Asit C. Mehta Investment Interrmediates Limited 1 54.97 54.97 -17.00 1.64 Mumbai 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
Chartered Capital And Investment Limited 1 40.22 40.22 0.83 0.00 Ahmedabad Connect
Vivro Financial Services Private Limited 1 23.71 23.71 20.00 0.00 Ahmedabad Connect
Saffron Capital Advisors Private Limited 1 14.70 14.70 20.00 0.00 New Delhi Connect
D And A Financial Services Private Limited 1 7.20 7.20 -1.13 0.00 New Delhi Connect
Ajcon Global Services Limited 1 26.56 26.56 1.00 1.17 Mumbai Connect
Finshore Management Services Limited 1 92.74 92.74 1.09 Kolkata Connect

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