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
Finshore Management Services Limited 8 88.31 11.04 32.64 27.77 Kolkata Connect
Aryaman Financial Services Limited 7 74.60 10.66 2.95 4.12 New Delhi Connect
Beeline Capital Advisors Private Limited 6 52.96 8.83 -1.34 9.58 Ahmedabad Connect
Hem Securities Limited 6 130.40 21.73 44.03 37.81 Jaipur Connect
Shreni Shares Limited 5 25.00 5.00 11.74 10.71 Mumbai Connect
Fedex Securities Private Limited 5 154.30 30.86 1.89 2.01 Mumbai Connect
Inventure Merchant Banker Services Private Limited 4 38.24 9.56 9.87 1.64 Mumbai Connect
First Overseas Capital Limited 4 96.13 24.03 52.31 8.41 Mumbai Connect
GYR Capital Advisors Private Limited 3 9.85 3.28 5.70 2.87 Ahmedabad Connect
Gretex Corporate Services Limited 3 46.91 15.64 -1.30 2.23 Mumbai Connect
Mark Corporate Advisors Private Limited 2 34.01 17.01 1.41 1.47 Mumbai Connect
Unistone Capital Private Limited 2 8.99 4.50 3.73 11.65 Mumbai Connect
Holani Consultants Private Limited 2 25.33 12.67 -0.52 15.14 Jaipur Connect
Navigant Corporate Advisors Limited 2 7.46 3.73 28.78 15.33 Mumbai Connect
Swastika Investmart Limited 2 19.72 9.86 -8.52 3.36 Mumbai Connect
Pantomath Capital Advisors Private Limited 2 33.49 16.75 17.33 7.54 Mumbai Connect
Interactive Financial Services Limited 1 40.00 40.00 -47.50 1.43 Ahmedabad Connect
Corporate Capital Ventures Private Limited 1 34.20 34.20 29.50 43.67 New Delhi Connect
Boi Merchant Bankers Limited 1 13.70 13.70 -0.12 22.37 Mumbai Connect
Isk Advisors Private Limited 1 11.00 11.00 30.73 73.42 Ahmedabad Connect
Fast Track Finsec Private Limited 1 2.37 2.37 17.12 1.56 New Delhi Connect
Turnaround Corporate Advisors Private Limited 1 2.00 2.00 3.64 1.84 New Delhi Connect
Systematix Corporate Services Limited 1 19.41 19.41 19.19 2.28 Gwalior Connect
Sarthi Capital Advisors Private Limited 1 4.40 4.40 311.40 282.97 Mumbai Connect

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