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
Beeline Capital Advisors Private Limited 22 803.48 36.52 57.67 187.36 Ahmedabad Connect
Hem Securities Limited 21 680.46 32.40 62.28 232.45 Jaipur Connect
Shreni Shares Limited 13 260.67 20.05 50.89 117.38 Mumbai Connect
Fedex Securities Private Limited 11 291.97 26.54 29.06 81.89 Mumbai Connect
Gretex Corporate Services Limited 11 327.86 29.81 58.36 105.26 Mumbai Connect
First Overseas Capital Limited 10 417.61 41.76 1.69 23.38 Mumbai Connect
GYR Capital Advisors Private Limited 9 261.49 29.05 194.26 582.01 Ahmedabad Connect
Share India Capital Services Private Limited 9 289.18 32.13 39.86 113.49 Noida Connect
Narnolia Financial Services Limited 8 304.92 38.12 38.67 145.34 Kolkata Connect
Interactive Financial Services Limited 7 173.86 24.84 2.62 16.73 Ahmedabad Connect
Corporate Capital Ventures Private Limited 6 303.60 50.60 147.59 288.57 New Delhi Connect
Swaraj Shares and Securities Private Limited 6 119.49 19.92 36.07 63.42 Kolkata Connect
Finshore Management Services Limited 5 76.59 15.32 41.27 66.90 Kolkata Connect
Aryaman Financial Services Limited 5 146.03 29.21 6.85 50.77 New Delhi Connect
Indorient Financial Services Limited 5 150.04 30.01 29.25 21.38 New Delhi Connect
Unistone Capital Private Limited 5 169.27 33.85 10.66 13.46 Mumbai Connect
Holani Consultants Private Limited 4 89.57 22.39 193.14 415.49 Jaipur Connect
Horizon Management Private Limited 4 198.58 49.65 -8.90 93.87 Kolkata Connect
Swastika Investmart Limited 4 69.35 17.34 8.43 16.08 Mumbai Connect
Expert Global Consultants Private Limited 4 104.06 26.02 41.84 15.41 New Delhi Connect
Khandwala Securities Limited 4 113.02 28.26 36.60 218.26 Mumbai Connect
Affinity Global Capital Market Private Limited 3 100.39 33.46 16.00 65.84 Kolkata Connect
Khambatta Securities Limited 3 46.28 15.43 46.70 43.35 Mumbai Connect
Sarthi Capital Advisors Private Limited 3 190.28 63.43 55.13 112.36 Mumbai Connect
Fast Track Finsec Private Limited 2 21.48 10.74 108.11 79.85 New Delhi Connect
Isk Advisors Private Limited 2 51.92 25.96 44.72 71.22 Ahmedabad Connect
Mark Corporate Advisors Private Limited 2 107.85 53.93 0.86 24.90 Mumbai Connect
Pantomath Capital Advisors Private Limited 2 36.17 18.09 70.73 271.79 Mumbai Connect
Inventure Merchant Banker Services Private Limited 2 19.74 9.87 -3.48 54.01 Mumbai Connect
Sun Capital Advisory Services (P) Limited 1 12.48 12.48 17.79 47.10 Mumbai Connect
Oneview Corporate Advisors Private Limited 1 19.64 19.64 99.50 58.95 kolkata Connect
Srujan Alpha Capital Advisors Llp 1 15.62 15.62 24.62 70.97 Mumbai Connect
Vivro Financial Services Private Limited 1 42.72 42.72 99.49 112.28 Ahmedabad Connect
Arihant Capital Markets Limited 1 50.00 50.00 12.88 3.24 Mumbai Connect
Sundae Capital Advisors 1 69.54 69.54 6.49 2.70 New Delhi Connect
Turnaround Corporate Advisors Private Limited 1 15.00 15.00 1.68 3.47 New Delhi Connect
Nirbhay Capital Services Private Limited 1 38.40 38.40 -6.67 33.60 Ahmedabad Connect

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