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
Hem Securities Limited 24 1,350.65 56.28 50.39 168.18 Jaipur Connect
Beeline Capital Advisors Private Limited 24 1,165.44 48.56 76.91 362.67 Ahmedabad Connect
GYR Capital Advisors Private Limited 17 915.49 53.85 87.79 635.76 Ahmedabad Connect
Shreni Shares Limited 14 401.49 28.68 42.24 182.27 Mumbai Connect
Horizon Management Private Limited 12 496.25 41.35 20.64 185.72 Kolkata Connect
Fedex Securities Private Limited 9 119.88 13.32 24.43 200.58 Mumbai Connect
Narnolia Financial Services Limited 8 280.97 35.12 36.30 251.24 Kolkata Connect
Swastika Investmart Limited 8 192.00 24.00 34.29 214.28 Mumbai Connect
Expert Global Consultants Private Limited 8 235.15 29.39 57.16 165.77 New Delhi Connect
Interactive Financial Services Limited 8 248.32 31.04 26.72 118.60 Ahmedabad Connect
Khandwala Securities Limited 7 231.57 33.08 18.41 186.74 Mumbai Connect
Inventure Merchant Banker Services Private Limited 6 149.99 25.00 15.82 13.76 Mumbai Connect
Unistone Capital Private Limited 6 424.49 70.75 15.62 90.95 Mumbai Connect
Finshore Management Services Limited 6 106.70 17.78 47.84 223.20 Kolkata Connect
Share India Capital Services Private Limited 5 206.78 41.36 73.69 210.51 Noida Connect
Gretex Corporate Services Limited 5 179.60 35.92 5.75 173.26 Mumbai Connect
Corporate Capital Ventures Private Limited 5 254.22 50.84 160.24 427.94 New Delhi Connect
Aryaman Financial Services Limited 4 122.66 30.67 9.05 7.10 New Delhi Connect
SKI Capital Services Limited 4 82.35 20.59 43.49 179.30 New Delhi Connect
Choice Capital Advisors Private Limited 4 241.00 60.25 34.08 145.28 Mumbai Connect
Srujan Alpha Capital Advisors Llp 4 95.84 23.96 19.43 160.55 Mumbai Connect
Jawa Capital Services Private Limited 4 85.13 21.28 2.10 209.89 New Delhi Connect
Vivro Financial Services Private Limited 4 305.74 76.44 58.63 324.28 Ahmedabad Connect
Indorient Financial Services Limited 3 260.48 86.83 41.87 134.89 New Delhi Connect
Ekadrisht Capital Private Limited 3 138.33 46.11 148.53 295.70 Mumbai Connect
Smart Horizon Capital Advisors Private Limited 3 202.75 67.58 24.48 105.22 Mumbai Connect
Isk Advisors Private Limited 3 208.05 69.35 42.29 47.22 Ahmedabad Connect
Fast Track Finsec Private Limited 3 88.44 29.48 21.10 74.47 New Delhi Connect
Corpwis Advisors Private Limited 3 139.27 46.42 -3.10 44.35 Mumbai Connect
Kreo Capital Private Limited 2 89.27 44.64 6.58 10.63 Nagpur Connect
kunvarji finstock private limited 2 66.25 33.13 47.69 286.27 Ahmedabad Connect
Swaraj Shares and Securities Private Limited 2 121.30 60.65 68.86 93.92 Kolkata Connect
Khambatta Securities Limited 2 51.04 25.52 142.16 201.75 Mumbai Connect
Navigant Corporate Advisors Limited 2 20.87 10.44 14.78 96.04 Mumbai Connect
Marwadi Chandarana Intermediaries Brokers Private Limited 2 46.22 23.11 94.75 706.51 Rajkot Connect
Holani Consultants Private Limited 2 48.29 24.15 94.75 517.11 Jaipur Connect
Cumulative Capital Private Limited 2 118.62 59.31 34.69 15.92 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
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
Corporate Professionals Capital Private Limited 1 22.08 22.08 152.00 53.94 New Delhi Connect
Corporate Makers Capital Limited 1 83.65 83.65 -9.57 4.36 New Delhi Connect
Comfort Securities Private Limited 1 39.83 39.83 15.65 171.33 Mumbai Connect
Galactico Corporate Service Limited 1 23.36 23.36 -24.00 1.85 Nashik Connect
Sundae Capital Advisors 1 31.70 31.70 -20.00 1.29 New Delhi Connect
Affinity Global Capital Market Private Limited 1 18.08 18.08 59.38 71.38 Kolkata Connect
Oneview Corporate Advisors Private Limited 1 29.95 29.95 96.22 278.82 kolkata Connect
Sun Capital Advisory Services (P) Limited 1 12.65 12.65 -20.00 1.01 Mumbai Connect
Arihant Capital Markets Limited 1 50.11 50.11 7.14 1.21 Mumbai Connect
Turnaround Corporate Advisors Private Limited 1 12.00 12.00 1.05 32.72 New Delhi Connect
Mark Corporate Advisors Private Limited 1 99.07 99.07 99.49 125.35 Mumbai Connect
Pantomath Capital Advisors Private Limited 1 150.00 150.00 10.76 Mumbai Connect

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