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Top SME Merchant Bankers in India 2025

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	7	377.36	53.91	13.02	185.11	Ahmedabad	Connect
GYR Capital Advisors Private Limited	7	369.83	52.83	32.48	354.11	Ahmedabad	Connect
Horizon Management Private Limited	5	181.06	36.21	-5.36	89.07	Kolkata	Connect
Smart Horizon Capital Advisors Private Limited	5	274.00	54.80	16.91	81.75	Mumbai	Connect
Indorient Financial Services Limited	3	214.23	71.41	5.60	74.82	New Delhi	Connect
Hem Securities Limited	3	201.66	67.22	9.80	73.47	Jaipur	Connect
Unistone Capital Private Limited	3	201.33	67.11	-20.54	5.10	Mumbai	Connect
Jawa Capital Services Private Limited	3	78.60	26.20	-0.49	3.79	New Delhi	Connect
Finshore Management Services Limited	3	40.93	13.64	34.38	19.39	Kolkata	Connect
Shreni Shares Limited	3	90.71	30.24	13.01	226.57	Mumbai	Connect
SKI Capital Services Limited	2	26.99	13.50	39.75	222.53	New Delhi	Connect
Marwadi Chandarana Intermediaries Brokers Private Limited	2	67.89	33.95	45.00	228.51	Rajkot	Connect
Aryaman Financial Services Limited	2	84.18	42.09	11.20	3.31	New Delhi	Connect
Interactive Financial Services Limited	2	60.15	30.08	0.99	74.42	Ahmedabad	Connect
Vivro Financial Services Private Limited	2	105.81	52.91	46.67	385.51	Ahmedabad	Connect
Share India Capital Services Private Limited	2	69.57	34.79	-20.00	3.16	Noida	Connect
Gretex Corporate Services Limited	2	59.37	29.69	0.98	1.76	Mumbai	Connect
Sun Capital Advisory Services (P) Limited	1	12.65	12.65	-20.00	1.01	Mumbai	Connect
Kreo Capital Private Limited	1	77.83	77.83	0.00	1.05	Nagpur	Connect
Oneview Corporate Advisors Private Limited	1	37.67	37.67	1.81	1.79	kolkata	Connect
Turnaround Corporate Advisors Private Limited	1	8.75	8.75	0.04	2.00	New Delhi	Connect
Fast Track Finsec Private Limited	1	67.54	67.54	-13.46	1.43	New Delhi	Connect
Srujan Alpha Capital Advisors Llp	1	73.81	73.81	17.65	62.71	Mumbai	Connect
Nirbhay Capital Services Private Limited	1	33.75	33.75	-3.00	1.80	Ahmedabad	Connect
Getfive Advisors Private Limited	1	27.13	27.13	-10.47	2.96	Ahmedabad	Connect
Arihant Capital Markets Limited	1	50.11	50.11	7.14	1.21	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
Fedex Securities Private Limited	1	36.00	36.00	0.00	1.60	Mumbai	Connect
New Berry Capitals Private Limited	1	105.84	105.84	4.17	1.15	Ahmedabad	Connect
Swastika Investmart Limited	1	7.38	7.38	0.14	44.57	Mumbai	Connect
Khambatta Securities Limited	1	28.28	28.28	3.57	9.82	Mumbai	Connect
Corporate Makers Capital Limited	1	83.65	83.65	-9.57	4.36	New Delhi	Connect
Almondz Financial Services Limited	1	39.42	39.42	0.00	151.52	New Delhi	Connect
Narnolia Financial Services Limited	1	33.80	33.80	90.00	332.78	Kolkata	Connect
Navigant Corporate Advisors Limited	1	8.78	8.78	-16.00	120.80	Mumbai	Connect

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