130  Total SME IPOs listed in 2025

6,045.32 Crs.  Total funds raised in 2025

92  SME IPOs listed with Gain in 2025

38  SME IPOs listed with loss in 2025

130  Total SME IPOs listed in 2025

6,045.32 Crs.  Total funds raised in 2025

92  SME IPOs listed with Gain in 2025

38  SME IPOs listed with loss in 2025

130  Total SME IPOs listed in 2025

6,045.32 Crs.  Total funds raised in 2025

92  SME IPOs listed with Gain in 2025

38  SME IPOs listed with loss in 2025

130  Total SME IPOs listed in 2025

6045.32 Crs.  Total funds raised in 2,025.00

92  SME IPOs listed with Gain in 2025

38  SME IPOs listed with loss in 2025

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Summary

PE Ratio*
Highest 96.00
Median 32.31
Lowest 7.07
IPO Size (Cr.)
Highest 21008.48
Median 1,434.42
Lowest 60.00
  1. *IPOs with Extreme PE (50+) are excluded from the above calculations.
  2. Above summary is for reference only as the same is based on the limited data set.

Mainboard Merchant Banker Performance Tracker FY23

IPO Performance of Merchant Bankers in India on NSE and BSE stock exchanges for Mainboard IPO 2023. List of merchant banks with number of IPO assisted, Total Fundraise, Average PE Ratio, IPO listed in Gain/loss and Current IPO Performance of the BRLM. Latest IPO Performance of Merchant banking company for IPO 2023. IPO Lead managers help business owners in the IPO Listing Process, Pre IPO Funding and IPO valuation for a Successful IPO Listing. Merchant Banker services guide the company in the IPO process and help in DRHP filing, RHP and Final Prospectus.

Merchant Banker No of IPOs so far Total funds raised (Cr.) Avg PE Ratio IPO Listed in Gain/Loss CMP vs Offer Price (Gain/Loss) CMP vs Listing Price (Gain/Loss)
Axis Capital Limited 12 32,790.49 80.04 7  (58%)
5  (42%)
8  (67%)
4  (33%)
8  (67%)
4  (33%)
IIFL Securities Limited 12 10,665.35 61.10 10  (83%)
2  (17%)
8  (67%)
4  (33%)
8  (67%)
4  (33%)
Jm Financial Limited 11 32,129.05 51.20 8  (73%)
3  (27%)
6  (55%)
5  (45%)
6  (55%)
5  (45%)
ICICI Securities Limited 9 13,392.09 26.66 7  (78%)
2  (22%)
8  (89%)
1  (11%)
8  (89%)
1  (11%)
Kotak Mahindra Capital Company Limited 9 36,291.88 60.50 6  (67%)
3  (33%)
5  (56%)
4  (44%)
5  (56%)
4  (44%)
Equirus Capital Private Limited 5 3,007.83 41.32 4  (80%)
1  (20%)
4  (80%)
1  (20%)
3  (60%)
2  (40%)
Dam Capital Advisors Limited (Formerly Idfc Securities Limited) 4 3,273.43 37.13 2  (50%)
2  (50%)
3  (75%)
1  (25%)
3  (75%)
1  (25%)
SBI Capital Markets Limited 4 27,618.05 62.27 2  (50%)
2  (50%)
2  (50%)
2  (50%)
3  (75%)
1  (25%)
Bofa Securities India Limited 3 27,643.62 93.47 2  (67%)
1  (33%)
0  (0%)
3  (100%)
1  (33%)
2  (67%)
Clsa India Private Limited 3 3,464.48 46.69 2  (67%)
1  (33%)
0  (0%)
3  (100%)
0  (0%)
3  (100%)
Edelweiss Financial Services Limited 3 2,833.45 38.25 2  (67%)
1  (33%)
3  (100%)
0  (0%)
3  (100%)
0  (0%)
Motilal Oswal Investment Advisors Limited 3 1,626.58 43.79 2  (67%)
1  (33%)
0  (0%)
3  (100%)
0  (0%)
3  (100%)
Citigroup Global Markets India Private Limited 2 26,243.48 100.96 1  (50%)
1  (50%)
0  (0%)
2  (100%)
1  (50%)
1  (50%)
Credit Suisse Securities (India) Private Limited 2 2,840.57 201.95 2  (100%)
0  (0%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
J.P. Morgan India Private Limited 2 3,080.85 39.73 1  (50%)
1  (50%)
2  (100%)
0  (0%)
2  (100%)
0  (0%)
Nomura Financial Advisory And Securities (India) Private Limited 2 22,601.93 113.34 1  (50%)
1  (50%)
1  (50%)
1  (50%)
2  (100%)
0  (0%)
Yes Securities (India) Limited 2 669.43 33.38 2  (100%)
0  (0%)
1  (50%)
1  (50%)
1  (50%)
1  (50%)
Aryaman Financial Services Limited 1 345.60 18.96 0  (0%)
1  (100%)
0  (0%)
1  (100%)
1  (100%)
0  (0%)
Pantomath Capital Advisors Private Limited 1 66.30 33.51 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Systematix Corporate Services Limited 1 200.00 0.00 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Monarch Networth Capital Limited 1 251.15 14.55 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Saffron Capital Advisors Private Limited 1 500.00 90.00 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Smc Capitals Limited 1 165.42 21.03 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Indorient Financial Services Limited 1 412.79 49.42 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Unistone Capital Private Limited 1 154.98 21.84 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Intensive Fiscal Services Private Limited 1 881.22 119.05 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Idbi Capital Market Services Limited 1 740.00 0.00 0  (0%)
1  (100%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Anand Rathi Securities Limited 1 500.00 13.95 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Corporate Capitalventures Private Limited 1 60.00 12.81 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
Elara Capital (India) Private Limited 1 251.15 14.55 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Emkay Global Financial Services Limited 1 472.29 96.00 0  (0%)
1  (100%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Goldman Sachs (India) Securities Private Limited 1 21,008.48 201.91 0  (0%)
1  (100%)
0  (0%)
1  (100%)
1  (100%)
0  (0%)
Hdfc Bank Limited 1 808.04 72.30 1  (100%)
0  (0%)
1  (100%)
0  (0%)
0  (0%)
1  (100%)
Incred Capital Financial Services Private Limited 1 472.29 96.00 0  (0%)
1  (100%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Inga Ventures Private Limited 1 412.12 35.16 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Iti Capital Limited 1 130.05 15.15 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Jefferies India Private Limited 1 2,205.57 38.36 1  (100%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)
0  (0%)
Morgan Stanley India Company Private Limited 1 5,235.00 0.00 1  (100%)
0  (0%)
0  (0%)
1  (100%)
0  (0%)
1  (100%)

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Summary

PE Ratio*
Highest 96.00
Median 32.31
Lowest 7.07
IPO Size (Cr.)
Highest 21008.48
Median 1,434.42
Lowest 60.00
  1. *IPOs with Extreme PE (50+) are excluded from the above calculations.
  2. Above summary is for reference only as the same is based on the limited data set.

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Upcoming SME IPOs in India

The below mentioned are the forthcoming SME IPOs for which DRHPs have been filed recently and are in process of approval by the BSE SME or NSE Emerge exchange.

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*The Revenue and PAT figures mentioned above are on the Annualised basis.