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	84.59
Median	24.68
Lowest	11.49

IPO Size (Cr.)
Highest	27870.16
Median	2,221.75
Lowest	130.15

*IPOs with Extreme PE (50+) are excluded from the above calculations.
Above summary is for reference only as the same is based on the limited data set.

Mainboard Merchant Banker Performance Tracker FY25

IPO Performance of Merchant Bankers in India on NSE and BSE stock exchanges for Mainboard IPO 2025. 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 2025. 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.

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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)
ICICI Securities Limited	22	51,292.54	214.71	16 (73%) 6 (27%)	12 (55%) 10 (45%)	13 (59%) 9 (41%)
Axis Capital Limited	18	55,637.70	34.53	16 (89%) 2 (11%)	12 (67%) 6 (33%)	10 (56%) 8 (44%)
Kotak Mahindra Capital Company Limited	18	99,958.83	214.27	15 (83%) 3 (17%)	13 (72%) 5 (28%)	10 (56%) 8 (44%)
SBI Capital Markets Limited	17	57,775.44	34.14	13 (76%) 4 (24%)	7 (41%) 10 (59%)	5 (29%) 12 (71%)
IIFL Securities Limited	13	40,169.54	66.45	11 (85%) 2 (15%)	9 (69%) 4 (31%)	6 (46%) 7 (54%)
Jm Financial Limited	11	20,145.95	41.29	7 (64%) 4 (36%)	6 (55%) 5 (45%)	4 (36%) 7 (64%)
Nuvama Wealth Management Limited	11	26,416.02	432.24	7 (64%) 4 (36%)	4 (36%) 7 (64%)	4 (36%) 7 (64%)
Jefferies India Private Limited	10	58,758.19	61.72	9 (90%) 1 (10%)	8 (80%) 2 (20%)	6 (60%) 4 (40%)
Morgan Stanley India Company Private Limited	10	59,188.14	369.50	7 (70%) 3 (30%)	7 (70%) 3 (30%)	8 (80%) 2 (20%)
Citigroup Global Markets India Private Limited	8	56,692.44	17.39	6 (75%) 2 (25%)	6 (75%) 2 (25%)	3 (38%) 5 (63%)
J.P. Morgan India Private Limited	8	64,678.38	30.99	6 (75%) 2 (25%)	8 (100%) 0 (0%)	5 (63%) 3 (38%)
Equirus Capital Private Limited	7	3,656.40	35.78	6 (86%) 1 (14%)	3 (43%) 4 (57%)	1 (14%) 6 (86%)
Motilal Oswal Investment Advisors Limited	6	7,935.70	24.33	6 (100%) 0 (0%)	4 (67%) 2 (33%)	3 (50%) 3 (50%)
Dam Capital Advisors Limited (Formerly Idfc Securities Limited)	5	8,037.10	13.05	5 (100%) 0 (0%)	3 (60%) 2 (40%)	3 (60%) 2 (40%)
Hdfc Bank Limited	5	17,231.56	63.72	4 (80%) 1 (20%)	3 (60%) 2 (40%)	3 (60%) 2 (40%)
Unistone Capital Private Limited	4	897.66	20.00	4 (100%) 0 (0%)	2 (50%) 2 (50%)	2 (50%) 2 (50%)
Nomura Financial Advisory And Securities (India) Private Limited	4	14,593.20	31.29	4 (100%) 0 (0%)	3 (75%) 1 (25%)	2 (50%) 2 (50%)
Pantomath Capital Advisors Private Limited	3	1,499.00	27.75	3 (100%) 0 (0%)	2 (67%) 1 (33%)	2 (67%) 1 (33%)
Intensive Fiscal Services Private Limited	3	13,156.12	76.08	3 (100%) 0 (0%)	2 (67%) 1 (33%)	2 (67%) 1 (33%)
Ambit Private Limited	3	3,039.14	25.12	3 (100%) 0 (0%)	2 (67%) 1 (33%)	2 (67%) 1 (33%)
Axis Bank Limited	3	6,955.18	23.30	3 (100%) 0 (0%)	1 (33%) 2 (67%)	1 (33%) 2 (67%)
Bob Capital Markets Limited	3	11,520.56	39.35	3 (100%) 0 (0%)	2 (67%) 1 (33%)	1 (33%) 2 (67%)
Bofa Securities India Limited	3	16,899.29	10.07	3 (100%) 0 (0%)	1 (33%) 2 (67%)	0 (0%) 3 (100%)
Hsbc Securities & Capital Markets Private limited	3	38,220.16	13.37	2 (67%) 1 (33%)	3 (100%) 0 (0%)	2 (67%) 1 (33%)
Aryaman Financial Services Limited	2	431.15	58.37	2 (100%) 0 (0%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
Hem Securities Limited	2	801.27	20.15	2 (100%) 0 (0%)	2 (100%) 0 (0%)	1 (50%) 1 (50%)
Idbi Capital Market Services Limited	2	10,838.91	143.79	2 (100%) 0 (0%)	1 (50%) 1 (50%)	1 (50%) 1 (50%)
Goldman Sachs (India) Securities Private Limited	2	8,110.81	39.40	2 (100%) 0 (0%)	2 (100%) 0 (0%)	0 (0%) 2 (100%)
Iti Capital Limited	2	5,821.44	513.38	2 (100%) 0 (0%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Sarthi Capital Advisors Private Limited	1	199.45	21.55	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Fedex Securities Private Limited	1	260.04	16.63	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Holani Consultants Private Limited	1	341.95	33.52	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Gretex Corporate Services Limited	1	132.00	31.33	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
PL Capital Markets Private Limited	1	167.93	30.01	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Beeline Capital Advisors Private Limited	1	179.39	16.59	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Saffron Capital Advisors Private Limited	1	230.00	34.33	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Smc Capitals Limited	1	220.50	16.22	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Interactive Financial Services Limited	1	130.20	17.15	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Sundae Capital Advisors	1	290.00	-47.91	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Corpwis Advisors Private Limited	1	264.10	21.03	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Almondz Financial Services Limited	1	4,321.44	26.76	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Anand Rathi Securities Limited	1	500.00	51.61	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Avendus Capital Private Limited	1	11,327.43	-35.72	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Bnp Paribas	1	1,250.00	40.24	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Clsa India Private Limited	1	276.57	84.59	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Elara Capital (India) Private Limited	1	214.76	20.70	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Emkay Global Financial Services Limited	1	598.93	0.00	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Il&Fs Investsmart Securities Limited	1	1,114.72	37.21	0 (0%) 1 (100%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Inga Ventures Private Limited	1	838.91	28.02	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Jm Morgan Stanley Private Limited	1	2,900.00	3147.37	0 (0%) 1 (100%)	0 (0%) 1 (100%)	1 (100%) 0 (0%)
Pnb Investment Services Limited	1	169.65	18.77	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)

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Summary

PE Ratio^*
Highest	84.59
Median	24.68
Lowest	11.49

IPO Size (Cr.)
Highest	27870.16
Median	2,221.75
Lowest	130.15

*IPOs with Extreme PE (50+) are excluded from the above calculations.
Above summary is for reference only as the same is based on the limited data set.

Explore More...

SME BRLM Performance Tracker >> Mainboard Performance Tracker >>

IPOs by PE Multiple >> SME Performance Tracker >>

City wise Mainboard Merchant Banker >> Upcoming Mainboard IPO >>

City wise SME Merchant Banker >> Upcoming SME IPO >>

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.