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	70.62
Median	27.75
Lowest	1.47

IPO Size (Cr.)
Highest	12500.00
Median	1,618.99
Lowest	119.00

*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 FY26

IPO Performance of Merchant Bankers in India on NSE and BSE stock exchanges for Mainboard IPO 2026. 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 2026. 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)
Jm Financial Limited	12	29,207.82	192.44	8 (67%) 4 (33%)	6 (50%) 6 (50%)	5 (42%) 7 (58%)
ICICI Securities Limited	8	17,361.20	264.16	4 (50%) 4 (50%)	3 (38%) 5 (63%)	4 (50%) 4 (50%)
IIFL Securities Limited	8	24,122.03	102.50	5 (63%) 3 (38%)	5 (63%) 3 (38%)	5 (63%) 3 (38%)
Motilal Oswal Investment Advisors Limited	6	18,644.96	70.80	5 (83%) 1 (17%)	4 (67%) 2 (33%)	4 (67%) 2 (33%)
Hsbc Securities & Capital Markets Private limited	5	23,642.36	17.35	4 (80%) 1 (20%)	3 (60%) 2 (40%)	3 (60%) 2 (40%)
Axis Capital Limited	4	10,018.10	61.57	2 (50%) 2 (50%)	3 (75%) 1 (25%)	4 (100%) 0 (0%)
Kotak Mahindra Capital Company Limited	4	6,555.56	125.49	2 (50%) 2 (50%)	1 (25%) 3 (75%)	1 (25%) 3 (75%)
Nomura Financial Advisory And Securities (India) Private Limited	4	20,465.76	310.83	4 (100%) 0 (0%)	2 (50%) 2 (50%)	2 (50%) 2 (50%)
Nuvama Wealth Management Limited	4	14,926.94	32.30	3 (75%) 1 (25%)	2 (50%) 2 (50%)	2 (50%) 2 (50%)
Jefferies India Private Limited	3	18,150.00	103.98	1 (33%) 2 (67%)	2 (67%) 1 (33%)	2 (67%) 1 (33%)
Monarch Networth Capital Limited	2	1,012.00	28.71	2 (100%) 0 (0%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Choice Capital Advisors Private Limited	2	528.11	23.33	2 (100%) 0 (0%)	2 (100%) 0 (0%)	1 (50%) 1 (50%)
Bnp Paribas	2	16,000.00	143.74	1 (50%) 1 (50%)	1 (50%) 1 (50%)	1 (50%) 1 (50%)
Bofa Securities India Limited	2	16,000.00	120.62	1 (50%) 1 (50%)	0 (0%) 2 (100%)	1 (50%) 1 (50%)
Citigroup Global Markets India Private Limited	2	6,895.00	141.86	1 (50%) 1 (50%)	1 (50%) 1 (50%)	2 (100%) 0 (0%)
Equirus Capital Private Limited	2	1,510.00	28.29	2 (100%) 0 (0%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
J.P. Morgan India Private Limited	2	6,895.00	141.86	1 (50%) 1 (50%)	1 (50%) 1 (50%)	2 (100%) 0 (0%)
Morgan Stanley India Company Private Limited	2	16,000.00	120.62	1 (50%) 1 (50%)	0 (0%) 2 (100%)	1 (50%) 1 (50%)
SBI Capital Markets Limited	2	5,650.00	118.78	0 (0%) 2 (100%)	1 (50%) 1 (50%)	2 (100%) 0 (0%)
Systematix Corporate Services Limited	1	200.00	24.27	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
PL Capital Markets Private Limited	1	254.26	22.94	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Beeline Capital Advisors Private Limited	1	144.89	1.47	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Idbi Capital Market Services Limited	1	4,011.60	11.74	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Anand Rathi Securities Limited	1	860.00	28.03	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Axis Bank Limited	1	4,011.60	11.74	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Batlivala & Karani Securities India Private Limited	1	2,000.00	37.89	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Bob Capital Markets Limited	1	582.56	N/A	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Clsa India Private Limited	1	1,387.34	24.22	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Dam Capital Advisors Limited (Formerly Idfc Securities Limited)	1	650.00	28.55	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Goldman Sachs (India) Securities Private Limited	1	12,500.00	28.15	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Hdfc Bank Limited	1	3,500.00	259.32	0 (0%) 1 (100%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Ubs Securities India Private Limited	1	12,500.00	28.15	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Mefcom Capital Markets Limited	1	119.00	17.88	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)

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Summary

PE Ratio^*
Highest	70.62
Median	27.75
Lowest	1.47

IPO Size (Cr.)
Highest	12500.00
Median	1,618.99
Lowest	119.00

*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 >>

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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.