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	48.95
Median	19.34
Lowest	3.27

IPO Size (Cr.)
Highest	197.90
Median	41.16
Lowest	1.92

*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.

SME Merchant Banker Performance Tracker FY25

SME IPO Performance of Merchant Bankers in India on NSE Emerge and BSE SME for IPO 2025. List of merchant banks with number of SME IPO assisted, Total Fundraise, Average PE Ratio, IPO listed in Gain/loss and Current IPO Performance of the BRLM. Latest SME 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)
Hem Securities Limited	24	1,350.65	18.35	23 (96%) 1 (4%)	15 (63%) 9 (38%)	8 (33%) 16 (67%)
Beeline Capital Advisors Private Limited	24	1,165.44	17.77	24 (100%) 0 (0%)	13 (54%) 11 (46%)	7 (29%) 17 (71%)
GYR Capital Advisors Private Limited	17	915.49	14.17	16 (94%) 1 (6%)	12 (71%) 5 (29%)	5 (29%) 12 (71%)
Shreni Shares Limited	14	401.49	20.68	14 (100%) 0 (0%)	11 (79%) 3 (21%)	7 (50%) 7 (50%)
Horizon Management Private Limited	12	496.25	20.02	6 (50%) 6 (50%)	2 (17%) 10 (83%)	1 (8%) 11 (92%)
Fedex Securities Private Limited	9	119.88	22.12	8 (89%) 1 (11%)	4 (44%) 5 (56%)	4 (44%) 5 (56%)
Swastika Investmart Limited	8	192.00	21.87	8 (100%) 0 (0%)	2 (25%) 6 (75%)	2 (25%) 6 (75%)
Interactive Financial Services Limited	8	248.32	18.14	6 (75%) 2 (25%)	3 (38%) 5 (63%)	1 (13%) 7 (88%)
Expert Global Consultants Private Limited	8	235.15	17.21	8 (100%) 0 (0%)	4 (50%) 4 (50%)	2 (25%) 6 (75%)
Narnolia Financial Services Limited	8	280.97	23.11	6 (75%) 2 (25%)	4 (50%) 4 (50%)	3 (38%) 5 (63%)
Khandwala Securities Limited	7	231.57	25.14	2 (29%) 5 (71%)	0 (0%) 7 (100%)	0 (0%) 7 (100%)
Inventure Merchant Banker Services Private Limited	6	149.99	24.74	4 (67%) 2 (33%)	1 (17%) 5 (83%)	0 (0%) 6 (100%)
Finshore Management Services Limited	6	106.70	18.68	5 (83%) 1 (17%)	3 (50%) 3 (50%)	2 (33%) 4 (67%)
Unistone Capital Private Limited	6	424.49	17.35	4 (67%) 2 (33%)	2 (33%) 4 (67%)	2 (33%) 4 (67%)
Corporate Capital Ventures Private Limited	5	254.22	20.95	5 (100%) 0 (0%)	4 (80%) 1 (20%)	2 (40%) 3 (60%)
Gretex Corporate Services Limited	5	179.60	21.37	4 (80%) 1 (20%)	1 (20%) 4 (80%)	0 (0%) 5 (100%)
Share India Capital Services Private Limited	5	206.78	16.32	4 (80%) 1 (20%)	4 (80%) 1 (20%)	3 (60%) 2 (40%)
Aryaman Financial Services Limited	4	122.66	21.56	4 (100%) 0 (0%)	2 (50%) 2 (50%)	2 (50%) 2 (50%)
Vivro Financial Services Private Limited	4	305.74	11.07	3 (75%) 1 (25%)	4 (100%) 0 (0%)	4 (100%) 0 (0%)
Srujan Alpha Capital Advisors Llp	4	95.84	18.39	4 (100%) 0 (0%)	3 (75%) 1 (25%)	3 (75%) 1 (25%)
Choice Capital Advisors Private Limited	4	241.00	20.54	4 (100%) 0 (0%)	4 (100%) 0 (0%)	4 (100%) 0 (0%)
Jawa Capital Services Private Limited	4	85.13	22.05	2 (50%) 2 (50%)	2 (50%) 2 (50%)	2 (50%) 2 (50%)
SKI Capital Services Limited	4	82.35	20.46	3 (75%) 1 (25%)	3 (75%) 1 (25%)	2 (50%) 2 (50%)
Fast Track Finsec Private Limited	3	88.44	25.12	3 (100%) 0 (0%)	1 (33%) 2 (67%)	1 (33%) 2 (67%)
Isk Advisors Private Limited	3	208.05	14.20	2 (67%) 1 (33%)	2 (67%) 1 (33%)	2 (67%) 1 (33%)
Indorient Financial Services Limited	3	260.48	25.32	2 (67%) 1 (33%)	2 (67%) 1 (33%)	2 (67%) 1 (33%)
Corpwis Advisors Private Limited	3	139.27	20.73	2 (67%) 1 (33%)	1 (33%) 2 (67%)	2 (67%) 1 (33%)
Ekadrisht Capital Private Limited	3	138.33	15.37	3 (100%) 0 (0%)	2 (67%) 1 (33%)	0 (0%) 3 (100%)
Smart Horizon Capital Advisors Private Limited	3	202.75	12.47	1 (33%) 2 (67%)	2 (67%) 1 (33%)	2 (67%) 1 (33%)
Navigant Corporate Advisors Limited	2	20.87	19.21	1 (50%) 1 (50%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
Holani Consultants Private Limited	2	48.29	17.48	2 (100%) 0 (0%)	2 (100%) 0 (0%)	1 (50%) 1 (50%)
Khambatta Securities Limited	2	51.04	13.53	2 (100%) 0 (0%)	2 (100%) 0 (0%)	1 (50%) 1 (50%)
Swaraj Shares and Securities Private Limited	2	121.30	16.52	2 (100%) 0 (0%)	1 (50%) 1 (50%)	0 (0%) 2 (100%)
Kreo Capital Private Limited	2	89.27	35.48	1 (50%) 1 (50%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
kunvarji finstock private limited	2	66.25	31.01	1 (50%) 1 (50%)	1 (50%) 1 (50%)	0 (0%) 2 (100%)
Marwadi Chandarana Intermediaries Brokers Private Limited	2	46.22	24.10	2 (100%) 0 (0%)	1 (50%) 1 (50%)	0 (0%) 2 (100%)
Cumulative Capital Private Limited	2	118.62	10.52	2 (100%) 0 (0%)	2 (100%) 0 (0%)	1 (50%) 1 (50%)
Pantomath Capital Advisors Private Limited	1	150.00	N/A	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Mark Corporate Advisors Private Limited	1	99.07	19.33	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Turnaround Corporate Advisors Private Limited	1	12.00	16.14	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Arihant Capital Markets Limited	1	50.11	16.72	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Sun Capital Advisory Services (P) Limited	1	12.65	17.05	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Oneview Corporate Advisors Private Limited	1	29.95	16.32	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Affinity Global Capital Market Private Limited	1	18.08	17.59	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Sundae Capital Advisors	1	31.70	46.82	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Galactico Corporate Service Limited	1	23.36	26.97	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Comfort Securities Private Limited	1	39.83	11.70	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Corporate Professionals Capital Private Limited	1	22.08	N/A	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
3Dimesnion Capital Services Limited	1	25.99	26.16	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Socradamus Capital Private Limited	1	19.95	15.74	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Corporate Makers Capital Limited	1	83.65	16.16	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Almondz Financial Services Limited	1	39.42	7.34	0 (0%) 1 (100%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
New Berry Capitals Private Limited	1	105.84	22.95	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)

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Summary

PE Ratio^*
Highest	48.95
Median	19.34
Lowest	3.27

IPO Size (Cr.)
Highest	197.90
Median	41.16
Lowest	1.92

*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.

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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.