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	35.82
Median	16.56
Lowest	9.14

IPO Size (Cr.)
Highest	165.63
Median	46.67
Lowest	8.75

*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 FY26

SME IPO Performance of Merchant Bankers in India on NSE Emerge and BSE SME for IPO 2026. 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 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)
Hem Securities Limited	8	575.93	14.66	8 (100%) 0 (0%)	8 (100%) 0 (0%)	5 (63%) 3 (38%)
Smart Horizon Capital Advisors Private Limited	7	299.58	16.12	7 (100%) 0 (0%)	4 (57%) 3 (43%)	3 (43%) 4 (57%)
GYR Capital Advisors Private Limited	5	209.44	14.12	5 (100%) 0 (0%)	3 (60%) 2 (40%)	2 (40%) 3 (60%)
Narnolia Financial Services Limited	5	303.24	17.13	4 (80%) 1 (20%)	5 (100%) 0 (0%)	2 (40%) 3 (60%)
Gretex Corporate Services Limited	4	119.86	16.65	4 (100%) 0 (0%)	1 (25%) 3 (75%)	1 (25%) 3 (75%)
Beeline Capital Advisors Private Limited	4	201.35	11.46	4 (100%) 0 (0%)	4 (100%) 0 (0%)	3 (75%) 1 (25%)
Aryaman Financial Services Limited	3	145.11	17.72	2 (67%) 1 (33%)	3 (100%) 0 (0%)	1 (33%) 2 (67%)
Fast Track Finsec Private Limited	3	179.74	16.16	0 (0%) 3 (100%)	1 (33%) 2 (67%)	2 (67%) 1 (33%)
Unistone Capital Private Limited	3	162.77	17.15	2 (67%) 1 (33%)	2 (67%) 1 (33%)	1 (33%) 2 (67%)
Jawa Capital Services Private Limited	3	78.60	21.05	1 (33%) 2 (67%)	0 (0%) 3 (100%)	0 (0%) 3 (100%)
Corporate Makers Capital Limited	3	69.66	17.05	0 (0%) 3 (100%)	2 (67%) 1 (33%)	2 (67%) 1 (33%)
Finshore Management Services Limited	2	31.17	22.05	1 (50%) 1 (50%)	1 (50%) 1 (50%)	1 (50%) 1 (50%)
Indorient Financial Services Limited	2	90.76	18.87	1 (50%) 1 (50%)	1 (50%) 1 (50%)	1 (50%) 1 (50%)
Expert Global Consultants Private Limited	2	69.85	16.47	1 (50%) 1 (50%)	1 (50%) 1 (50%)	0 (0%) 2 (100%)
Affinity Global Capital Market Private Limited	2	123.78	14.07	1 (50%) 1 (50%)	0 (0%) 2 (100%)	1 (50%) 1 (50%)
Horizon Management Private Limited	2	91.11	19.17	2 (100%) 0 (0%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Nirbhay Capital Services Private Limited	2	64.11	19.03	1 (50%) 1 (50%)	0 (0%) 2 (100%)	0 (0%) 2 (100%)
Marwadi Chandarana Intermediaries Brokers Private Limited	2	193.52	19.38	1 (50%) 1 (50%)	1 (50%) 1 (50%)	1 (50%) 1 (50%)
Seren Capital Private Limited	2	91.27	18.09	2 (100%) 0 (0%)	2 (100%) 0 (0%)	2 (100%) 0 (0%)
Swastika Investmart Limited	1	31.68	12.95	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Turnaround Corporate Advisors Private Limited	1	8.75	23.31	1 (100%) 0 (0%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Arihant Capital Markets Limited	1	50.00	14.88	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Vivro Financial Services Private Limited	1	60.98	21.44	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Share India Capital Services Private Limited	1	24.71	12.84	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Interactive Financial Services Limited	1	46.49	N/A	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Oneview Corporate Advisors Private Limited	1	37.67	25.94	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Srujan Alpha Capital Advisors Llp	1	73.81	14.25	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Khambatta Securities Limited	1	18.15	15.78	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Corpwis Advisors Private Limited	1	24.25	14.93	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)
Sobhagya Capital Options Limited	1	27.56	13.20	0 (0%) 1 (100%)	0 (0%) 1 (100%)	0 (0%) 1 (100%)
Socradamus Capital Private Limited	1	69.81	12.07	0 (0%) 1 (100%)	0 (0%) 1 (100%)	1 (100%) 0 (0%)
Cumulative Capital Private Limited	1	58.80	19.77	1 (100%) 0 (0%)	1 (100%) 0 (0%)	0 (0%) 1 (100%)
Wealth Mine Networks Private Limited	1	26.40	19.16	0 (0%) 1 (100%)	0 (0%) 1 (100%)	1 (100%) 0 (0%)
Getfive Advisors Private Limited	1	27.13	12.69	0 (0%) 1 (100%)	0 (0%) 1 (100%)	1 (100%) 0 (0%)
Rarever Financial Advisors Private Limited	1	58.57	16.63	1 (100%) 0 (0%)	1 (100%) 0 (0%)	1 (100%) 0 (0%)

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Summary

PE Ratio^*
Highest	35.82
Median	16.56
Lowest	9.14

IPO Size (Cr.)
Highest	165.63
Median	46.67
Lowest	8.75

*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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City wise Mainboard Merchant Banke >> Upcoming Mainboard 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.