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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Year Wise SME Merchant Bankers in India

Get detailed insights into year-wise Merchant Banker reviews with our comprehensive analysis of BRLMs (Book Running Lead Managers) for SME IPOs in India. This page highlights the performance and services provided by top merchant banking firms for each year, including 2024 merchant bankers, 2023 merchant bankers, and 2022 merchant bankers. Discover which merchant bankers played a key role in helping SMEs raise capital, navigate regulatory processes, and achieve successful listings. Explore reviews of the best merchant bankers known for their expertise in SME IPO advisory and capital market strategies tailored for growing businesses.

Merchant Banker No of IPOs so far Total funds raised (Cr.) Avg IPO size (Cr.) Avg Listing Gain (%) Avg Subscription (X) Location
Hem Securities Limited 133 3,476.53 26.14 32.62 89.10 Jaipur Connect
Pantomath Capital Advisors Private Limited 104 1,684.10 16.19 10.59 8.87 Mumbai Connect
Aryaman Financial Services Limited 89 1,369.99 15.39 4.97 4.82 New Delhi Connect
Beeline Capital Advisors Private Limited 76 2,538.63 33.40 46.92 192.04 Ahmedabad Connect
Gretex Corporate Services Limited 53 996.13 18.79 16.81 45.42 Mumbai Connect
First Overseas Capital Limited 51 864.46 16.95 5.74 7.52 Mumbai Connect
Finshore Management Services Limited 49 625.88 12.77 22.89 64.60 Kolkata Connect
Sarthi Capital Advisors Private Limited 48 745.76 15.54 17.59 15.23 Mumbai Connect
Shreni Shares Limited 47 856.84 18.23 39.96 127.75 Mumbai Connect
Guiness Corporate Advisors Private Limited 47 585.29 12.45 7.28 6.46 Kolkata Connect
Fedex Securities Private Limited 44 909.41 20.67 17.42 68.80 Mumbai Connect
GYR Capital Advisors Private Limited 44 1,488.28 33.82 89.34 423.47 Ahmedabad Connect
Swastika Investmart Limited 34 512.22 15.07 13.34 55.13 Mumbai Connect
Inventure Merchant Banker Services Private Limited 33 427.77 12.96 21.61 6.38 Mumbai Connect
Navigant Corporate Advisors Limited 23 237.14 10.31 4.48 11.80 Mumbai Connect
Interactive Financial Services Limited 23 739.86 32.17 7.11 47.03 Ahmedabad Connect
Corporate Capital Ventures Private Limited 23 818.94 35.61 93.50 193.97 New Delhi Connect
Narnolia Financial Services Limited 21 889.13 42.34 33.66 192.84 Kolkata Connect
Horizon Management Private Limited 18 785.94 43.66 14.17 152.08 Kolkata Connect
Unistone Capital Private Limited 18 826.46 45.91 12.10 57.16 Mumbai Connect
Share India Capital Services Private Limited 17 533.05 31.36 42.12 122.44 Noida Connect
Expert Global Consultants Private Limited 16 442.41 27.65 44.85 110.25 New Delhi Connect
Fast Track Finsec Private Limited 16 404.02 25.25 18.60 26.47 New Delhi Connect
Holani Consultants Private Limited 13 273.72 21.06 88.02 234.38 Jaipur Connect
Monarch Networth Capital Limited 12 195.39 16.28 6.77 6.84 Ahmedabad Connect
Indorient Financial Services Limited 11 516.32 46.94 23.73 46.97 New Delhi Connect
Khandwala Securities Limited 11 344.59 31.33 25.02 198.20 Mumbai Connect
Mark Corporate Advisors Private Limited 10 320.52 32.05 13.25 28.48 Mumbai Connect
Smart Horizon Capital Advisors Private Limited 10 502.33 50.23 12.69 68.06 Mumbai Connect
Khambatta Securities Limited 9 158.31 17.59 56.52 104.38 Mumbai Connect
Corporate Strategic Allianz Limited 9 179.77 19.97 5.61 0.00 Ahmedabad Connect
Isk Advisors Private Limited 9 341.97 38.00 32.15 43.98 Ahmedabad Connect
Choice Capital Advisors Private Limited 8 290.77 36.35 14.73 72.64 Mumbai Connect
Swaraj Shares and Securities Private Limited 8 240.79 30.10 44.27 71.04 Kolkata Connect
Vivro Financial Services Private Limited 8 473.09 59.14 51.61 209.03 Ahmedabad Connect
Srujan Alpha Capital Advisors Llp 7 196.01 28.00 17.86 111.78 Mumbai Connect
Jawa Capital Services Private Limited 7 163.73 23.39 0.99 121.56 New Delhi Connect
Affinity Global Capital Market Private Limited 6 242.25 40.38 14.91 45.49 Kolkata Connect
Keynote Financial Services Limited 6 142.29 23.72 25.62 0.27 Mumbai Connect
Systematix Corporate Services Limited 5 138.67 27.73 11.39 1.30 Gwalior Connect
Arihant Capital Markets Limited 5 197.99 39.60 11.86 2.25 Mumbai Connect
Turnaround Corporate Advisors Private Limited 5 42.26 8.45 1.54 8.28 New Delhi Connect
Marwadi Chandarana Intermediaries Brokers Private Limited 4 239.74 59.94 47.55 379.53 Rajkot Connect
Oneview Corporate Advisors Private Limited 4 104.20 26.05 54.38 85.33 kolkata Connect
SKI Capital Services Limited 4 82.35 20.59 43.49 179.30 New Delhi Connect
Corporate Makers Capital Limited 4 153.31 38.33 -9.33 11.02 New Delhi Connect
Corpwis Advisors Private Limited 4 163.52 40.88 -2.00 34.16 Mumbai Connect
Sobhagya Capital Options Limited 4 35.68 8.92 9.98 46.64 New Delhi Connect
Nirbhay Capital Services Private Limited 3 102.51 34.17 -0.32 12.38 Ahmedabad Connect
Idbi Capital Market Services Limited 3 57.01 19.00 -5.84 0.00 Mumbai Connect
Intensive Fiscal Services Private Limited 3 12.47 4.16 1.39 0.00 Mumbai Connect
Ekadrisht Capital Private Limited 3 138.33 46.11 148.53 295.70 Mumbai Connect
Sun Capital Advisory Services (P) Limited 3 29.13 9.71 0.93 24.81 Mumbai Connect
Cumulative Capital Private Limited 3 177.42 59.14 33.44 66.38 Mumbai Connect
Capitalsquare Advisors Private Limited 3 12.73 4.24 2.51 2.46 Mumbai Connect
Bcb Brokerage Private Limited 3 11.16 3.72 -5.67 0.36 Mumbai Connect
Vc Corporate Advisors Private Limited (Vcapl) 3 20.67 6.89 2.11 0.38 Kolkata Connect
Comfort Securities Private Limited 2 47.83 23.92 80.95 85.67 Mumbai Connect
Seren Capital Private Limited 2 91.27 45.64 23.62 54.70 Mumbai Connect
Kreo Capital Private Limited 2 89.27 44.64 6.58 10.63 Nagpur Connect
kunvarji finstock private limited 2 66.25 33.13 47.69 286.27 Ahmedabad Connect
Socradamus Capital Private Limited 2 89.76 44.88 27.97 293.49 Mumbai Connect
V B Desai Financial Services Limited 2 6.35 3.18 5.20 0.00 Mumbai Connect
Boi Merchant Bankers Limited 2 38.30 19.15 -2.56 13.67 Mumbai Connect
Saffron Capital Advisors Private Limited 2 65.78 32.89 5.34 1.18 New Delhi Connect
Ckp Financial Services Private Limited 2 38.98 19.49 1.32 1.20 Mumbai Connect
Galactico Corporate Service Limited 2 34.19 17.10 -15.68 1.53 Nashik Connect
Mehta Integrated Finance Limited 2 32.02 16.01 -1.46 0.59 Ahmedabad Connect
Quintessence Enterprises Private Limited 2 13.38 6.69 -6.40 0.56 Hyderabad Connect
Ajcon Global Services Limited 2 31.91 15.96 0.50 0.59 Mumbai Connect
D And A Financial Services Private Limited 2 12.02 6.01 -3.14 0.97 New Delhi Connect
Sundae Capital Advisors 2 101.24 50.62 -6.76 2.00 New Delhi Connect
Chartered Capital And Investment Limited 2 46.22 23.11 -2.09 0.00 Ahmedabad Connect
New Berry Capitals Private Limited 1 105.84 105.84 4.17 1.15 Ahmedabad Connect
PL Capital Markets Private Limited 1 35.52 35.52 -2.83 5.36 Mumbai Connect
Almondz Financial Services Limited 1 39.42 39.42 0.00 151.52 New Delhi Connect
Bonanza Portfolio Limited 1 10.62 10.62 0.28 1.34 New Delhi Connect
Rarever Financial Advisors Private Limited 1 58.57 58.57 38.02 201.35 Ahmedabad Connect
Wealth Mine Networks Private Limited 1 26.40 26.40 -6.26 64.95 Jamnagar Connect
Getfive Advisors Private Limited 1 27.13 27.13 -10.47 2.96 Ahmedabad Connect
Smc Capitals Limited 1 42.48 42.48 -4.92 1.21 New Delhi Connect
3Dimesnion Capital Services Limited 1 25.99 25.99 9.68 8.32 New Delhi Connect
Tipsons Consultancy Services Private Limited 1 25.50 25.50 2.52 0.00 Ahmedabad Connect
Chartered Finance Management Limited 1 10.23 10.23 3.81 2.39 Mumbai Connect
Corporate Professionals Capital Private Limited 1 22.08 22.08 152.00 53.94 New Delhi Connect
Asit C. Mehta Investment Interrmediates Limited 1 54.97 54.97 -17.00 1.64 Mumbai Connect
First Call India Equity Advisors Private Limited 1 5.05 5.05 0.56 0.00 Mumbai Connect
Kjmc Corporate Advisors (India) Limited 1 21.00 21.00 24.88 0.00 Mumbai Connect
Basan Financial Services Limited 1 3.50 3.50 26.00 0.00 Hyderabad Connect
Unicon Capital Services Private Limited 1 3.02 3.02 43.50 0.00 Connect
Skyline Financial Services Private Limited 1 13.87 13.87 20.00 0.00 New Delhi Connect
Spa Capital Advisors Limited 1 6.00 6.00 -13.75 0.00 New Delhi Connect
Karvy Investor Services Limited 1 3.58 3.58 6.88 0.00 Hyderabad Connect
Microsec Capital Limited 1 19.25 19.25 -10.91 0.00 Kolkata Connect

FAQs

Mainboard IPO

To list on the NSE for a Mainboard IPO, a company must have ₹10 crore paid-up capital, ₹25 crore market capitalization, a 3-year track record, and comply with legal requirements, with no insolvency or debt defaults.

To list on the BSE, the company must have ₹10 crore paid-up capital, raise at least ₹10 crore in the IPO, and have a ₹25 crore market capitalization post-issue.

For more details, please refer to Link https://www.ipoplatform.com/blogs/difference-between-mainboard-and-sme-ipo/127

SME IPO 

To list on NSE Emerge and BSE SME, a company’s post-issue capital should not exceed to Rs 25 crore a 3-year track record, and profit in 2 of the last 3 years. The company must have, ₹1 crore net worth, ₹3 crore net tangible assets, and at least 1 year of operating profit or a 3-year track record from its predecessor.

For details on NSE SME eligibility, refer to Link https://www.ipoplatform.com/blogs/nse-sme-eligibility-criteria/135

For details on BSE SME eligibility criteria, refer to link https://www.ipoplatform.com/blogs/bse-sme-eligibility-criteria/134

Valuation of a company for an IPO depends on several factors, including:

  • Revenue: Positive revenue often leads to positive profit (PAT), affecting the P/E ratio.
  • Growth Potential: A company’s ability to expand revenue and profits based on market demand and strategies.
  • Market Conditions: The overall market environment at the time of the IPO.
  • Industry: The company’s industry and its trends, which influence the P/E multiple and valuation.

Learn More

  • IPO process includes filing DRHP which gives details on the utilizations of the funds in its objects of offer section. Generally, the funds are utilized towards working capital, capital expansion and repayment of debt.

When a company raises funds through an IPO (Initial Public Offering), following things should be kept in mind;

  1. Separate Bank Account: All the money raised from the IPO must be kept in a separate bank account.
  2. Usage of Funds: The company must clearly show how the raised money was spent in its financial reports, including the purpose of each expenditure.
  3. Unutilized Funds: If any money from the IPO is not used, the company must disclose where and how those funds are being kept or invested.

The merchant banker must have to provide the details of utilization to SEBI. 

IPO advisors or SME IPO Consultants play a crucial role in guiding the company through the IPO process. They assist with structuring the offering, preparing necessary documentation, IPO pricing with fair valuations, ensuring regulatory compliance, due diligence activity, and helping market the IPO to potential investors. Their expertise ensures a smooth and successful public listing.

IPO platform in India provides information on upcoming IPOs on NSE Emerge and BSE SME and list of merchant bankers and anchor investors. Role of IPO advisor is important in the success of the listings. 

Understand the role of IPO Advisors

Pre IPO-Issue also has to comply with SEBI ICDR regulations.

A pre-IPO company might get eventually listed on NSE Emerge, BSE SME or mainboard platform of the stock exchanges by fulfilling the NSE/BSE eligibility criteria. Best Merchant Bankers in India have the role and responsibility for launching IPO.

For further details refer this link https://www.ipoplatform.com/blogs/what-is-pre-ipo-investment-and-role-of-ipo-advisors/142

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