Search IPOs
SEBI-registered merchant bankers who manage IPO listings on BSE & NSE
JM Financial Ltd.
Merchant Banker
13
Total IPOs
+9.2%
Avg Listing
13 Mainboard
ICICI Securities Ltd.
Merchant Banker
12
Total IPOs
+18.8%
Avg Listing
12 Mainboard
IIFL Capital Services Ltd.
Merchant Banker
11
Total IPOs
+5.5%
Avg Listing
11 Mainboard
Axis Capital Ltd.
Merchant Banker
11
Total IPOs
+1.8%
Avg Listing
11 Mainboard
Motilal Oswal Investment Advisors Ltd.
Merchant Banker
11
Total IPOs
+4.8%
Avg Listing
11 Mainboard
Kotak Mahindra Capital Co.Ltd.
Merchant Banker
9
Total IPOs
+8.4%
Avg Listing
9 Mainboard
Smart Horizon Capital Advisors Pvt Ltd
Merchant Banker
6
Total IPOs
0.0%
Avg Listing
MB 2 SME 4
Equirus Capital Private Limited
Merchant Banker
5
Total IPOs
-4.3%
Avg Listing
5 Mainboard
SBI Capital Markets Ltd.
Merchant Banker
5
Total IPOs
-2.9%
Avg Listing
5 Mainboard
GYR Capital Advisors Pvt.Ltd.
Merchant Banker
5
Total IPOs
+40.6%
Avg Listing
5 SME
Jefferies India Pvt.Ltd.
Merchant Banker
5
Total IPOs
-
Avg Listing
5 Mainboard
IDBI Capital Markets Services Ltd.
Merchant Banker
4
Total IPOs
+29.6%
Avg Listing
4 Mainboard
Nuvama Wealth Management Ltd.
Merchant Banker
4
Total IPOs
+0.0%
Avg Listing
4 Mainboard
Goldman Sachs (India) Securities Pvt.Ltd.
Merchant Banker
4
Total IPOs
-11.9%
Avg Listing
4 Mainboard
JP Morgan India Private Limited
Merchant Banker
4
Total IPOs
-8.8%
Avg Listing
4 Mainboard
Sobhagya Capital Options Pvt.Ltd.
Merchant Banker
4
Total IPOs
-1.0%
Avg Listing
MB 1 SME 3
Morgan Stanley India Co.Pvt.Ltd.
Merchant Banker
3
Total IPOs
-11.4%
Avg Listing
3 Mainboard
Pantomath Capital Advisors Pvt.Ltd.
Merchant Banker
3
Total IPOs
+0.0%
Avg Listing
3 Mainboard
Finshore Management Services Ltd.
Merchant Banker
3
Total IPOs
-24.0%
Avg Listing
3 SME
Aryaman Financial Services Ltd.
Merchant Banker
3
Total IPOs
-
Avg Listing
MB 2 SME 1
Gretex Corporate Services Ltd.
Merchant Banker
3
Total IPOs
+1.3%
Avg Listing
3 SME
Horizon Management Pvt.Ltd.
Merchant Banker
3
Total IPOs
-20.0%
Avg Listing
3 SME
Nirbhay Capital Services Pvt.Ltd
Merchant Banker
2
Total IPOs
+2.6%
Avg Listing
2 Mainboard
Shannon Advisors Pvt.Ltd
Merchant Banker
2
Total IPOs
-
Avg Listing
2 Mainboard
Cumulative Capital Pvt.Ltd.
Merchant Banker
2
Total IPOs
+9.6%
Avg Listing
MB 1 SME 1
BOB Capital Markets Ltd.
Merchant Banker
2
Total IPOs
-8.8%
Avg Listing
2 Mainboard
Emkay Global Financial Services Ltd.
Merchant Banker
2
Total IPOs
-14.7%
Avg Listing
2 Mainboard
Arihant Capital Markets Limited
Merchant Banker
2
Total IPOs
-
Avg Listing
2 Mainboard
Nomura Financial Advisory & Securities (India) Pvt.Ltd.
Merchant Banker
2
Total IPOs
-8.8%
Avg Listing
2 Mainboard
Nexgen Financial Solutions Private Limited
Merchant Banker
2
Total IPOs
-8.7%
Avg Listing
2 SME
Holani Consultants Pvt.Ltd.
Merchant Banker
2
Total IPOs
-
Avg Listing
2 Mainboard
HSBC Securities & Capital Markets (India) Pvt.Ltd.
Merchant Banker
2
Total IPOs
-8.8%
Avg Listing
2 Mainboard
Unicon Capital Services Private Limited
Merchant Banker
2
Total IPOs
-
Avg Listing
MB 1 SME 1
BOFA Securities India Ltd.
Merchant Banker
2
Total IPOs
-
Avg Listing
2 Mainboard
Share India Capital Services Private Limited
Merchant Banker
2
Total IPOs
-
Avg Listing
MB 1 SME 1
Citigroup Global Markets India Pvt.Ltd.
Merchant Banker
2
Total IPOs
-11.9%
Avg Listing
2 Mainboard
Avendus Capital Pvt.Ltd.
Merchant Banker
2
Total IPOs
+0.8%
Avg Listing
2 Mainboard
Indorient Financial Services Ltd.
Merchant Banker
2
Total IPOs
-
Avg Listing
MB 1 SME 1
Capital Square Advisors Pvt.Ltd.
Merchant Banker
2
Total IPOs
-2.8%
Avg Listing
2 SME
Hem Securities Ltd.
Merchant Banker
2
Total IPOs
-
Avg Listing
2 SME
Oneview Corporate Advisors Pvt.Ltd.
Merchant Banker
2
Total IPOs
+19.5%
Avg Listing
2 SME
UBS Securities India Private Ltd
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
Vivro Financial Services Private Limited
Merchant Banker
1
Total IPOs
+10.2%
Avg Listing
1 SME
Kreo Capital Private Limited
Merchant Banker
1
Total IPOs
-2.2%
Avg Listing
1 SME
Keynote Financial Services Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
Fintellectual Corporate Advisors Private Limited
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
DBS Bank India Limited
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
Ambit Private Limited
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
Dolat Finserv Pvt.Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
Novus Capital Advisors Private Limited
Merchant Banker
1
Total IPOs
+2.1%
Avg Listing
1 SME
Socradamus Capital Pvt.Ltd.
Merchant Banker
1
Total IPOs
-12.4%
Avg Listing
1 SME
Valmiki Leela Capital Private Limited
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
Jawa Capital Services Pvt.Ltd.
Merchant Banker
1
Total IPOs
-24.0%
Avg Listing
1 SME
Expert Global Consultants Pvt.Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
CLSA India Pvt.Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
Beeline Capital Advisors Pvt.Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Comfort Securities Limited
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Corpwis Advisors Private Limited
Merchant Banker
1
Total IPOs
-23.4%
Avg Listing
1 SME
Indcap Advisors Pvt.Ltd.
Merchant Banker
1
Total IPOs
+31.4%
Avg Listing
1 SME
3Dimension Capital Services Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Sun Capital Advisory Services Pvt.Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Seren Capital Pvt.Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Centrum Capital Ltd
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
PNB Investment Services Ltd
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
Corporate Capitalventures Pvt.Ltd.
Merchant Banker
1
Total IPOs
-19.9%
Avg Listing
1 SME
DAM Capital Advisors Limited
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Choice Capital Advisors Pvt.Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
Finaax Capital Advisors Private Limited
Merchant Banker
1
Total IPOs
+6.0%
Avg Listing
1 SME
Sarthi Capital Advisors Pvt.Ltd.
Merchant Banker
1
Total IPOs
+5.1%
Avg Listing
1 Mainboard
BNP Paribas
Merchant Banker
1
Total IPOs
-8.8%
Avg Listing
1 Mainboard
Interactive Financial Services Ltd.
Merchant Banker
1
Total IPOs
-34.6%
Avg Listing
1 Mainboard
ERUDORE CAPITAL PRIVATE LIMITED
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Cumulative Capital Pvt.Ltd.
Merchant Banker
0
Total IPOs
-
Avg Listing
- Segment
A lead manager, also known as a merchant banker, is a SEBI-registered financial institution appointed by a company to manage its IPO from start to finish. Their responsibilities include conducting due diligence, preparing the DRHP (Draft Red Herring Prospectus), filing with SEBI, setting the price band, managing book building, and coordinating the listing on BSE or NSE.
A lead manager (merchant banker) is a SEBI-registered entity that manages the entire IPO process — due diligence, DRHP preparation, SEBI filing, price band setting, book building, and coordinating the listing on BSE or NSE. They act as the primary intermediary between the issuer company and the investing public.
Yes. Large IPOs often appoint 2–5 lead managers depending on the issue size and complexity. Each appointed merchant banker shares responsibility for the IPO. In performance tracking, the IPO is credited to all appointed lead managers.
Key metrics include: total number of IPOs managed, average listing gain of their IPOs, subscription levels achieved, and the mix of Mainboard vs SME issues handled. A consistent record of well-subscribed IPOs with positive listing gains is generally a positive indicator.
You can verify SEBI registration on sebi.gov.in under the "Intermediaries / Market Infrastructure Institutions" section. All SEBI-registered merchant bankers are listed with their registration number, validity period, and contact details.