Search IPOs
SEBI-registered merchant bankers who manage IPO listings on BSE & NSE
JM Financial Ltd.
Merchant Banker
70
Total IPOs
+12.6%
Avg Listing
70 Mainboard
IIFL Capital Services Ltd.
Merchant Banker
62
Total IPOs
+11.2%
Avg Listing
62 Mainboard
Motilal Oswal Investment Advisors Ltd.
Merchant Banker
57
Total IPOs
+11.1%
Avg Listing
57 Mainboard
Axis Capital Limited
Merchant Banker
55
Total IPOs
+13.6%
Avg Listing
55 Mainboard
ICICI Securities Ltd.
Merchant Banker
46
Total IPOs
+12.1%
Avg Listing
46 Mainboard
Kotak Mahindra Capital Co.Ltd.
Merchant Banker
42
Total IPOs
+13.5%
Avg Listing
42 Mainboard
SBI Capital Markets Ltd.
Merchant Banker
35
Total IPOs
+8.1%
Avg Listing
35 Mainboard
Nuvama Wealth Management Ltd.
Merchant Banker
24
Total IPOs
+6.8%
Avg Listing
24 Mainboard
Jefferies India Pvt.Ltd.
Merchant Banker
23
Total IPOs
+6.9%
Avg Listing
23 Mainboard
JP Morgan India Private Limited
Merchant Banker
20
Total IPOs
+12.3%
Avg Listing
20 Mainboard
DAM Capital Advisors Limited
Merchant Banker
20
Total IPOs
+10.0%
Avg Listing
20 Mainboard
HSBC Securities & Capital Markets (India) Pvt.Ltd.
Merchant Banker
20
Total IPOs
+6.3%
Avg Listing
20 Mainboard
Citigroup Global Markets India Pvt.Ltd.
Merchant Banker
18
Total IPOs
+8.5%
Avg Listing
18 Mainboard
Morgan Stanley India Co.Pvt.Ltd.
Merchant Banker
18
Total IPOs
+12.0%
Avg Listing
18 Mainboard
Pantomath Capital Advisors Pvt.Ltd.
Merchant Banker
18
Total IPOs
+10.9%
Avg Listing
18 Mainboard
GYR Capital Advisors Pvt.Ltd.
Merchant Banker
16
Total IPOs
+5.8%
Avg Listing
MB 3 SME 13
Smart Horizon Capital Advisors Pvt Ltd
Merchant Banker
16
Total IPOs
-2.3%
Avg Listing
MB 6 SME 10
Equirus Capital Private Limited
Merchant Banker
16
Total IPOs
+11.6%
Avg Listing
16 Mainboard
Goldman Sachs (India) Securities Pvt.Ltd.
Merchant Banker
14
Total IPOs
+15.9%
Avg Listing
14 Mainboard
Hem Securities Ltd.
Merchant Banker
14
Total IPOs
+33.7%
Avg Listing
14 SME
Choice Capital Advisors Pvt.Ltd.
Merchant Banker
13
Total IPOs
+15.3%
Avg Listing
MB 10 SME 3
Systematix Corporate Services Limited
Merchant Banker
13
Total IPOs
+15.8%
Avg Listing
13 Mainboard
Finshore Management Services Ltd.
Merchant Banker
11
Total IPOs
+1.9%
Avg Listing
11 SME
Nomura Financial Advisory & Securities (India) Pvt.Ltd.
Merchant Banker
11
Total IPOs
+8.7%
Avg Listing
11 Mainboard
BOFA Securities India Ltd.
Merchant Banker
11
Total IPOs
+26.6%
Avg Listing
11 Mainboard
Corporate Makers Capital Ltd.
Merchant Banker
9
Total IPOs
-
Avg Listing
9 SME
JDA Capital Services Limited (formerly Beeline Capital Advisors Pvt.Ltd.)
Merchant Banker
8
Total IPOs
+8.6%
Avg Listing
MB 6 SME 2
IDBI Capital Markets Services Ltd.
Merchant Banker
8
Total IPOs
+15.4%
Avg Listing
8 Mainboard
Share India Capital Services Private Limited
Merchant Banker
8
Total IPOs
+9.0%
Avg Listing
MB 2 SME 6
Aryaman Financial Services Ltd.
Merchant Banker
8
Total IPOs
+11.1%
Avg Listing
MB 6 SME 2
Seren Capital Pvt.Ltd.
Merchant Banker
8
Total IPOs
+7.1%
Avg Listing
MB 1 SME 7
Anand Rathi Advisors Limited
Merchant Banker
8
Total IPOs
+22.1%
Avg Listing
8 Mainboard
HDFC Bank Limited
Merchant Banker
8
Total IPOs
+10.6%
Avg Listing
8 Mainboard
Avendus Capital Pvt.Ltd.
Merchant Banker
7
Total IPOs
+0.8%
Avg Listing
7 Mainboard
Cumulative Capital Pvt.Ltd.
Merchant Banker
7
Total IPOs
+60.8%
Avg Listing
MB 4 SME 3
Sobhagya Capital Options Pvt.Ltd.
Merchant Banker
7
Total IPOs
+0.0%
Avg Listing
MB 2 SME 5
Nexgen Financial Solutions Private Limited
Merchant Banker
7
Total IPOs
+13.3%
Avg Listing
7 SME
BNP Paribas
Merchant Banker
7
Total IPOs
-0.2%
Avg Listing
7 Mainboard
Unistone Capital Private Limited
Merchant Banker
7
Total IPOs
-5.6%
Avg Listing
MB 6 SME 1
Horizon Management Pvt.Ltd.
Merchant Banker
6
Total IPOs
-20.0%
Avg Listing
6 SME
Indorient Financial Services Ltd.
Merchant Banker
6
Total IPOs
-
Avg Listing
MB 1 SME 5
Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
Merchant Banker
6
Total IPOs
+1.7%
Avg Listing
MB 1 SME 5
Emkay Global Financial Services Ltd.
Merchant Banker
6
Total IPOs
+19.5%
Avg Listing
6 Mainboard
UBS Securities India Private Ltd
Merchant Banker
6
Total IPOs
+7.4%
Avg Listing
6 Mainboard
Mefcom Capital Markets Limited
Merchant Banker
6
Total IPOs
+13.3%
Avg Listing
MB 5 SME 1
Intensive Fiscal Services Pvt.Ltd
Merchant Banker
6
Total IPOs
+5.4%
Avg Listing
6 Mainboard
Capital Square Advisors Pvt.Ltd.
Merchant Banker
5
Total IPOs
-1.6%
Avg Listing
5 SME
CLSA India Pvt.Ltd.
Merchant Banker
5
Total IPOs
-4.1%
Avg Listing
5 Mainboard
Sarthi Capital Advisors Pvt.Ltd.
Merchant Banker
5
Total IPOs
+11.6%
Avg Listing
5 Mainboard
Interactive Financial Services Ltd.
Merchant Banker
5
Total IPOs
+18.8%
Avg Listing
MB 2 SME 3
Socradamus Capital Pvt.Ltd.
Merchant Banker
5
Total IPOs
-13.6%
Avg Listing
5 SME
Ambit Private Limited
Merchant Banker
5
Total IPOs
+2.3%
Avg Listing
5 Mainboard
Monarch Networth Capital Limited
Merchant Banker
5
Total IPOs
+10.7%
Avg Listing
5 Mainboard
360 One WAM Ltd
Merchant Banker
5
Total IPOs
+12.8%
Avg Listing
5 Mainboard
Wealth Mine Networks Pvt.Ltd.
Merchant Banker
5
Total IPOs
-
Avg Listing
5 SME
Nirbhay Capital Services Pvt.Ltd
Merchant Banker
4
Total IPOs
+2.6%
Avg Listing
MB 3 SME 1
Indcap Advisors Pvt.Ltd.
Merchant Banker
4
Total IPOs
+60.7%
Avg Listing
4 SME
Centrum Capital Ltd
Merchant Banker
4
Total IPOs
+9.5%
Avg Listing
4 Mainboard
Oneview Corporate Advisors Pvt.Ltd.
Merchant Banker
4
Total IPOs
+19.5%
Avg Listing
4 SME
Shannon Advisors Pvt.Ltd
Merchant Banker
4
Total IPOs
-10.1%
Avg Listing
MB 2 SME 2
Gretex Corporate Services Ltd.
Merchant Banker
4
Total IPOs
+1.3%
Avg Listing
4 SME
Novus Capital Advisors Private Limited
Merchant Banker
4
Total IPOs
+1.0%
Avg Listing
4 SME
Vivro Financial Services Private Limited
Merchant Banker
4
Total IPOs
+33.4%
Avg Listing
4 SME
PL Capital Markets Private Limited
Merchant Banker
4
Total IPOs
+4.5%
Avg Listing
4 Mainboard
Khambatta Securities Ltd.
Merchant Banker
4
Total IPOs
+23.2%
Avg Listing
MB 3 SME 1
Affinity Global Capital Market Pvt.Ltd
Merchant Banker
4
Total IPOs
-10.0%
Avg Listing
4 SME
PNB Investment Services Ltd
Merchant Banker
3
Total IPOs
+14.3%
Avg Listing
3 Mainboard
BOB Capital Markets Ltd.
Merchant Banker
3
Total IPOs
-1.0%
Avg Listing
3 Mainboard
Expert Global Consultants Pvt.Ltd.
Merchant Banker
3
Total IPOs
-
Avg Listing
3 SME
Holani Consultants Pvt.Ltd.
Merchant Banker
3
Total IPOs
+13.4%
Avg Listing
3 Mainboard
Arihant Capital Markets Limited
Merchant Banker
3
Total IPOs
+4.0%
Avg Listing
3 Mainboard
Fintellectual Corporate Advisors Private Limited
Merchant Banker
3
Total IPOs
+90.0%
Avg Listing
3 SME
Valmiki Leela Capital Private Limited
Merchant Banker
3
Total IPOs
+24.9%
Avg Listing
3 Mainboard
Saffron Capital Advisors Pvt.Ltd
Merchant Banker
3
Total IPOs
+0.0%
Avg Listing
3 Mainboard
Credora Partners Private Limited
Merchant Banker
3
Total IPOs
-
Avg Listing
MB 1 SME 2
Incred Capital Financial Services Pvt.Ltd
Merchant Banker
3
Total IPOs
-
Avg Listing
3 Mainboard
SMC Capitals Ltd
Merchant Banker
3
Total IPOs
+7.2%
Avg Listing
MB 2 SME 1
Khandwala Securities Ltd.
Merchant Banker
3
Total IPOs
+0.0%
Avg Listing
MB 1 SME 2
Fedex Securities Pvt.Ltd.
Merchant Banker
3
Total IPOs
+18.8%
Avg Listing
MB 1 SME 2
Comfort Securities Limited
Merchant Banker
2
Total IPOs
-1.9%
Avg Listing
2 SME
Sun Capital Advisory Services Pvt.Ltd.
Merchant Banker
2
Total IPOs
-
Avg Listing
2 SME
Finaax Capital Advisors Private Limited
Merchant Banker
2
Total IPOs
+6.0%
Avg Listing
2 SME
Corporate Capitalventures Pvt.Ltd.
Merchant Banker
2
Total IPOs
-19.9%
Avg Listing
2 SME
Jawa Capital Services Pvt.Ltd.
Merchant Banker
2
Total IPOs
-
Avg Listing
2 SME
Keynote Financial Services Ltd.
Merchant Banker
2
Total IPOs
-2.8%
Avg Listing
2 Mainboard
Unicon Capital Services Private Limited
Merchant Banker
2
Total IPOs
-
Avg Listing
MB 1 SME 1
Kreo Capital Private Limited
Merchant Banker
2
Total IPOs
-2.2%
Avg Listing
2 SME
Sundae Capital Advisors Private Limited
Merchant Banker
2
Total IPOs
+25.0%
Avg Listing
2 Mainboard
NARNOLIA FINANCIAL SERVICES LIMITED
Merchant Banker
2
Total IPOs
-19.3%
Avg Listing
2 SME
Srujan Alpha Capital Advisors LLP
Merchant Banker
2
Total IPOs
+8.1%
Avg Listing
2 Mainboard
BOI Merchant Bankers Limited
Merchant Banker
2
Total IPOs
-4.4%
Avg Listing
MB 1 SME 1
Mark Corporate Advisors Pvt.Ltd
Merchant Banker
2
Total IPOs
-
Avg Listing
2 SME
Rarever Financial Advisors Pvt.Ltd.
Merchant Banker
2
Total IPOs
-
Avg Listing
2 SME
Swastika Investmart Ltd.
Merchant Banker
2
Total IPOs
-
Avg Listing
2 SME
PhillipCapital India Pvt.Ltd.
Merchant Banker
2
Total IPOs
+5.0%
Avg Listing
2 Mainboard
Corpwis Advisors Private Limited
Merchant Banker
1
Total IPOs
-23.4%
Avg Listing
1 SME
3Dimension Capital Services Ltd.
Merchant Banker
1
Total IPOs
-0.9%
Avg Listing
1 SME
ERUDORE CAPITAL PRIVATE LIMITED
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Dolat Finserv Pvt.Ltd.
Merchant Banker
1
Total IPOs
-10.1%
Avg Listing
1 Mainboard
DBS Bank India Limited
Merchant Banker
1
Total IPOs
+10.5%
Avg Listing
1 Mainboard
Swaraj Shares & Securities Private Limited
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
Inga Ventures Private Limited
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
GROW HOUSE WEALTH MANAGEMENT PRIVATE LIMITED
Merchant Banker
1
Total IPOs
+5.0%
Avg Listing
1 SME
Getfive Advisors Private Limited
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Axial Capital
Merchant Banker
1
Total IPOs
-
Avg Listing
1 Mainboard
D&A Financial Services Pvt Ltd
Merchant Banker
1
Total IPOs
+0.0%
Avg Listing
1 Mainboard
Horizon Financial Pvt.Ltd
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Galactico Corporate Services Ltd
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Inventure Merchant Banker Services Pvt.Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
JJ IPO Advisors Private Limited.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Turnaround Corporate Advisors Pvt.Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
LSI Financial Services Private Ltd
Merchant Banker
1
Total IPOs
+2.9%
Avg Listing
1 SME
Navigant Corporate Advisors Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
SKI Capital Services Ltd.
Merchant Banker
1
Total IPOs
+0.0%
Avg Listing
1 SME
New Berry Capitals Pvt.Ltd.
Merchant Banker
1
Total IPOs
+41.5%
Avg Listing
1 Mainboard
Batlivala & Karani Securities India Pvt.Ltd.
Merchant Banker
1
Total IPOs
+2.3%
Avg Listing
1 Mainboard
Aftertrade Broking Pvt. Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
Sumedha Fiscal Services Ltd.
Merchant Banker
1
Total IPOs
+38.2%
Avg Listing
1 Mainboard
Corporate Professionals Capital Pvt.Ltd.
Merchant Banker
1
Total IPOs
-
Avg Listing
1 SME
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.