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SEBI Registered Merchant Banker · Mainboard: 6 · SME: 2
8
Total IPOs Managed
+11.1%
Avg Listing Gain
6
Mainboard IPOs
2
SME IPOs
Aryaman Financial Services Ltd. has been around since 1994. Based in Mumbai, it is a SEBI-registered Category-I Merchant Banker that has built its entire identity around one segment — small and medium enterprises trying to get listed.
There's one fact worth knowing upfront: Aryaman was the first merchant banker in India to manage an SME IPO. That puts them at the origin of a market that now attracts hundreds of companies every year.
The firm's core work involves managing IPOs, FPOs, rights issues, QIPs, PIPE deals, and VC funding — mostly for companies raising between ₹10 crore and ₹200 crore. It also advises on M&A deals, open offers, delistings, buybacks, and structured finance. Not a narrow shop by any measure.
Fourteen straight years as a top-performing merchant banker on the BSE SME segment is the kind of consistency that's hard to fake. It also says something that over 40 companies Aryaman took to the SME platform have since moved up to the Main Board — that's the actual measure of whether the companies being listed were worth listing.
The firm is also one of the few merchant banks that is itself listed on BSE, which adds a layer of transparency most peers don't have.
Contact Details
Address: 60, Khatau Building, Ground Floor, Alkesh Dinesh Modi Marg, Fort, Mumbai
Phone: +91-22-6216 6999
Email: [email protected]
Website: www.afsl.co.in
| IPO | Segment | Open Date | Issue Size | Issue Price | Subscription | Listing Gain | Listing Date |
|---|---|---|---|---|---|---|---|
Shankesh Jewellers IPO
Listed
|
Mainboard | ₹367.0 Cr | ₹93 | 2.80× | +11.1% | ||
IFL Finance IPO
Soon
|
Mainboard | - | ₹0.0 Cr | - | - | - | - |
Diksha Polymers IPO
Listed
|
SME | ₹18.0 Cr | ₹112 | 2.38× | - | ||
| Mainboard | - | - | - | - | - | - | |
Shreni Shares IPO
Soon
|
Mainboard | - | - | - | - | - | - |
RKB Global IPO
Soon
|
Mainboard | - | - | - | - | - | - |
| Mainboard | - | ₹240.0 Cr | - | - | - | - | |
Narmadesh Brass IPO
Listed
|
SME | ₹43.0 Cr | ₹515 | 1.18× | - |
A lead manager, also known as a merchant banker, is a SEBI-registered financial institution appointed by a company to manage its Initial Public Offering (IPO). The lead manager plays a central role in taking a company from the decision to go public all the way to its listing on BSE or NSE.
Key responsibilities of a lead manager include conducting due diligence on the issuer company, preparing the DRHP (Draft Red Herring Prospectus), filing documents with SEBI, setting the price band, managing the book building process, coordinating with stock exchanges, registrars, and bankers, and ensuring the IPO opens and closes smoothly.
The quality of the lead manager often influences investor confidence in the IPO. Reputed merchant bankers like SBI Capital, Axis Capital, IIFL, and others have a track record of managing successful listings. However, it is always advisable to evaluate the issuer company's fundamentals independently before applying to any IPO.
Disclaimer
IPO data shown on this page is for informational purposes only. Past performance of IPOs managed by a merchant banker does not guarantee future results. Always read the prospectus and consult a SEBI-registered financial advisor before investing.
A lead manager (merchant banker) is a SEBI-registered entity responsible for managing the entire IPO process — from due diligence and DRHP preparation, to filing with SEBI, setting the price band, managing book building, and coordinating the listing on BSE or NSE. They act as the primary intermediary between the issuer company and the investing public.
Aryaman Financial Services Ltd. has managed 8 IPOs tracked on IPORise, including 6 Mainboard and 2 SME IPOs. You can view the complete list, subscription data, and listing performance in the table above.
High subscription reflects investor demand, which is shaped by company fundamentals, valuation, grey market sentiment, and broader market conditions. A capable lead manager contributes to better price discovery and institutional interest. However, subscription numbers alone are not a reliable measure of lead manager quality — evaluate the issuer independently.
You can verify the SEBI registration of any merchant banker on the official SEBI website (sebi.gov.in) under the "Intermediaries/Market Infrastructure Institutions" section. All SEBI-registered merchant bankers are listed with their registration number, validity, and contact details.
