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SEBI Registered Merchant Banker · Mainboard: 62
62
Total IPOs Managed
+11.2%
Avg Listing Gain
62
Mainboard IPOs
-
SME IPOs
IIFL Capital Services was founded in 1996 by Nirmal Jain and Venkataraman Rajamani two first-generation entrepreneurs who built what is now one of India's larger financial services firms from the ground up. The company spent years operating as IIFL Securities before rebranding to IIFL Capital Services in November 2024.
The firm runs four businesses: equity broking, investment banking, wealth management, and financial products distribution. Beyond Mumbai, it has on-ground presence in Singapore, the UK, and the US which matters when deals involve cross-border capital.
The investment banking numbers from 2025 are hard to ignore. Twenty-seven Main Board IPOs completed in a single year, accounting for roughly one in every four Main Board IPOs in India that year. That's not a strong performance that's market dominance.
The firm also picked up Best India Equity House at the IFR Asia Awards in 2023.
Contact Details
Address: IIFL House, Sun Infotech Park, Road No. 16V, Wagle Industrial Estate, Thane – 400604
Website: www.iiflcapital.com
| IPO | Segment | Open Date | Issue Size | Issue Price | Subscription | Listing Gain | Listing Date |
|---|---|---|---|---|---|---|---|
|
AD
Aditya Infotech IPO
Listed
|
Mainboard | ₹1,300.0 Cr | ₹675 | 100.69× | +50.4% | ||
BlueStone Jewellery IPO
Listed
|
Mainboard | ₹1,540.7 Cr | ₹517 | 2.70× | -1.4% | ||
Orient Cables IPO
Listed
|
Mainboard | ₹552.0 Cr | ₹272 | 97.28× | +65.4% | ||
Acevector IPO
Listed
|
Mainboard | ₹420.0 Cr | ₹32 | 5.07× | -11.5% | ||
Ivalue Infosolutions IPO
Listed
|
Mainboard | ₹560.3 Cr | ₹299 | 1.82× | -4.7% | ||
Elevate Campuses IPO
Listed
|
Mainboard | ₹2,100.0 Cr | ₹362 | 1.89× | -1.9% | ||
GK Energy IPO
Listed
|
Mainboard | ₹464.3 Cr | ₹153 | 89.62× | +11.8% | ||
Ganesh Consumer Products IPO
Listed
|
Mainboard | ₹408.8 Cr | ₹322 | 2.67× | -8.1% | ||
GNG Electronics IPO
Listed
|
Mainboard | ₹460.4 Cr | ₹237 | 147.93× | +49.8% | ||
|
SM
|
Mainboard | ₹582.6 Cr | ₹407 | 13.45× | +6.9% | ||
Seshaasai Technologies IPO
Listed
|
Mainboard | ₹813.1 Cr | ₹423 | 68.13× | +2.1% | ||
Karamtara Engineering IPO
Listed
|
Mainboard | ₹875.0 Cr | ₹254 | 26.45× | +26.0% | ||
Glass Wall Systems IPO
Listed
|
Mainboard | ₹427.9 Cr | ₹182 | 81.65× | +6.6% | ||
| Mainboard | ₹805.0 Cr | ₹339 | 1.42× | -2.7% | |||
| Mainboard | ₹733.0 Cr | ₹139 | 20.10× | +0.0% | |||
Tata Capital IPO
Listed
|
Mainboard | ₹15,511.9 Cr | ₹326 | 1.95× | +1.2% | ||
Rubicon Research IPO
Listed
|
Mainboard | ₹1,377.5 Cr | ₹485 | 103.90× | +27.8% | ||
Studds Accessories IPO
Listed
|
Mainboard | ₹455.5 Cr | ₹585 | 73.25× | -3.4% | ||
Emmvee Photovoltaic IPO
Listed
|
Mainboard | ₹2,900.0 Cr | ₹217 | 0.97× | +0.0% | ||
Capillary Technologies IPO
Listed
|
Mainboard | ₹877.5 Cr | ₹577 | 52.95× | -0.9% |
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.
IIFL Capital Services Ltd. has managed 62 IPOs tracked on IPORise. 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.
