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SEBI Registered Merchant Banker · Mainboard: 6
6
Total IPOs Managed
+5.4%
Avg Listing Gain
6
Mainboard IPOs
-
SME IPOs
Intensive Fiscal Services has been around since 1997 — which, in Mumbai's investment banking world, makes it a genuine old-timer. Most boutique firms from that era either got absorbed, shut down, or faded into irrelevance. Intensive is still standing, still operating out of Nariman Point, and still doing meaningful deals.
The man behind it is D.K. Surana — a Chartered Accountant who founded the firm and has run it ever since. Over 25 years, he's built a track record of 125+ transactions and over $2.5 billion raised across equity and debt. That's a serious body of work for an independent firm. His client base stretches across 300+ companies in 60+ cities, which suggests the firm has genuine reach beyond just Maharashtra.
The services cover the full capital markets spectrum — IPO management, QIPs, private equity, M&A, open offers, takeovers, valuations, and debt syndication. Nothing unusual there, but the proof is in the mandates. Being named on the OYO IPO — an ₹8,000+ crore issue alongside Goldman Sachs and Axis Capital — and on the Lenskart listing is not something a mid-tier firm typically gets. That's top-table work.
For a firm with no institutional parent and no bulge-bracket backing, Intensive has done well to stay relevant through multiple market cycles.
Contact Details:
Address: 914, Raheja Chambers, Nariman Point, Mumbai – 400 021
Phone: +91 22 2287 0443
Website: intensivefiscal.com
| IPO | Segment | Open Date | Issue Size | Issue Price | Subscription | Listing Gain | Listing Date |
|---|---|---|---|---|---|---|---|
All Time Plastics IPO
Listed
|
Mainboard | ₹400.6 Cr | ₹275 | 8.34× | +13.2% | ||
Midwest IPO
Listed
|
Mainboard | ₹451.0 Cr | ₹1,065 | 87.89× | +9.4% | ||
Lenskart Solutions IPO
Listed
|
Mainboard | ₹7,278.0 Cr | ₹402 | 28.26× | -1.7% | ||
Augmont Enterprises IPO
Listed
|
Mainboard | ₹825.0 Cr | ₹788 | 111.18× | +22.0% | ||
| Mainboard | ₹585.0 Cr | ₹808 | 1.46× | -15.7% | |||
| Mainboard | - | - | - | - | - | - |
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.
Intensive Fiscal Services Pvt.Ltd has managed 6 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.
