BRLM INTELLIGENCE

IPO Merchant Banker Performance Tracker

Compare Book Running Lead Managers (BRLMs) by IPO listing performance, positive listing rate, and total funds raised. Data sourced from NSE/BSE listing records.

Merchant Bankers

291

IPOs Covered

+17.0%

Best Avg Gain

100%

Highest Positive Rate

Showing 86 of 86 merchant bankers

#	Merchant Banker	IPOs Managed ▼	Positive Listing % ⇅	Avg Listing Gain ⇅	Best / Worst	Funds Raised ⇅	Type Split	Details
1	JM Financial Limited Elevate Campuses Varmora Granito	23 1✅ 0❌	100%	+17.0%	+17.0% / 17.0%	₹68.3K Cr	23M	View →
2	ICICI Securities Limited Runwal Enterprises National Stock	16 2✅ 1❌	50%	+4.0%	+17.0% / -2.0%	₹58.0K Cr	16M	View →
3	IIFL Capital Services Limited Moneyview Elevate Campuses	16 1✅ 1❌	33%	+0.8%	+5.3% / -2.0%	₹30.7K Cr	16M	View →
4	Axis Capital Limited Moneyview Manipal Payment	14 0✅ 0❌	—	—	— / —	₹28.9K Cr	14M	View →
5	Kotak Mahindra Capital Company Limited Moneyview National Stock	12 2✅ 0❌	100%	+11.2%	+17.0% / 5.3%	₹62.6K Cr	12M	View →
6	Motilal Oswal Investment Advisors Limited Manipal Payment LCC Projects	12 0✅ 0❌	—	—	— / —	₹17.6K Cr	12M	View →
7	SBI Capital Markets Limited Varmora Granito National Stock	10 1✅ 0❌	100%	+2.0%	+2.0% / 2.0%	₹48.5K Cr	10M	View →
8	Jefferies India Private Limited Runwal Enterprises Dhoot Transmission	10 2✅ 1❌	67%	+5.7%	+17.0% / -2.0%	₹34.0K Cr	10M	View →
9	Hem Securities Limited Vans Electroengineerings Century Business	9 0✅ 0❌	—	—	— / —	₹954 Cr	9S	View →
10	BofA Securities India Limited Moneyview Shiprocket	7 1✅ 0❌	100%	+17.0%	+17.0% / 17.0%	₹23.8K Cr	7M	View →
11	HSBC Securities and Capital Markets (India) Private Limited SBI Funds OnEMI Technology	7 1✅ 0❌	100%	+5.3%	+5.3% / 5.3%	₹22.5K Cr	7M	View →
12	Nuvama Wealth Management Limited Manipal Payment Kanohar Electricals	6 1✅ 0❌	50%	+0.5%	+2.0% / -1.0%	₹10.3K Cr	6M	View →
13	Emkay Global Financial Services Limited German Green SS Retail	6 0✅ 1❌	—	-15.0%	+-15.0% / -15.0%	₹24K Cr	6M	View →
14	Corporate Makers Capital Limited Shree TNB Apana Logistics	6 0✅ 0❌	—	—	— / —	₹210 Cr	6S	View →
15	MUFG Intime India Private Limited Karamtara Engineering Kanohar Electricals	5 0✅ 0❌	—	—	— / —	₹60K Cr	5M	View →
16	Nomura Financial Advisory and Securities (India) Private Limited Symbiotec Pharmalab Dhoot Transmission	4 1✅ 0❌	100%	+2.0%	+2.0% / 2.0%	₹13.2K Cr	4M	View →
17	GYR Capital Advisors Private Limited Sumax Engineering Sunshine Pictures	4 0✅ 0❌	—	—	— / —	₹438 Cr	1M3S	View →
18	Choice Capital Advisors Private Limited Adroit Industries Sonaselection India	4 0✅ 0❌	—	—	— / —	₹427 Cr	2M2S	View →
19	Equirus Capital Private Limited Steamhouse India Lalithaa Jewellery	4 0✅ 0❌	—	—	— / —	₹31K Cr	4M	View →
20	Seren Capital Private Limited Roopa Screen G.V.Electricals	4 0✅ 0❌	—	—	— / —	₹124 Cr	4S	View →
21	Mefcom Capital Markets Limited Rays of Ashutosh Fibre	4 0✅ 0❌	—	—	— / —	₹448 Cr	3M1S	View →
22	Smart Horizon Capital Advisors Private Limited Infrax Renewable Complete Sports	4 0✅ 0❌	—	—	— / —	₹229 Cr	4S	View →
23	Morgan Stanley India Company Private Limited Elevate Campuses National Stock	4 0✅ 0❌	—	—	— / —	₹24.7K Cr	4M	View →
24	Systematix Corporate Services Limited German Green ESDS Software	4 0✅ 0❌	—	—	— / —	₹18K Cr	4M	View →
25	FINSHORE MANAGEMENT SERVICES LIMITED Sollfege Smart Himalayan Solar	4 0✅ 0❌	—	—	— / —	₹123 Cr	4S	View →
26	Citigroup Global Markets India Private Limited Hexaware Technologies Akums Drugs	3 1✅ 0❌	100%	+5.3%	+5.3% / 5.3%	₹88K Cr	3M	View →
27	J.P. Morgan India Private Limited Hexaware Technologies Sagility India	3 1✅ 1❌	50%	+1.6%	+5.3% / -2.0%	₹10.9K Cr	3M	View →
28	360 ONE WAM Limited Horizon Industrial Dhoot Transmission	3 0✅ 0❌	—	—	— / —	₹91K Cr	3M	View →
29	HDFC Bank Limited National Stock Bagmane Prime	3 0✅ 0❌	—	—	— / —	₹26.0K Cr	3M	View →
30	Cumulative Capital Private Limited Veegaland Developers Hexagon Nutrition	3 0✅ 0❌	—	—	— / —	₹361 Cr	2M1S	View →
31	Avendus Capital Private Limited Symbiotec Pharmalab LEAP India	3 0✅ 0❌	—	—	— / —	₹42K Cr	3M	View →
32	DAM Capital Advisors Limited ESDS Software Afcons Infrastructure	2 1✅ 0❌	100%	+2.0%	+2.0% / 2.0%	₹62K Cr	2M	View →
33	Marwadi Chandarana Intermediaries Brokers Private Limited Shreedhar Spinners Vahh Chemicals	2 0✅ 0❌	—	—	— / —	₹44 Cr	2S	View →
34	Anand Rathi Advisors Limited SS Retail Lalithaa Jewellery	2 0✅ 0❌	—	—	— / —	₹22K Cr	2M	View →
35	Sobhagya Capital Options Private Limited Quanto Agroworld UHM Vacation	2 0✅ 0❌	—	—	— / —	₹31 Cr	2S	View →
36	Wealth Mine Networks Limited Dhanwel Hybrid SMR Jewels	2 0✅ 0❌	—	—	— / —	₹91 Cr	2S	View →
37	Share India Capital Services Private Limited Pooja Logistics Q-Line Biotech	2 0✅ 0❌	—	—	— / —	₹295 Cr	2S	View →
38	Socradamus Capital Private Limited Farm Peace Simca Advertising	2 0✅ 1❌	—	-14.8%	+-14.8% / -14.8%	₹90 Cr	2S	View →
39	Nirbhay Capital Services Private Limited Himalaya Nutravedics Rajputana Stainless	2 0✅ 0❌	—	—	— / —	₹281 Cr	1M1S	View →
40	Grow House Wealth Management Private Limited Vivekanand Cotspin RFBL Flexi	2 0✅ 0❌	—	—	— / —	₹57 Cr	2S	View →
41	Affinity Global Capital Market Private Limited Fascinate Textiles Utkal Speciality	2 0✅ 0❌	—	—	— / —	₹99 Cr	2S	View →
42	Horizon Management Private Limited Paluck Technologies Value 360	2 0✅ 0❌	—	—	— / —	₹75 Cr	2S	View →
43	Maashitla Securities Private Limited SJP Ultrasonics LAPL Automotive	2 0✅ 0❌	—	—	— / —	₹55 Cr	2S	View →
44	Pantomath Capital Advisors Private Limited German Green Knack packaging	2 0✅ 0❌	—	—	— / —	₹743 Cr	2M	View →
45	Khandwala Securities Limited SJP Ultrasonics ArMee Infotech	2 0✅ 0❌	—	—	— / —	₹323 Cr	1M1S	View →
46	Centrum Broking Limited Pranav Constructions OnEMI Technology	2 0✅ 0❌	—	—	— / —	₹13K Cr	2M	View →
47	Interactive Financial Services Limited Teja Engineering Harikanta Overseas	2 0✅ 0❌	—	—	— / —	₹63 Cr	2S	View →
48	Shannon Advisors Private Limited Shivchem Agro Skyways Air	2 0✅ 1❌	—	-38.9%	+-38.9% / -38.9%	₹597 Cr	1M1S	View →
49	Fedex Securities Private Limited Pind Hospitality ABH Healthcare	2 0✅ 0❌	—	—	— / —	₹53 Cr	2S	View →
50	Nexgen Financial Solutions Private Limited Shakti Polytarp Optimystix Entertainment	2 0✅ 0❌	—	—	— / —	₹135 Cr	2S	View →
51	Beeline Capital Advisors Pvt. Ltd. Om Power	1 1✅ 0❌	100%	+6.3%	+6.3% / 6.3%	₹150 Cr	1M	View →
52	Arihant Capital Markets Ltd. Sai Parenterals	1 1✅ 0❌	100%	+3.0%	+3.0% / 3.0%	₹409 Cr	1M	View →
53	Goldman Sachs (India) Securities Private Limited Varmora Granito	1 0✅ 0❌	—	—	— / —	₹708 Cr	1M	View →
54	Khambatta Securities Limited Technocraft Ventures	1 0✅ 0❌	—	—	— / —	₹252 Cr	1M	View →
55	SWASTIKA INVESTMART LIMITED Dove Soft	1 0✅ 0❌	—	—	— / —	₹73 Cr	1S	View →
56	KEYNOTE FINANCIAL SERVICES LIMITED Amir Chand	1 0✅ 1❌	—	-15.0%	+-15.0% / -15.0%	₹440 Cr	1M	View →
57	Ambit Capital Property Share	1 0✅ 0❌	—	—	— / —	₹245 Cr	1M	View →
58	Catalyst Capital Partners Private Limited Hexagon Nutrition	1 0✅ 0❌	—	—	— / —	₹139 Cr	1M	View →
59	UBS Securities India Private Limited LEAP India	1 0✅ 0❌	—	—	— / —	₹25K Cr	1M	View →
60	SKI Capital Services Limited Madhur Knit	1 0✅ 0❌	—	—	— / —	₹53 Cr	1S	View →
61	Getfive Advisors Private Limited Teamtech Formwork	1 0✅ 0❌	—	—	— / —	₹50 Cr	1S	View →
62	Ambit Akums Drugs	1 0✅ 0❌	—	—	— / —	—	1M	View →
63	RAREVER FINANCIAL ADVISORS PRIVATE LIMITED Technocrats Plasma	1 0✅ 0❌	—	—	— / —	₹61 Cr	1S	View →
64	Saffron Capital Advisors Private Limited ArMee Infotech	1 0✅ 0❌	—	—	— / —	₹300 Cr	1M	View →
65	Aftertrade Broking Private Limited Anand Seamless	1 0✅ 0❌	—	—	— / —	₹26 Cr	1S	View →
66	Intensive Fiscal Services Private Limited Augmont Enterprises	1 0✅ 0❌	—	—	— / —	₹825 Cr	1M	View →
67	INDORIENT FINANCIAL SERVICES LIMITED Green Asia	1 0✅ 0❌	—	—	— / —	₹60 Cr	1S	View →
68	CAPITALSQUARE ADVISORS PRIVATE LIMITED M R	1 0✅ 0❌	—	—	— / —	₹27 Cr	1S	View →
69	IDBI Capital Markets & Securities Limited Knack packaging	1 0✅ 0❌	—	—	— / —	₹440 Cr	1M	View →
70	3Dimension Capital Services Ltd. NFP Sampoorna	1 0✅ 0❌	—	—	— / —	₹25 Cr	1S	View →
71	Corporate Professionals Capital Private Limited Eventions	1 0✅ 0❌	—	—	— / —	₹38 Cr	1S	View →
72	FAST TRACK FINSEC PRIVATE LIMITED Vinod Texworld	1 0✅ 0❌	—	—	— / —	₹43 Cr	1S	View →
73	Comfort Securities Limited S.K.Offset	1 0✅ 0❌	—	—	— / —	₹29 Cr	1S	View →
74	Corporate Capital Ventures Private Limited Kwick Forensic	1 0✅ 0❌	—	—	— / —	₹51 Cr	1S	View →
75	Credora Partners Private Limited Amtech Esters	1 0✅ 0❌	—	—	— / —	₹18 Cr	1S	View →
76	PNB Investment Services Limited Pranav Constructions	1 0✅ 0❌	—	—	— / —	₹351 Cr	1M	View →
77	Vivro Financial Services Private Limited Shanti Inorganics	1 0✅ 0❌	—	—	— / —	₹47 Cr	1S	View →
78	Monarch Networth Capital Limited Lumino Industries	1 0✅ 0❌	—	—	— / —	₹700 Cr	1M	View →
79	Inventure Merchant Banker Services Private Limited Crazy Snacks	1 0✅ 0❌	—	—	— / —	₹31 Cr	1S	View →
80	Holani Consultants Private Limited Skyways Air	1 0✅ 1❌	—	-38.9%	+-38.9% / -38.9%	₹583 Cr	1M	View →
81	Dolat Finserv Private Limited Skyways Air	1 0✅ 1❌	—	-38.9%	+-38.9% / -38.9%	₹583 Cr	1M	View →
82	Valmiki Leela Capital Private Limited Deepa Jewellers	1 0✅ 0❌	—	—	— / —	₹460 Cr	1M	View →
83	Bigshare Services Private Limited Deepa Jewellers	1 0✅ 0❌	—	—	— / —	₹460 Cr	1M	View →
84	Kfin Technologies Limited Milky Mist	1 0✅ 0❌	—	—	— / —	₹16K Cr	1M	View →
85	LSI Financial Services Private Limited Optimystix Entertainment	1 0✅ 0❌	—	—	— / —	₹108 Cr	1S	View →
86	Turnaround Corporate Advisors Private Limited Aegeus Technologies	1 0✅ 0❌	—	—	— / —	₹24 Cr	1S	View →

What is a Merchant Banker in an IPO?

A merchant banker, also called a Book Running Lead Manager (BRLM), is a SEBI-registered financial institution that manages the entire IPO process for a company — from due diligence and DRHP filing to pricing, underwriting, and post-listing compliance. Every IPO in India must appoint at least one SEBI-registered merchant banker.

How to Use This Tracker

Investors can use merchant banker performance data as one signal when evaluating an IPO. A lead manager with a consistently high positive listing rate (above 70%) and strong average listing gains suggests quality deal selection and pricing discipline. However, past performance doesn't guarantee future results — always read the DRHP before investing.

Top Merchant Bankers for Mainboard IPOs

Leading merchant bankers for large mainboard IPOs include Kotak Mahindra Capital, ICICI Securities, Axis Capital, JM Financial, and SBI Capital Markets. For SME IPOs, Hem Securities, GYR Capital, and Fast Track Finsec are among the most active.

Frequently Asked Questions

What is a BRLM in an IPO?

A Book Running Lead Manager (BRLM) is the merchant banker responsible for managing the IPO process. They handle due diligence, SEBI filings, pricing, underwriting, and distribution of shares to investors.

Does the merchant banker affect IPO performance?

The lead manager influences IPO pricing, marketing, and quality of institutional interest. A reputed banker tends to attract stronger anchor investor participation, which can positively impact listing performance.

How many merchant bankers can an IPO have?

An IPO can have multiple BRLMs — large mainboard IPOs often have 3-6 joint lead managers. Each BRLM is credited for the IPO in performance tracking. For SME IPOs, typically one merchant banker manages the entire process.

Which merchant banker has the best IPO track record?

Performance varies by year and market conditions. Kotak Mahindra Capital, ICICI Securities, and Axis Capital consistently manage large-cap IPOs. For SME IPOs, Hem Securities and Pantomath Capital are among the most active.

How is positive listing rate calculated?

Positive listing rate = (number of IPOs that listed above issue price) / (total IPOs managed with listing data) × 100. An IPO is counted as positive if the listing price is more than 1% above the upper band of the issue price.

IPO Merchant Banker Performance Tracker

What is a Merchant Banker in an IPO?

How to Use This Tracker

Top Merchant Bankers for Mainboard IPOs

Frequently Asked Questions

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