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.
68
Merchant Bankers
183
IPOs Covered
+17.0%
Best Avg Gain
100%
Highest Positive Rate
Showing 68 of 68 merchant bankers
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.