The lead manager prices an SME issue and lines up its investors, so a banker's past issues are the best public tell of how the next one is likely to be priced. For each banker: SME IPOs brought in the last two years, how many trade above their issue price today, the median return since issue, the median listing-day gain and the most recent issue.
Small samples: most bankers have a handful of issues, so a median over three listings is a hint, not a statistic. The “priced” count is the number each figure actually rests on.
| Merchant banker | IPOs | Priced | Above issue | Median return | Median listing gain | Latest issue |
|---|---|---|---|---|---|---|
| Hem Securities | 30 | 29 | 21 / 29 | +60.4% | +9.0% | 09-10-2026 |
| GYR Capital | 29 | 29 | 18 / 29 | +16.5% | +37.4% | 05-10-2026 |
| Smart Horizon Capital | 28 | 28 | 20 / 28 | +29.8% | +4.4% | 30-09-2026 |
| Finshore Management | 18 | 17 | 4 / 17 | −25.4% | −4.3% | 08-10-2026 |
| Horizon Management | 17 | 15 | 6 / 15 | −11.3% | +2.4% | 04-09-2026 |
| Corporate Makers | 16 | 15 | 3 / 15 | −60.3% | −5.0% | 08-10-2026 |
| Narnolia Financial | 15 | 15 | 8 / 15 | +2.2% | +18.4% | 07-08-2026 |
| Beeline Capital | 14 | 14 | 9 / 14 | +22.5% | +11.1% | 07-07-2026 |
| Gretex Corporate | 12 | 12 | 5 / 12 | −7.1% | +1.3% | 22-09-2026 |
| Marwadi Chandarana Intermediaries | 12 | 12 | 5 / 12 | −22.5% | +1.2% | 30-09-2026 |
| Unistone Capital | 12 | 12 | 7 / 12 | +7.7% | −17.2%3 listings | 03-08-2026 |
| Interactive Financial | 11 | 11 | 3 / 11 | −33.2% | −5.0% | 27-07-2026 |
| Sobhagya Capital | 11 | 10 | 3 / 10 | −6.9% | −3.3% | 09-10-2026 |
| Seren Capital | 10 | 10 | 6 / 10 | +42.6% | +27.6% | 01-10-2026 |
| Novus Capital | 10 | 9 | 3 / 9 | −31.8% | +6.5%3 listings | 17-09-2026 |
| Indorient Financial | 9 | 9 | 3 / 9 | −5.0% | −5.2%4 listings | 07-10-2026 |
| Share India Capital | 9 | 9 | 6 / 9 | +25.8% | −1.4% | 30-09-2026 |
| Vivro Financial | 9 | 8 | 4 / 8 | +0.4% | −0.1%3 listings | 07-09-2026 |
| Expert Global | 8 | 8 | 2 / 8 | −36.4% | +11.7% | 06-10-2026 |
| Khambatta Securities | 7 | 7 | 5 / 7 | +5.1% | +0.0% | 07-10-2026 |
| Affinity Global | 7 | 6 | 1 / 6 | −34.9% | −14.5%2 listings | 12-10-2026 |
| Wealth Mine Networks | 7 | 6 | 0 / 6 | −59.1% | −19.8% | 08-10-2026 |
| Aryaman Financial | 6 | 6 | 4 / 6 | +37.1% | +2.4% | 24-06-2026 |
| NEXGEN Financial Solutions | 6 | 6 | 3 / 6 | −1.0% | +9.7% | 22-09-2026 |
| Sun Capital | 6 | 6 | 2 / 6 | −40.9% | −20.0% | 03-08-2026 |
| Oneview Corporate | 6 | 5 | 5 / 5 | +53.3% | +5.0% | 08-10-2026 |
| Capital Square | 5 | 5 | 1 / 5 | −30.6% | −5.0% | 29-06-2026 |
| Cumulative Capital | 5 | 5 | 4 / 5 | +39.8% | +30.9% | 19-05-2026 |
| Indcap | 5 | 5 | 3 / 5 | +4.5% | +16.0%4 listings | 24-09-2026 |
| Socradamus Capital | 5 | 5 | 1 / 5 | −21.8% | −8.0%3 listings | 08-09-2026 |
| SKI Capital | 5 | 4 | 0 / 4 | −32.4%4 priced issues | −5.0%3 listings | 25-09-2026 |
| Swastika Investmart | 5 | 4 | 1 / 4 | −58.7%4 priced issues | +0.1%3 listings | 08-10-2026 |
| 3Dimension Capital | 4 | 4 | 2 / 4 | +37.0%4 priced issues | −5.8%3 listings | 25-05-2026 |
| Corpwis | 4 | 4 | 0 / 4 | −58.6%4 priced issues | −9.0%2 listings | 14-01-2026 |
| Fedex Securities | 4 | 4 | 2 / 4 | −0.1%4 priced issues | −20.0%3 listings | 06-10-2026 |
| Finaax Advisors | 4 | 4 | 1 / 4 | −8.0%4 priced issues | −5.9%3 listings | 01-10-2026 |
| Fintellectual Corporate | 4 | 4 | 2 / 4 | +5.2%4 priced issues | +6.8%4 listings | 25-06-2026 |
| GetFive Advisors | 4 | 4 | 3 / 4 | +141.9%4 priced issues | +7.7%2 listings | 26-05-2026 |
| Jawa Capital Services Pvt.Ltd. | 4 | 4 | 1 / 4 | −59.4%4 priced issues | −10.1%2 listings | 15-12-2025 |
| Nirbhay Capital | 4 | 4 | 1 / 4 | −42.0%4 priced issues | +9.8%4 listings | 29-09-2026 |
| Mark Corporate | 4 | 3 | 0 / 3 | −19.1%3 priced issues | −18.2%2 listings | 18-09-2026 |
| Choice Capital | 3 | 3 | 2 / 3 | +35.8%3 priced issues | +15.1%3 listings | 18-09-2026 |
| Galactico Corporate | 3 | 3 | 1 / 3 | −54.8%3 priced issues | −20.0%3 listings | 06-07-2026 |
| Holani Consultants Pvt.Ltd. | 3 | 3 | 2 / 3 | +14.5%3 priced issues | +90.0%1 listing | 30-12-2025 |
| Inventure Merchant Banker | 3 | 3 | 2 / 3 | +26.6%3 priced issues | +4.5%2 listings | 03-07-2026 |
| Kreo Capital | 3 | 3 | 0 / 3 | −4.7%3 priced issues | −4.5%1 listing | 07-10-2026 |
| Rarever Financial | 3 | 3 | 3 / 3 | +185.7%3 priced issues | +49.0%2 listings | 21-08-2026 |
| Shannon Advisors | 3 | 3 | 1 / 3 | −9.7%3 priced issues | −5.0%3 listings | 06-10-2026 |
| Khandwala Securities | 3 | 2 | 0 / 2 | −42.1%2 priced issues | −12.8%2 listings | 08-10-2026 |
| Aftertrade Broking | 2 | 2 | 1 / 2 | +45.5%2 priced issues | −9.9%2 listings | 29-09-2026 |
| Arihant Capital Markets Ltd. | 2 | 2 | 1 / 2 | +2.3%2 priced issues | — | 14-07-2025 |
| Comfort Securities | 2 | 2 | 0 / 2 | −40.7%2 priced issues | −2.9%2 listings | 30-09-2026 |
| Corporate Capitalventures | 2 | 2 | 2 / 2 | +83.1%2 priced issues | +29.6%2 listings | 03-09-2026 |
| Grow House Wealth | 2 | 2 | 1 / 2 | +45.4%2 priced issues | +8.0%2 listings | 19-05-2026 |
| SMC Capitals | 2 | 2 | 0 / 2 | −27.9%2 priced issues | +1.2%2 listings | 24-09-2026 |
| Srujan Alpha Capital Advisors LLP | 2 | 2 | 2 / 2 | +163.6%2 priced issues | +15.0%1 listing | 09-09-2025 |
| Turnaround Corporate | 2 | 2 | 1 / 2 | −16.5%2 priced issues | +12.3%2 listings | 11-08-2026 |
| Corporate Professionals | 2 | 1 | 1 / 1 | +14.8%1 priced issue | — | 08-10-2026 |
| Credora Partners | 2 | 1 | 1 / 1 | +58.7%1 priced issue | +40.0%1 listing | 09-10-2026 |
| Mefcom Capital | 2 | 1 | 1 / 1 | +55.6%1 priced issue | +59.8%1 listing | 07-09-2026 |
| Shreni Shares Ltd. | 2 | 1 | 1 / 1 | +11.5%1 priced issue | +30.8%1 listing | 23-01-2025 |
| Almondz Financial Services Ltd. | 1 | 1 | 0 / 1 | −7.3%1 priced issue | — | 20-01-2025 |
| Axial Capital Pvt.Ltd. | 1 | 1 | 0 / 1 | −75.0%1 priced issue | −15.8%1 listing | 03-12-2025 |
| Bonanza Portfolio Ltd. | 1 | 1 | 1 / 1 | +41.0%1 priced issue | +56.9%1 listing | 07-10-2025 |
| Erudore Capital | 1 | 1 | 0 / 1 | −54.5%1 priced issue | −24.0%1 listing | 25-02-2026 |
| JJ IPO Advisors | 1 | 1 | 1 / 1 | +231.1%1 priced issue | +74.5%1 listing | 16-07-2026 |
| LSI Financial | 1 | 1 | 0 / 1 | −21.8%1 priced issue | +8.0%1 listing | 14-08-2026 |
| Navigant Corporate Advisors Ltd. | 1 | 1 | 0 / 1 | −76.4%1 priced issue | −20.0%1 listing | 09-01-2025 |
| New Berry Capitals Pvt.Ltd. | 1 | 1 | 1 / 1 | +144.1%1 priced issue | — | 24-02-2025 |
| Sarthi Capital Advisors Pvt.Ltd. | 1 | 1 | 0 / 1 | −3.7%1 priced issue | +0.4%1 listing | 03-10-2025 |
| Sundae Capital Advisors Pvt.Ltd. | 1 | 1 | 0 / 1 | −20.5%1 priced issue | −20.0%1 listing | 04-03-2025 |
| Synfinx Capital Pvt.Ltd. | 1 | 1 | 0 / 1 | −4.8%1 priced issue | −20.0%1 listing | 30-12-2025 |
72 bankers · sorted by number of issues · returns use the latest price on file (Yahoo Finance, else a public tracker) against the final issue price or the top of the band.
SME issues are higher-risk. They trade thinly, swing hard on small volumes, and the minimum application is large — two lots, usually ₹2–3 lakh, that you cannot split. Prices and dates here are indicative and sourced from public trackers. Nothing on this page is advice — see the Disclaimer.