Merchant Bankers

IPO Lead Managers in India

The book-running lead managers (BRLMs) behind the IPOs we track, with each banker’s record — issues managed, funds raised, and how many of their listings debuted above the issue price.

Lead managerIPOs managedFunds raisedListed at premium
JM Financial Ltd.32₹1,11,236.31 Cr14/20 (70%)
IIFL Capital Services Ltd.29₹77,652.97 Cr13/19 (68%)
Axis Capital Ltd.24₹1,01,278.73 Cr10/13 (77%)
Motilal Oswal Investment Advisors Ltd.21₹46,655.33 Cr11/14 (79%)
ICICI Securities Ltd.19₹90,618.78 Cr9/12 (75%)
Kotak Mahindra Capital Co.Ltd.18₹1,00,703.13 Cr10/10 (100%)
Jefferies India Pvt.Ltd.12₹62,024.05 Cr5/6 (83%)
SBI Capital Markets Ltd.11₹59,034.07 Cr5/6 (83%)
HSBC Securities & Capital Markets (India) Pvt.Ltd.10₹76,476.43 Cr4/4 (100%)
Hem Securities Ltd.10₹919.09 Cr8/10 (80%)
Dam Capital Advisors Ltd.9₹57,217.71 Cr4/6 (67%)
GYR Capital Advisors Pvt.Ltd.9₹738.77 Cr8/9 (89%)
Goldman Sachs (India) Securities Pvt.Ltd.8₹51,858.57 Cr2/2 (100%)
Nuvama Wealth Management Ltd.8₹29,375.93 Cr3/4 (75%)
Corporate Makers Capital Ltd.8₹276.34 Cr2/8 (25%)
BOFA Securities India Ltd.7₹45,785.07 Cr3/3 (100%)
Choice Capital Advisors Pvt.Ltd.7₹840.83 Cr6/7 (86%)
JP Morgan India Pvt.Ltd.6₹63,850.93 Cr2/2 (100%)
Citigroup Global Markets India Pvt.Ltd.6₹60,675.71 Cr1/1 (100%)
Morgan Stanley India Co.Pvt.Ltd.6₹59,888.04 Cr1/2 (50%)
Pantomath Capital Advisors Pvt.Ltd.6₹28,870.02 Cr4/5 (80%)
Smart Horizon Capital Advisors Pvt.Ltd.6₹636.46 Cr5/6 (83%)
Finshore Management Services Ltd.6₹234.33 Cr2/6 (33%)
Avendus Capital Pvt.Ltd.5₹32,287.52 Cr2/3 (67%)
Equirus Capital Ltd.5₹26,408.61 Cr5/5 (100%)
Systematix Corporate Services Ltd.5₹2,185.23 Cr4/5 (80%)
HDFC Bank Ltd.4₹61,586.92 Cr3/3 (100%)
360 One WAM Ltd.4₹58,442.64 Cr2/3 (67%)
UBS Securities India Pvt.Ltd.4₹41,968.22 Cr2/2 (100%)
Anand Rathi Advisors Ltd.4₹25,474.84 Cr3/3 (100%)
Nomura Financial Advisory & Securities (India) Pvt.Ltd.4₹6,623.89 Cr1/2 (50%)
Emkay Global Financial Services Ltd.4₹1,565.24 Cr4/4 (100%)
Mefcom Capital Markets Ltd.4₹447.91 Cr2/4 (50%)
Share India Capital Services Pvt.Ltd.4₹263.68 Cr4/4 (100%)
Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.4₹119.39 Cr4/4 (100%)
IDBI Capital Markets & Securities Ltd.3₹23,735.39 Cr2/3 (67%)
Ambit Pvt.Ltd.3₹5,712.13 Cr—
Khambatta Securities Ltd.3₹711.96 Cr3/3 (100%)
Shannon Advisors Pvt.Ltd.3₹621.76 Cr1/3 (33%)
Khandwala Securities Ltd.3₹350.71 Cr1/3 (33%)
Vivro Financial Services Pvt.Ltd.3₹245.72 Cr1/2 (50%)
Indorient Financial Services Ltd.3₹203.35 Cr1/3 (33%)
NEXGEN Financial Solutions Pvt.Ltd.3₹183.34 Cr2/3 (67%)
Horizon Management Pvt.Ltd.3₹149.78 Cr1/2 (50%)
Sobhagya Capital Options Pvt.Ltd.3₹146.98 Cr0/3 (0%)
Socradamus Capital Pvt.Ltd.3₹146.79 Cr1/1 (100%)
Affinity Global Capital Market Pvt.Ltd.3₹132.62 Cr0/3 (0%)
Seren Capital Pvt.Ltd.3₹126.02 Cr3/3 (100%)
Wealth Mine Networks Pvt.Ltd.3₹114.47 Cr0/3 (0%)
BNP Paribas2₹32,746.66 Cr—
CLSA India Pvt.Ltd.2₹30,633 Cr0/1 (0%)
Intensive Fiscal Services Pvt.Ltd.2₹7,475 Cr1/1 (100%)
InCred Capital Wealth Portfolio Managers Pvt.Ltd.2₹6,650 Cr—
Holani Consultants Pvt.Ltd.2₹747.96 Cr1/2 (50%)
PNB Investment Services Ltd.2₹521.03 Cr1/2 (50%)
Saffron Capital Advisors Pvt.Ltd.2₹478 Cr0/2 (0%)
Aryaman Financial Services Ltd.2₹384.17 Cr2/2 (100%)
Cumulative Capital Pvt.Ltd.2₹348.87 Cr2/2 (100%)
Unistone Capital Pvt.Ltd.2₹283.57 Cr0/1 (0%)
Beeline Capital Advisors Pvt.Ltd.2₹129.86 Cr2/2 (100%)
SKI Capital Services Ltd.2₹104.02 Cr1/2 (50%)
Indcap Advisors Pvt.Ltd.2₹98.64 Cr1/2 (50%)
Rarever Financial Advisors Pvt.Ltd.2₹97.34 Cr2/2 (100%)
Swastika Investmart Ltd.2₹95.46 Cr1/2 (50%)
Oneview Corporate Advisors Pvt.Ltd.2₹93.7 Cr2/2 (100%)
Novus Capital Advisors Pvt.Ltd.2₹68.97 Cr0/1 (0%)
Wealth Mine Networks Ltd.2₹68.72 Cr1/2 (50%)
Comfort Securities Ltd.2₹63.19 Cr1/2 (50%)
Credora Partners Pvt.Ltd.2₹55.74 Cr1/2 (50%)
Interactive Financial Services Ltd.2₹55.55 Cr1/2 (50%)
Mark Corporate Advisors Pvt.Ltd.2₹54.78 Cr0/2 (0%)
Fedex Securities Pvt.Ltd.2₹52.8 Cr0/2 (0%)
DBS Bank India Ltd.1₹9,275.22 Cr1/1 (100%)
Monarch Networth Capital Ltd.1₹700 Cr1/1 (100%)
Centrum Broking Ltd.1₹585 Cr0/1 (0%)
Dolat Finserv Pvt.Ltd.1₹582.8 Cr0/1 (0%)
Valmiki Leela Capital Pvt.Ltd.1₹459.72 Cr1/1 (100%)
PL Capital Markets Pvt.Ltd.1₹405 Cr1/1 (100%)
Centrum Capital Ltd.1₹351.03 Cr1/1 (100%)
Sundae Capital Advisors Pvt.Ltd.1₹290 Cr1/1 (100%)
BOI Merchant Bankers Ltd.1₹170 Cr0/1 (0%)
Srujan Alpha Capital Advisors LLP1₹160.88 Cr1/1 (100%)
PhillipCapital India Pvt.Ltd.1₹160.88 Cr1/1 (100%)
Keynote Financial Services Ltd.1₹145.78 Cr0/1 (0%)
Catalyst Capital Partners Pvt.Ltd.1₹138.87 Cr1/1 (100%)
New Berry Capitals Pvt.Ltd.1₹135.73 Cr1/1 (100%)
D&A Financial Services Pvt.Ltd.1₹126.25 Cr0/1 (0%)
Sarthi Capital Advisors Pvt.Ltd.1₹124.88 Cr1/1 (100%)
LSI Financial Services Pvt.Ltd.1₹108.5 Cr1/1 (100%)
Finaax Capital Advisors Pvt.Ltd.1₹53.52 Cr0/1 (0%)
Corporate Capital Ventures Pvt.Ltd.1₹50.77 Cr1/1 (100%)
Gretex Corporate Services Ltd.1₹49.54 Cr0/1 (0%)
SMC Capitals Ltd.1₹46.44 Cr1/1 (100%)
Galactico Corporate Services Ltd.1₹44.03 Cr1/1 (100%)
JJ IPO Advisors Pvt.Ltd.1₹42.34 Cr1/1 (100%)
GetFive Advisors Pvt.Ltd.1₹42.1 Cr—
Navigant Corporate Advisors Ltd.1₹40.48 Cr0/1 (0%)
Narnolia Financial Services Ltd.1₹39.04 Cr1/1 (100%)
Corporate Professionals Capital Pvt.Ltd.1₹38.12 Cr0/1 (0%)
Expert Global Consultants Pvt.Ltd.1₹35.93 Cr1/1 (100%)
Inventure Merchant Banker Services Pvt.Ltd.1₹31.47 Cr1/1 (100%)
Fintellectual Corporate Advisors Pvt.Ltd.1₹30.24 Cr1/1 (100%)
Nirbhay Capital Services Pvt.Ltd.1₹26.5 Cr1/1 (100%)
Aftertrade Broking Pvt.Ltd.1₹25.52 Cr1/1 (100%)
Master Capital Services Ltd.1₹25 Cr1/1 (100%)
Sun Capital Advisory Services Pvt.Ltd.1₹24.04 Cr0/1 (0%)
Capital Square Advisors Pvt.Ltd.1₹24 Cr0/1 (0%)
Turnaround Corporate Advisors Pvt.Ltd.1₹23.71 Cr1/1 (100%)
Kreo Capital Pvt.Ltd.1₹20.18 Cr1/1 (100%)

Based on the IPOs tracked on ipostation. “Listed at premium” counts issues whose debut price closed above the issue price.