IPO Lead Managers

Merchant bankers and the IPOs they've managed

A Lead Manager (merchant banker) runs the book for an IPO — pricing the issue, managing the subscription process, and coordinating with SEBI and the exchanges. Browse every lead manager that has handled an IPO we track, and open one to see its full track record: issue dates, subscription demand, listing gain, and current price for each IPO it has managed.

58 lead managers with at least three IPOs we track, ranked by number of issues. Listing figures cover the IPOs that have listed with a recorded listing price.

Lead Manager	IPOs	Listed	Avg listing gain	At or above issue price
JM Financial Ltd.	32	24	+14.37%	20 of 24
IIFL Capital Services Ltd.	26	21	+6.67%	14 of 21
ICICI Securities Ltd.	23	18	+17.31%	12 of 18
Axis Capital Ltd.	21	16	+16.06%	14 of 16
Motilal Oswal Investment Advisors Ltd.	19	17	+12.23%	14 of 17
Kotak Mahindra Capital Co.Ltd.	16	13	+16.9%	11 of 13
Hem Securities Ltd.	14	14	+29.08%	13 of 14
GYR Capital Advisors Pvt. Ltd.	13	13	+36.05%	12 of 13
SBI Capital Markets Ltd.	13	10	+9.58%	8 of 10
Smart Horizon Capital Advisors Pvt.Ltd.	12	12	+3.43%	11 of 12
Nuvama Wealth Management Ltd.	11	7	+4.41%	5 of 7
Jefferies India Private Limited	10	6	+10.91%	5 of 6
Corporate Makers Capital Ltd.	9	9	+1.46%	6 of 9
Finshore Management Services Ltd.	8	8	+8.25%	4 of 8
HSBC Securities and Capital Markets (India) Private Limited	8	5	+3.96%	4 of 5
Avendus Capital Pvt. Ltd.	7	5	+1.31%	4 of 5
BofA Securities India Limited	7	3	+35.09%	3 of 3
Choice Capital Advisors Pvt.Ltd.	7	7	+17.09%	6 of 7
Equirus Capital Ltd.	7	7	+12.98%	6 of 7
Dam Capital Advisors Ltd.	6	5	+16.68%	3 of 5
Goldman Sachs (India) Securities Pvt. Ltd.	6	2	-0.84%	1 of 2
HDFC Bank Ltd.	6	4	+12.66%	4 of 4
Morgan Stanley India Company Private Limited	6	3	-3.31%	1 of 3
NEXGEN Financial Solutions Pvt. Ltd.	6	6	+18.77%	4 of 6
Pantomath Capital Advisors Pvt.Ltd.	6	5	+10.1%	5 of 5
Seren Capital Pvt. Ltd.	6	6	+34.99%	6 of 6
Share India Capital Services Pvt. Ltd.	6	6	+10.16%	5 of 6
Beeline Capital Advisors Pvt. Ltd.	5	4	+15.37%	4 of 4
Capital Square Advisors Pvt. Ltd.	5	5	-5.69%	1 of 5
Citigroup Global Markets India Pvt. Ltd.	5	2	-5.68%	1 of 2
Emkay Global Financial Services Ltd.	5	5	+14.19%	3 of 5
Horizon Management Pvt.Ltd.	5	5	-5.5%	2 of 5
Interactive Financial Services Ltd.	5	5	+7.69%	3 of 5
Marwadi Chandarana Intermediaries Brokers Pvt. Ltd.	5	5	+4.43%	5 of 5
Wealth Mine Networks Pvt. Ltd.	5	5	-12.22%	2 of 5
360 One WAM Ltd.	4	4	+10.63%	4 of 4
Anand Rathi Advisors Ltd.	4	3	+27.8%	3 of 3
Axial Capital Pvt.Ltd.	4	3	+1.3%	1 of 3
Cumulative Capital Pvt. Ltd.	4	4	+16.59%	4 of 4
Indorient Financial Services Ltd.	4	4	-5.35%	1 of 4
Mefcom Capital Markets Ltd.	4	4	+9.98%	3 of 4
Novus Capital Advisors Pvt.Ltd.	4	3	+2.32%	3 of 3
Oneview Corporate Advisors Pvt.Ltd.	4	4	+23.35%	4 of 4
Sobhagya Capital Options Pvt. Ltd.	4	4	+10.63%	2 of 4
Socradamus Capital Pvt. Ltd.	4	3	+20.95%	1 of 3
Systematix Corporate Services Ltd.	4	4	+38.36%	4 of 4
Affinity Global Capital Market Pvt. Ltd.	3	3	-8.33%	1 of 3
Ambit Pvt.Ltd.	3	2	-0.08%	1 of 2
Aryaman Financial Services Ltd.	3	3	+3.14%	2 of 3
BNP Paribas	3	1	-8.83%	0 of 1
Centrum Capital Ltd.	3	3	+8.68%	2 of 3
Gretex Corporate Services Ltd.	3	3	+1.33%	3 of 3
Indcap Advisors Pvt. Ltd.	3	3	+41.7%	2 of 3
Intensive Fiscal Services Pvt. Ltd.	3	2	+3.12%	1 of 2
Khandwala Securities Ltd.	3	3	+3.34%	2 of 3
Nomura Financial Advisory & Securities (India) Pvt. Ltd.	3	3	+9.65%	2 of 3
Shannon Advisors Pvt. Ltd.	3	3	+3.21%	2 of 3
Vivro Financial Services Pvt. Ltd.	3	2	+44.96%	1 of 2

Listing gain is measured from the issue price to the listing-day opening price, across 359 listings in this table. A lead manager does not set the listing price, and a firm with few listings can show an extreme average, so read the IPO count alongside it. Past listings do not predict future ones. This is a record of public data, not a recommendation.