SME IPO Lead Managers in India, List Of Merchant Bankers for NSE or BSE Exchange

Vijay Prajapati
April 22, 2025

Examine the list of merchant bankers/lead managers for SME IPOs in India. The SME IPO Lead manager is a financial institution that helps companies manage their IPO process and work closely with everyone involved, from top to bottom. The Merchant banker's role covers the capital reorganisation, selecting financial partners, gathering funds, accurate share distribution, deciding valuation & offer price, and preparing the offer documents.

Are you also planning to list your company publicly, but don’t know which lead managers to choose from? In terms of Small and Medium Enterprise (SME) IPOs in India, choosing the right lead manager is crucial for an effortless listing.

Given below is the list of the Mainboard IPO lead managers, where you can choose the right lead managers for the successful launch of the IPO. Here is the list of the top SME IPO lead managers in India.

The List of Merchant Bankers in India

Sr. No.	Name of Merchant Banker
1	Hem Securities Limited
2	Pantomath Capital Advisors Private Limited
3	Aryaman Financial Services Limited
4	Beeline Capital Advisors Private Limited
5	First Overseas Capital Limited
6	Gretex Corporate Services Limited
7	Sarthi Capital Advisors Private Limited
8	Finshore Management Services Limited
9	Guiness Corporate Advisors Private Limited
10	Shreni Shares Limited
11	Fedex Securities Private Limited
12	GYR Capital Advisors Private Limited
13	Swastika Investmart Limited
14	Inventure Merchant Banker Services Private Limited
15	Navigant Corporate Advisors Limited
16	Corporate Capital Ventures Private Limited
17	Interactive Financial Services Limited
18	Share India Capital Services Private Limited
19	Narnolia Financial Services Limited
20	Horizon Management Private Limited
21	Unistone Capital Private Limited
22	Expert Global Consultants Private Limited
23	Holani Consultants Private Limited
24	Fast Track Finsec Private Limited
25	Monarch Networth Capital Limited
26	Khandwala Securities Limited
27	Mark Corporate Advisors Private Limited
28	Indorient Financial Services Limited
29	Corporate Strategic Allianz Limited
30	Isk Advisors Private Limited
31	Choice Capital Advisors Private Limited
32	Swaraj Shares and Securities Private Limited
33	Khambatta Securities Limited
34	Vivro Financial Services Private Limited
35	Srujan Alpha Capital Advisors Llp
36	Keynote Financial Services Limited
37	Systematix Corporate Services Limited
38	Jawa Capital Services Private Limited
39	Smart Horizon Capital Advisors Private Limited
40	Turnaround Corporate Advisors Private Limited
41	SKI Capital Services Limited
42	Affinity Global Capital Market Private Limited
43	Arihant Capital Markets Limited
44	Ekadrisht Capital Private Limited
45	Corpwis Advisors Private Limited
46	Oneview Corporate Advisors Private Limited
47	Sun Capital Advisory Services (P) Limited
48	Vc Corporate Advisors Private Limited (Vcapl)
49	Intensive Fiscal Services Private Limited
50	Sobhagya Capital Options Limited
51	Idbi Capital Market Services Limited
52	Capitalsquare Advisors Private Limited
53	Bcb Brokerage Private Limited
54	kunvarji finstock private limited
55	V B Desai Financial Services Limited
56	Kreo Capital Private Limited
57	Cumulative Capital Private Limited
58	Comfort Securities Private Limited
59	Marwadi Chandarana Intermediaries Brokers Private Limited
60	Quintessence Enterprises Private Limited
61	Mehta Integrated Finance Limited
62	Saffron Capital Advisors Private Limited
63	D And A Financial Services Private Limited
64	Boi Merchant Bankers Limited
65	Ajcon Global Services Limited
66	Galactico Corporate Service Limited
67	Sundae Capital Advisors
68	Ckp Financial Services Private Limited
69	Chartered Capital And Investment Limited
70	Socradamus Capital Private Limited
71	Asit C. Mehta Investment Interrmediates Limited
72	Almondz Financial Services Limited
73	3Dimesnion Capital Services Limited
74	PL Capital Markets Private Limited
75	Corporate Professionals Capital Private Limited
76	Corporate Makers Capital Limited
77	New Berry Capitals Private Limited
78	Bonanza Portfolio Limited
79	Smc Capitals Limited
80	Skyline Financial Services Private Limited
81	First Call India Equity Advisors Private Limited
82	Kjmc Corporate Advisors (India) Limited
83	Basan Financial Services Limited
84	Chartered Finance Management Limited
85	Unicon Capital Services Private Limited
86	Karvy Investor Services Limited
87	Nirbhay Capital Services Private Limited
88	Tipsons Consultancy Services Private Limited
89	Microsec Capital Limited
90	Spa Capital Advisors Limited