IPO Buzz

IPO lead managers

Every merchant banker that has run an IPO on IPO Buzz, ranked by how many issues they managed, how much money those issues raised and how the IPOs did on listing day.

Tap a name to see every IPO they handled, with listing and current gains.

2026 · 91 lead managers

#
1JM Financial Limited1873,581.21478%211%+23.05%
2IIFL Capital Services Limited1765,561.661271%424%+17.49%
3Motilal Oswal Investment Advisors Ltd.1131,136.75982%19%+11.26%
4Axis Capital Limited961,932.71667%222%+14.38%
5Nuvama Wealth Management Limited930,524.79889%111%+6.02%
6Hem Securities Ltd.1 not listed yet8511.43571%00%+39.08%
7ICICI Securities Limited859,112.71450%225%+19.31%
8Smart Horizon Capital Advisors Pvt. Ltd.1 not listed yet7838.82467%00%+4.80%
9BofA Securities India Limited535,796.815100%00%+25.94%
10Choice Capital Advisors Pvt. Ltd.5699.165100%00%+26.73%
11Dam Capital Advisors Ltd.554,969.22360%240%+17.30%
12Kotak Mahindra Capital Company Limited560,470.715100%00%+24.89%
13Anand Rathi Advisors Limited425,473.884100%00%+25.87%
14Avendus Capital Private Limited429,806.38375%00%+3.55%
15Corporate Makers Capital Ltd.4151.71250%125%−0.61%
16Finshore Management Services Ltd.4123.03125%375%+13.48%
17GYR Capital Advisors Pvt. Ltd.4409.07375%00%+27.47%
18HSBC Securities and Capital Markets (India) Private Limited458,237.034100%00%+8.89%
19Jefferies India Private Limited434,421.14250%00%+5.50%
20Mefcom Capital Markets Ltd.4447.91250%125%+9.98%
21Morgan Stanley India Company Private Limited459,861.55375%125%+6.44%
22Pantomath Capital Advisors Private Limited428,003.3375%00%+2.12%
23Emkay Global Financial Services Ltd.31,263.623100%00%+24.73%
24Equirus Capital Ltd.324,675.573100%00%+16.45%
25Goldman Sachs (India) Securities Private Limited335,9083100%00%+10.52%
26Indorient Financial Services Ltd.3203.35133%133%−0.09%
27Khandwala Securities Ltd.3350.69133%133%+3.34%
28SBI Capital Markets Limited353,457.243100%00%+8.98%
29Shannon Advisors Pvt. Ltd.3621.76133%133%+2.76%
30Socradamus Capital Private Limited3146.79133%133%+23.33%
31Systematix Corporate Services Limited31,443.9267%133%+22.37%
32Wealth Mine Networks Ltd.3106.77133%00%+0.86%
33360 ONE WAM Limited252,749.222100%00%+11.10%
34Affinity Global Capital Market Pvt. Ltd.1 not listed yet291.6700%1100%−2.44%
35Aryaman Financial Services Ltd.2697.662100%00%+8.32%
36Beeline Capital Advisors Pvt. Ltd.1 not listed yet2143.221100%00%+2.40%
37BNP Paribas232,721.31150%00%+10.68%
38Citigroup Global Markets India Private Limited252,749.222100%00%+11.10%
39CLSA India Private Limited230,607.65150%150%+4.93%
40Credora Partners Pvt. Ltd.255.74150%150%+6.66%
41Fedex Securities Pvt. Ltd.252.800%2100%−11.47%
42HDFC Bank Limited252,749.222100%00%+11.10%
43IDBI Capital Markets & Securities Limited223,294.54150%00%+0.42%
44Indcap Advisors Pvt. Ltd.298.64150%150%+44.50%
45J.P. Morgan India Private Limited252,749.222100%00%+11.10%
46Khambatta Securities Limited2460.082100%00%+6.93%
47Oneview Corporate Advisors Pvt. Ltd.293.72100%00%+27.16%
48Saffron Capital Advisors Pvt. Ltd.247800%150%−1.14%
49SKI Capital Services Ltd.2103.08150%00%+0.69%
50Sobhagya Capital Options Pvt. Ltd.2112.8100%2100%−4.73%
51Swastika Investmart Ltd.295.46150%150%+1.04%
52Vivro Financial Services Pvt. Ltd.2163.29150%00%+45.00%
53Aftertrade Broking Pvt. Ltd.125.521100%00%+0.14%
54Ambit Private Limited1712.311100%00%+23.62%
55Centrum Capital Ltd.1351.031100%00%+33.06%
56Comfort Securities Ltd.129.061100%00%+0.80%
57Corporate Capital Ventures Pvt. Ltd.150.771100%00%+66.67%
58Corporate Professionals Capital Pvt. Ltd.138.1200%1100%−5.93%
59Cumulative Capital Pvt. Ltd.12101100%00%+10.00%
60Dolat Finserv Pvt.Ltd.1582.800%1100%−10.14%
61Expert Global Consultants Pvt. Ltd.135.931100%00%+42.25%
62Finaax Capital Advisors Pvt. Ltd.153.5200%1100%−0.93%
63GetFive Advisors Pvt. Ltd.142.100%1100%−2.04%
64Gretex Corporate Services Ltd.149.5400%00%0.00%
65Holani Consultants Pvt.Ltd.1582.800%1100%−10.14%
66Horizon Management Pvt. Ltd.13300%1100%−2.50%
67Intensive Fiscal Services Pvt.Ltd.18251100%00%+21.95%
68ISK Advisors Private Limited1 not listed yet156.02—————
69JDA Capital Services Ltd.1 not listed yet157.64—————
70Kreo Capital Pvt. Ltd.120.181100%00%+0.42%
71Mark Corporate Advisors Pvt. Ltd.124.5800%1100%−7.89%
72Marwadi Chandarana Intermediaries Brokers Pvt. Ltd.121.991100%00%+0.13%
73Monarch Networth Capital Ltd.17001100%00%+34.15%
74New Berry Capitals Pvt. Ltd.1135.731100%00%+41.51%
75NEXGEN Financial Solutions Pvt. Ltd.126.9300%1100%−0.17%
76Nirbhay Capital Services Pvt.Ltd.126.51100%00%+11.32%
77Nomura Financial Advisory & Securities (India) Pvt. Ltd.11,75700%00%0.00%
78Novus Capital Advisors Pvt. Ltd.142.8300%00%0.00%
79PhillipCapital India Pvt. Ltd.1160.881100%00%+8.11%
80PL Capital Markets Private Limited14051100%00%+12.35%
81PNB Investment Services Ltd.1351.031100%00%+33.06%
82Rarever Financial Advisors Pvt.Ltd.160.981100%00%+74.24%
83Sarthi Capital Advisors Pvt. Ltd.1124.881100%00%+29.03%
84Seren Capital Private Limited119.21100%00%+90.00%
85Share India Capital Services Pvt. Ltd.144.231100%00%+2.61%
86SMC Capitals Ltd.146.441100%00%+3.86%
87Srujan Alpha Capital Advisors LLP1160.881100%00%+8.11%
88UBS Securities India Private Limited130,187.651100%00%+21.36%
89Unistone Capital Private Limited12551100%00%+65.33%
90Valmiki Leela Capital Pvt. Ltd.1459.721100%00%+24.86%
91Vatsa Capital Venture Pvt. Ltd.1 not listed yet122.98—————

What a lead manager does

A lead manager is the SEBI-registered merchant banker a company hires to take it public: due diligence, the offer document, pricing, marketing to investors and getting the shares listed.

Book running lead manager

In a book-built IPO the lead manager who runs the bidding and helps discover the price is called the book running lead manager (BRLM). Big IPOs often have several.

How to read this

A good track record is one signal, not a recommendation. Check the company, valuation and subscription before you apply.

How the numbers work

  • IPOs: issues handled in the year, by open date.
  • Issue amount: total size of those issues in ₹ crore.
  • Positive / negative: IPOs that listed above / below the upper price band. Percentages are of the IPOs that have listed.
  • Avg listing gain: average listing-day gain of the listed IPOs, against the upper price band.
  • When an IPO has more than one lead manager, it counts in full for each of them.

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