How many merchant bankers can be involved in an IPO?

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An issuer can appoint one or more than one merchant banker (lead manager) for the IPO process. The following is the number of merchant bankers an issuer can hire depending on the issue size:

Maximum Number of Merchant Bankers by Issue Size

Issue Size	Maximum number of Merchant Bankers
Below Rs. 50 crore	2
Rs. 50 to Rs. 100	3
Rs. 100 to Rs. 200	4
Rs. 200 to Rs. 400.	5
Rs. 400 and above	More than 5

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