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Top 10 Merchant Bankers in India 2021-22

Choosing a merchant banker is very important for the success of an IPO. A good merchant banker is well versed with the IPO strategies like valuation, pricing, timing, analyses and much more. The below list displays the top 10 merchant banks in India based on the number of IPOs handled by them and their success rate in terms of listing day performance.

Top 10 Merchant Bankers in India 2021-22

Merchant Banker No. of IPO handled SME IPOs Mainboard IPOs Positive Listing Negative Listing Average Gain (%)
ICICI Securities Limited270 (0%)27 (100%)17 (63%)10 (37%)25.48%
Axis Capital Limited260 (0%)26 (100%)16 (62%)10 (38%)19.99%
Kotak Mahindra Capital Company Limited190 (0%)19 (100%)14 (74%)5 (26%)26.10%
Iifl Securities Ltd170 (0%)17 (100%)11 (65%)6 (35%)5.89%
Jm Financial Limited170 (0%)17 (100%)14 (82%)3 (18%)34.53%
SBI Capital Markets Limited100 (0%)10 (100%)6 (60%)4 (40%)15.64%
Edelweiss Financial Services Ltd90 (0%)9 (100%)6 (67%)3 (33%)13.32%
Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd)80 (0%)8 (100%)6 (75%)2 (25%)15.26%
Citigroup Global Markets India Private Limited80 (0%)8 (100%)4 (50%)4 (50%)18.39%
Finshore Management Services Limited88 (100%)0 (0%)6 (75%)2 (25%)32.70%

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