IPO Lead Managers: Listing Track Records
Every lead manager in the data, ranked by the number of listed IPOs. Lead managers with 10 or more listed IPOs have their own page. Medians are shown from 5 IPOs.
| Lead manager | Listed IPOs | Mainboard | SME | Median gain at open | Opened above issue | Median subscription | Vs same-year IPOs (points) | Latest |
|---|---|---|---|---|---|---|---|---|
| ICICI Securities Limited | 148 | 148 | – | +4.96% | 64.19% | 16.48x | -4.27 | 2026 |
| Axis Capital Limited | 137 | 137 | – | +10% | 68.61% | 20.29x | +0.03 | 2026 |
| JM Financial Limited | 135 | 135 | – | +7.55% | 72.59% | 20.10x | -0.30 | 2026 |
| IIFL Capital Services Limited formerly IIFL Holdings Limited; IIFL Securities Limited | 129 | 129 | – | +6.59% | 68.22% | 16.69x | -2.07 | 2026 |
| Kotak Mahindra Capital Company Limited | 106 | 106 | – | +9.28% | 75.47% | 14.94x | +1.81 | 2026 |
| Hem Securities Limited | 81 | 2 | 79 | +25.77% | 91.36% | 121.56x | +12.19 | 2026 |
| SBI Capital Markets Limited | 81 | 81 | – | +2.13% | 54.32% | 11.52x | -5.01 | 2026 |
| Nuvama Wealth Management Limited formerly Edelweiss Financial Services Limited | 68 | 68 | – | +4.22% | 64.71% | 15.22x | -2.86 | 2026 |
| Beeline Capital Advisors Private Limited | 67 | 6 | 61 | +25% | 97.01% | 154.88x | +8.86 | 2026 |
| Motilal Oswal Investment Advisors Limited | 59 | 59 | – | +8.47% | 71.19% | 22.19x | +0.74 | 2026 |
| GYR Capital Advisors Private Limited | 56 | 2 | 54 | +68.65% | 92.86% | 328.81x | +47.77 | 2026 |
| Citigroup Global Markets India Private Limited | 48 | 48 | – | +4.69% | 64.58% | 16.89x | -2.86 | 2026 |
| DAM Capital Advisors Limited | 46 | 46 | – | +4.33% | 60.87% | 22.32x | -4.51 | 2026 |
| Equirus Capital Private Limited | 37 | 37 | – | +8.47% | 70.27% | 23.86x | -3.52 | 2026 |
| JP Morgan India Private Limited | 37 | 37 | – | +7.69% | 75.68% | 5.71x | -2.58 | 2026 |
| Unistone Capital Private Limited | 37 | 15 | 22 | +10% | 81.08% | 16.63x | -0.50 | 2026 |
| Jefferies India Private Limited | 36 | 36 | – | +10% | 75% | 9.92x | +2.20 | 2026 |
| Nomura Financial Advisory and Securities (India) Private Limited | 35 | 35 | – | +3.44% | 54.29% | 20.29x | -5.33 | 2026 |
| Morgan Stanley India Company Private Limited | 31 | 31 | – | +5.59% | 74.19% | 9.60x | +1.89 | 2026 |
| Smart Horizon Capital Advisors Private Limited | 31 | 3 | 28 | +2.95% | 70.97% | 4x | +1.32 | 2026 |
| Gretex Corporate Services Limited | 30 | 1 | 29 | +6.02% | 76.67% | 46.42x | -1.18 | 2026 |
| Narnolia Financial Services Limited | 30 | – | 30 | +19.62% | 76.67% | 96.14x | +16.13 | 2026 |
| Fedex Securities Private Limited | 29 | 3 | 26 | +9.80% | 75.86% | 41.54x | -8.93 | 2026 |
| Finshore Management Services Limited | 29 | – | 29 | 0% | 48.28% | 5.02x | -12.46 | 2026 |
| Interactive Financial Services Limited | 29 | 3 | 26 | +1.10% | 51.72% | 9.49x | -12.46 | 2026 |
| Shreni Shares Private Limited | 29 | – | 29 | +24.67% | 93.10% | 85.34x | +3.04 | 2025 |
| Horizon Management Private Limited | 28 | – | 28 | 0% | 46.43% | 20.81x | -3.34 | 2026 |
| HDFC Bank Limited | 26 | 26 | – | +4.60% | 73.08% | 7.03x | -4.38 | 2026 |
| BofA Securities India Limited | 24 | 24 | – | +13.62% | 79.17% | 19.78x | +3.60 | 2026 |
| HSBC Securities and Capital Markets (India) Private Limited | 24 | 24 | – | +6.15% | 75% | 8.94x | -2.38 | 2026 |
| Aryaman Financial Services Limited | 23 | 8 | 15 | +6.06% | 82.61% | 2.80x | -4.93 | 2026 |
| Pantomath Capital Advisors Private Limited | 23 | 20 | 3 | +14.74% | 82.61% | 63.97x | +3.44 | 2026 |
| Share India Capital Services Private Limited | 23 | 1 | 22 | +7.09% | 65.22% | 16.61x | +1.15 | 2026 |
| IDBI Capital Markets & Securities Limited | 21 | 21 | – | +2.70% | 57.14% | 26.59x | -4.68 | 2026 |
| Expert Global Consultants Private Limited | 20 | – | 20 | +41.30% | 85% | 41.77x | +17.58 | 2026 |
| Goldman Sachs (India) Securities Private Limited | 20 | 20 | – | +7.16% | 70% | 6.80x | +0.51 | 2026 |
| Khambatta Securities Limited | 19 | 4 | 15 | +14.17% | 78.95% | 30.23x | +5.20 | 2026 |
| CLSA India Private Limited | 17 | 17 | – | +3.26% | 64.71% | 8.10x | -2.07 | 2026 |
| Ambit Private Limited formerly Ambit Capital Private Limited | 16 | 16 | – | +6.64% | 68.75% | 40.34x | -2.07 | 2026 |
| Choice Capital Advisors Private Limited | 16 | 9 | 7 | +14.12% | 93.75% | 70.72x | +8.42 | 2026 |
| Corporate Makers Capital Limited | 16 | – | 16 | -0.58% | 18.75% | 2.12x | -3.25 | 2026 |
| First Overseas Capital Limited | 16 | 1 | 15 | +1.48% | 62.50% | 3.85x | -10.99 | 2024 |
| Indorient Financial Services Limited | 16 | 1 | 15 | +2.67% | 62.50% | 5.95x | -1.35 | 2026 |
| Swastika Investmart Limited | 16 | – | 16 | +4.06% | 68.75% | 27.33x | -8.29 | 2026 |
| BNP Paribas | 15 | 15 | – | +1.23% | 53.33% | 9.78x | -5.33 | 2026 |
| Credit Suisse Securities (India) Private Limited | 15 | 15 | – | +4.96% | 73.33% | 3.86x | +1.93 | 2023 |
| YES Securities (India) Limited | 15 | 15 | – | +0.42% | 53.33% | 1.36x | -7.57 | 2023 |
| Corporate Capital Ventures Private Limited | 14 | 1 | 13 | +110.09% | 92.86% | 229.63x | +85.11 | 2026 |
| Holani Consultants Private Limited | 14 | 4 | 10 | +90% | 92.86% | 272.42x | +84.18 | 2026 |
| Anand Rathi Advisors Limited | 13 | 13 | – | +23.62% | 92.31% | 66.58x | +16.47 | 2026 |
| Intensive Fiscal Services Private Limited | 13 | 13 | – | +9.39% | 69.23% | 36.15x | +4.25 | 2026 |
| Khandwala Securities Limited | 13 | 1 | 12 | 0% | 46.15% | 38.93x | -7.15 | 2026 |
| Marwadi Chandarana Intermediaries Brokers Private Limited | 13 | – | 13 | +1.54% | 84.62% | 16.02x | -1.01 | 2026 |
| Vivro Financial Services Private Limited | 13 | – | 13 | +43.98% | 69.23% | 142.25x | +24.12 | 2026 |
| Systematix Corporate Services Limited | 12 | 12 | – | +1.03% | 50% | 24.79x | -5.16 | 2026 |
| Affinity Global Capital Market Private Limited | 11 | – | 11 | 0% | 36.36% | 2.63x | -3.90 | 2026 |
| Avendus Capital Private Limited | 11 | 11 | – | +5.46% | 72.73% | 12.22x | -2.81 | 2026 |
| BOB Capital Markets Limited | 11 | 11 | – | +1.66% | 54.55% | 13.45x | -13.80 | 2026 |
| Fast Track Finsec Private Limited | 11 | – | 11 | +2.86% | 54.55% | 26.53x | -16.14 | 2025 |
| Inventure Merchant Banker Services Private Limited | 11 | – | 11 | +1.08% | 63.64% | 3.64x | -12.46 | 2026 |
| Sobhagya Capital Options Private Limited | 11 | – | 11 | -1.96% | 36.36% | 1.75x | -4.63 | 2026 |
| Emkay Global Financial Services Limited | 10 | 10 | – | +7.87% | 60% | 36.91x | -3.88 | 2026 |
| Seren Capital Private Limited | 10 | – | 10 | +25.36% | 90% | 203.82x | +23.29 | 2026 |
| Cumulative Capital Private Limited | 9 | 2 | 7 | +25% | 100% | 44.90x | +2.85 | 2026 |
| Oneview Corporate Advisors Private Limited | 9 | – | 9 | +20% | 88.89% | 17.79x | +7.54 | 2026 |
| Sarthi Capital Advisors Private Limited | 9 | 4 | 5 | +29.03% | 77.78% | 20.56x | +21.88 | 2026 |
| Srujan Alpha Capital Advisors LLP | 9 | 1 | 8 | +15.02% | 88.89% | 62.79x | -5 | 2026 |
| Corpwis Advisors Private Limited | 8 | 1 | 7 | 0% | 37.50% | 4.58x | -20.05 | 2026 |
| Jawa Capital Services Private Limited | 8 | – | 8 | -3.59% | 25% | 21.19x | -23.57 | 2025 |
| Socradamus Capital Private Limited | 8 | – | 8 | -6.21% | 37.50% | 24.21x | -7.66 | 2026 |
| Swaraj Shares and Securities Private Limited | 8 | – | 8 | +36.47% | 75% | 47.27x | +3.05 | 2024 |
| Mark Corporate Advisors Private Limited | 7 | – | 7 | 0% | 42.86% | 1.46x | -10.82 | 2026 |
| Nexgen Financial Solution Private Limited | 7 | – | 7 | +2.86% | 71.43% | 18.01x | +1.40 | 2026 |
| Nirbhay Capital Services Private Limited | 7 | 2 | 5 | +5.26% | 57.14% | 1.86x | -0.07 | 2026 |
| Ski Capital Services Limited | 7 | – | 7 | +10.56% | 71.43% | 70.27x | -0.07 | 2026 |
| Sun Capital Advisory Services Private Limited | 7 | – | 7 | -19.81% | 28.57% | 1.87x | -22.48 | 2026 |
| Wealth Mine Networks Limited | 7 | – | 7 | -19.57% | 14.29% | 1.96x | -21.02 | 2026 |
| Arihant Capital Markets Limited | 6 | 3 | 3 | +6.55% | 83.33% | 4.33x | -2.17 | 2026 |
| Elara Capital (India) Private Limited | 6 | 6 | – | +4.92% | 66.67% | 46.80x | +1.58 | 2025 |
| ISK Advisors Private Limited | 6 | – | 6 | +32.10% | 66.67% | 37.84x | -3.93 | 2024 |
| ITI Capital Limited | 6 | 6 | – | +28.84% | 66.67% | 19.57x | +17.91 | 2024 |
| Monarch Networth Capital Limited | 6 | 6 | – | +15.46% | 66.67% | 61.46x | +11.12 | 2026 |
| UBS Securities India Private Limited | 6 | 6 | – | +11.68% | 100% | 19.44x | +5.43 | 2026 |
| 360 One Wam | 5 | 5 | – | +0.84% | 100% | 5.71x | -5.02 | 2026 |
| 3dimension Capital Services Limited | 5 | – | 5 | -0.91% | 40% | 2.27x | -5.20 | 2026 |
| Capitalsquare Advisors Private Limited | 5 | – | 5 | -2.78% | 0% | 1.62x | -4.23 | 2026 |
| Centrum Broking Limited formerly Centrum Capital Limited | 5 | 5 | – | -1.97% | 40% | 9.50x | -18.32 | 2026 |
| Fintellectual Corporate Advisors Private Limited | 5 | – | 5 | +5.56% | 80% | 193.99x | +2.88 | 2026 |
| Getfive Advisors Private Limited | 5 | – | 5 | 0% | 40% | 3.02x | -2.67 | 2026 |
| Indcap Advisors Private Limited | 5 | – | 5 | -1% | 40% | 65.66x | -2.46 | 2026 |
| Keynote Financial Services Limited | 5 | 5 | – | 0% | 40% | 27.77x | -12.81 | 2026 |
| Mefcom Capital Markets Limited | 5 | 4 | 1 | +15% | 60% | 100.45x | +7.85 | 2026 |
| Saffron Capital Advisors Private Limited | 5 | 5 | – | 0% | 40% | 23.45x | -9.42 | 2026 |
| DSP Merrill Lynch Limited | 4 | 4 | – | – | – | – | – | 2020 |
| Finaax Capital Advisors Private Limited | 4 | – | 4 | – | – | – | – | 2026 |
| Kreo Capital Private Limited | 4 | – | 4 | – | – | – | – | 2026 |
| PL Capital Markets Private Limited | 4 | 4 | – | – | – | – | – | 2026 |
| PNB Investment Services Limited | 4 | 4 | – | – | – | – | – | 2026 |
| SMC Capitals Limited | 4 | 2 | 2 | – | – | – | – | 2026 |
| Shannon Advisors Private Limited | 4 | 1 | 3 | – | – | – | – | 2026 |
| Sundae Capital Advisors Private Limited | 4 | 2 | 2 | – | – | – | – | 2026 |
| Turnaround Corporate Advisors Private Limited | 4 | – | 4 | – | – | – | – | 2026 |
| Batlivala & Karani Securities India Private Limited | 3 | 3 | – | – | – | – | – | 2025 |
| Comfort Securities Limited | 3 | – | 3 | – | – | – | – | 2026 |
| Corporate Professionals Capital Private Limited | 3 | – | 3 | – | – | – | – | 2026 |
| Ekadrisht Capital Private Limited | 3 | – | 3 | – | – | – | – | 2024 |
| Galactico Corporate Services Limited | 3 | – | 3 | – | – | – | – | 2026 |
| IDFC Bank Limited | 3 | 3 | – | – | – | – | – | 2018 |
| IndusInd Bank Limited | 3 | 3 | – | – | – | – | – | 2021 |
| Inga Ventures Private Limited | 3 | 3 | – | – | – | – | – | 2024 |
| Navigant Corporate Advisors Limited | 3 | – | 3 | – | – | – | – | 2026 |
| Novus Capital Advisors Private Limited | 3 | – | 3 | – | – | – | – | 2026 |
| Rarever Financial Advisors Private Limited | 3 | – | 3 | – | – | – | – | 2026 |
| Aftertrade Broking Private Limited | 2 | – | 2 | – | – | – | – | 2026 |
| Bajaj Capital Limited | 2 | 2 | – | – | – | – | – | 2024 |
| Credora Partners Private Limited | 2 | – | 2 | – | – | – | – | 2026 |
| Grow House Wealth Management | 2 | – | 2 | – | – | – | – | 2026 |
| Haitong Securities India Private Limited | 2 | 2 | – | – | – | – | – | 2021 |
| Kunvarji Finstock Private Limited | 2 | – | 2 | – | – | – | – | 2024 |
| New Berry Capitals Private Limited | 2 | 1 | 1 | – | – | – | – | 2026 |
| PhillipCapital (India) Private Limited | 2 | 2 | – | – | – | – | – | 2026 |
| Almondz Financial Services Limited | 1 | – | 1 | – | – | – | – | 2025 |
| Axial Capital Private Limited | 1 | – | 1 | – | – | – | – | 2025 |
| BOI Merchant Bankers Limited | 1 | 1 | – | – | – | – | – | 2026 |
| Bonanza Portfolio Limited | 1 | – | 1 | – | – | – | – | 2025 |
| Catalyst Capital Partners Private Limited | 1 | 1 | – | – | – | – | – | 2026 |
| D and A Financial Services | 1 | 1 | – | – | – | – | – | 2026 |
| DBS Bank India | 1 | 1 | – | – | – | – | – | 2026 |
| Deutsche Equities India Private Limited | 1 | 1 | – | – | – | – | – | 2019 |
| Dolat Finserv Private Limited | 1 | 1 | – | – | – | – | – | 2026 |
| Erudore Capital Private Limited | 1 | – | 1 | – | – | – | – | 2026 |
| Incred Capital Wealth Portfolio Managers Private Limited | 1 | 1 | – | – | – | – | – | 2022 |
| Inga Advisors Private Limited | 1 | 1 | – | – | – | – | – | 2019 |
| JJ Ipo Advisors Private Limited | 1 | – | 1 | – | – | – | – | 2026 |
| Lsi Financial Services | 1 | – | 1 | – | – | – | – | 2026 |
| Master Capital Services | 1 | – | 1 | – | – | – | – | 2026 |
| Mirae Asset Capital Markets (India) Private Limited | 1 | 1 | – | – | – | – | – | 2023 |
| Spark Capital Advisors (India) Private Limited | 1 | 1 | – | – | – | – | – | 2018 |
| Sumedha Fiscal Services Limited | 1 | 1 | – | – | – | – | – | 2025 |
| Synfinx Capital Private Limited | 1 | – | 1 | – | – | – | – | 2025 |
| Valmiki Leela Capital | 1 | 1 | – | – | – | – | – | 2026 |