Who runs India’s IPOs — and how they have done
80 investment banks, ranked by how many of the issues we track they ran. The median is the return since issue price across those issues — a record, not a prediction.
| Lead manager | IPOs we hold them on | Of which we can price | Median return since issue | Below issue price |
|---|---|---|---|---|
| Axis Capital Limited | 123 | 114 | +18.1% | 42.1% |
| ICICI Securities | 121 | 111 | +7.1% | 45% |
| JM Financial Limited | 117 | 107 | +15.5% | 38.3% |
| Kotak Mahindra Capital | 85 | 79 | +26.0% | 38% |
| SBI Capital Markets Limited | 65 | 57 | +10.1% | 47.4% |
| IIFL Securities Limited | 60 | 54 | +42.1% | 35.2% |
| Motilal Oswal Investment Advisors Limited | 54 | 52 | +9.5% | 46.2% |
| HEM Securities Limited | 48 | 48 | +43.5% | 35.4% |
| IIFL Capital Services Limited | 45 | 42 | +12.2% | 42.9% |
| DAM Capital Advisors Limited | 38 | 37 | +1.6% | 51.4% |
| BEELINE CAPITAL ADVISORS PRIVATE LIMITED | 35 | 33 | −0.5% | 51.5% |
| Nuvama Wealth Management Limited | 35 | 31 | −13.3% | 58.1% |
| Citigroup Global Markets India Private Limited | 34 | 32 | +30.7% | 37.5% |
| Equirus Capital Limited | 34 | 32 | +26.9% | 34.4% |
| Jefferies India Private Limited | 32 | 29 | +12.8% | 31% |
| Unistone Capital Private Limited | 32 | 30 | −13.6% | 60% |
| J. P. Morgan India Private Limited | 31 | 29 | +32.1% | 34.5% |
| GYR Capital Advisors Private Limited | 30 | 30 | +43.5% | 40% |
| Morgan Stanley India Company Private Limited | 27 | 25 | +2.9% | 48% |
| Nomura Financial Advisory | 27 | 24 | +29.1% | 33.3% |
| Securities (India) Private | 27 | 24 | +31.0% | 29.2% |
| Narnolia Financial Services Limited | 23 | 22 | −17.2% | 63.6% |
| HDFC Bank Limited | 22 | 19 | −7.1% | 63.2% |
| Capital Markets (India) Private Limited | 21 | 19 | +7.1% | 42.1% |
| HSBC Securities | 21 | 19 | +7.1% | 42.1% |
| Pantomath Capital Advisors Private Limited | 21 | 21 | −4.7% | 52.4% |
| BofA Securities India Limited | 19 | 16 | −17.4% | 56.3% |
| Fedex Securities Private Limited | 18 | 18 | −9.5% | 55.6% |
| Horizon Management Private Limited | 15 | 15 | −40.2% | 60% |
| Goldman Sachs (India) Securities Private Limited | 14 | 14 | −6.0% | 57.1% |
| Interactive Financial Services Limited | 14 | 13 | −9.6% | 53.8% |
| Ambit Private Limited | 13 | 12 | +65.7% | 25% |
| BNP Paribas | 13 | 12 | −1.0% | 50% |
| Choice Capital Advisors Private Limited | 13 | 13 | −4.7% | 53.8% |
| Gretex Corporate Services Limited | 13 | 13 | −28.9% | 76.9% |
| Shreni Shares Limited | 13 | 13 | +51.6% | 30.8% |
| Edelweiss Financial Services | 12 | 11 | −21.4% | 63.6% |
| Expert Global Consultants Private Limited | 12 | 12 | −40.3% | 66.7% |
| Intensive Fiscal Services Private Limited | 12 | 12 | +40.0% | 33.3% |
| Systematix Corporate Services Limited | 12 | 12 | −31.4% | 66.7% |
| Anand Rathi Advisors Limited | 11 | 10 | +33.2% | 40% |
| CLSA India Private Limited | 11 | 11 | −37.0% | 72.7% |
| Fast Track Finsec Private Limited | 11 | 10 | −46.0% | 70% |
| HOLANI CONSULTANTS PRIVATE LIMITED | 11 | 11 | +37.6% | 36.4% |
| IIFL CAPITAL SERVICES LIMITED (formerly known as IIFL Securities Limited) | 11 | 11 | 0.0% | 45.5% |
| Securities | 11 | 11 | −22.8% | 63.6% |
| Affinity Global Capital Market Private Limited | 10 | 10 | −29.2% | 70% |
| Corporate Capital Ventures Private Limited | 10 | 9 | +47.3% | 33.3% |
| Emkay Global Financial Services Limited | 10 | 10 | +16.2% | 40% |
| Finshore Management Services Limited | 10 | 10 | −42.1% | 80% |
| Indorient Financial Services Limited | 10 | 10 | −21.5% | 80% |
| Smart Horizon Capital Advisors Private Limited | 10 | 10 | +21.8% | 40% |
| Avendus Capital Private Limited | 9 | 9 | +17.8% | 33.3% |
| BOB Capital Markets Limited | 9 | 8 | +17.7% | 25% |
| Khandwala Securities Limited | 9 | 9 | −55.3% | 77.8% |
| Share India Capital Services Private Limited | 9 | 9 | +4.7% | 44.4% |
| Credit Suisse Securities (India) Private Limited | 8 | 8 | +72.6% | 50% |
| First Overseas Capital Limited | 8 | 7 | −77.6% | 100% |
| Khambatta Securities Limited | 8 | 6 | +21.9% | 33.3% |
| Swastika Investmart Limited | 8 | 8 | −30.5% | 87.5% |
| Vivro Financial Services Private Limited | 8 | 8 | +8.8% | 37.5% |
| Aryaman Financial Services Limited | 7 | 6 | −11.6% | 50% |
| Corpwis Advisors Private Limited | 7 | 7 | −63.1% | 85.7% |
| IDBI Capital Markets & Securities Limited | 7 | 5 | 0.0% | 40% |
| Monarch Networth Capital Limited | 7 | 6 | +7.1% | 33.3% |
| Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) | 7 | 6 | −14.4% | 66.7% |
| Sarthi Capital Advisors Private Limited | 6 | 6 | +37.1% | 33.3% |
| Arihant Capital Markets Limited | 5 | 5 | +22.8% | 40% |
| Elara Capital (India) Private Limited | 5 | 4 | −1.0% | 50% |
| IDBI Capital Markets | 5 | 5 | +29.1% | 20% |
| Inventure Merchant Banker Services Private Limited | 5 | 5 | +17.2% | 40% |
| Jawa Capital Services Private Limited | 5 | 5 | −52.0% | 60% |
| Keynote Financial Services Limited | 5 | 5 | −25.7% | 60% |
| Mefcom Capital Markets Limited | 5 | 5 | +10.5% | 40% |
| NEXGEN Financial Solutions Private Limited | 5 | 5 | +3.1% | 40% |
| Saffron Capital Advisors Private Limited | 5 | 5 | −47.3% | 100% |
| SKI Capital Services Limited | 5 | 5 | −19.7% | 60% |
| Socradamus Capital Private Limited | 5 | 5 | −39.3% | 80% |
| Swaraj Shares | 5 | 5 | −49.1% | 100% |
| UBS Securities India Private Limited | 5 | 5 | −22.4% | 60% |
Banks appear once per issue they were named on, and a large issue usually names several — so the counts overlap and do not sum to the number of IPOs. We only hold lead managers where the exchange published them, which is why the totals here are smaller than the full universe. A bank’s median rests only on the issues we can price, hence the separate column.
How to read this
A bank’s record reflects the issues it chose to bring and the market it brought them into, not its skill alone — a bank that ran many 2023 issues will look better than one that ran many 2025 SME issues, because those cohorts moved differently. The year-by-year cohort table shows that context →