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 |
|---|---|---|---|---|
| ICICI Securities Limited | 114 | 99 | +23.3% | 37.4% |
| Axis Capital Limited | 113 | 100 | +26.5% | 35% |
| JM Financial Limited | 98 | 87 | +25.8% | 36.8% |
| Kotak Mahindra Capital | 77 | 68 | +25.7% | 30.9% |
| SBI Capital Markets Limited | 63 | 53 | +5.8% | 45.3% |
| IIFL Securities Limited | 60 | 52 | +54.1% | 34.6% |
| HEM Securities Limited | 45 | 43 | +36.7% | 39.5% |
| Motilal Oswal Investment Advisors Limited | 44 | 40 | +18.7% | 40% |
| DAM Capital Advisors Limited | 35 | 34 | +15.5% | 44.1% |
| BEELINE CAPITAL ADVISORS PRIVATE LIMITED | 34 | 34 | +17.4% | 38.2% |
| Citigroup Global Markets India Private Limited | 34 | 33 | +33.0% | 33.3% |
| Equirus Capital Limited | 32 | 28 | +14.4% | 42.9% |
| J. P. Morgan India Private Limited | 31 | 28 | +35.0% | 28.6% |
| Unistone Capital Private Limited | 31 | 28 | −0.1% | 50% |
| GYR Capital Advisors Private Limited | 27 | 27 | +49.7% | 44.4% |
| IIFL Capital Services Limited | 27 | 23 | +48.2% | 34.8% |
| Jefferies India Private Limited | 27 | 23 | +38.9% | 26.1% |
| Nuvama Wealth Management Limited | 27 | 26 | −16.0% | 61.5% |
| Morgan Stanley India Company Private Limited | 25 | 23 | +21.8% | 34.8% |
| Nomura Financial Advisory | 25 | 24 | +23.8% | 41.7% |
| Securities (India) Private | 25 | 24 | +33.0% | 37.5% |
| Narnolia Financial Services Limited | 23 | 21 | +4.2% | 47.6% |
| HDFC Bank Limited | 22 | 16 | +5.8% | 37.5% |
| Capital Markets (India) Private Limited | 18 | 15 | +29.0% | 20% |
| HSBC Securities | 18 | 15 | +29.0% | 20% |
| Fedex Securities Private Limited | 17 | 16 | +3.1% | 50% |
| Pantomath Capital Advisors Private Limited | 17 | 15 | +11.7% | 46.7% |
| BofA Securities India Limited | 16 | 12 | −6.0% | 58.3% |
| Horizon Management Private Limited | 15 | 15 | −23.5% | 60% |
| Interactive Financial Services Limited | 14 | 11 | −45.5% | 54.5% |
| Gretex Corporate Services Limited | 13 | 12 | −21.3% | 66.7% |
| Shreni Shares Limited | 13 | 13 | +150.2% | 30.8% |
| Ambit Private Limited | 12 | 9 | +101.1% | 33.3% |
| BNP Paribas | 12 | 11 | +25.8% | 27.3% |
| Edelweiss Financial Services | 12 | 12 | +0.2% | 50% |
| Expert Global Consultants Private Limited | 12 | 12 | −44.7% | 75% |
| Goldman Sachs (India) Securities Private Limited | 12 | 11 | −8.5% | 54.5% |
| Fast Track Finsec Private Limited | 11 | 10 | −42.4% | 70% |
| Intensive Fiscal Services Private Limited | 11 | 10 | +38.8% | 30% |
| Securities | 11 | 10 | −38.3% | 70% |
| CLSA India Private Limited | 10 | 10 | −30.4% | 70% |
| Corporate Capital Ventures Private Limited | 10 | 10 | +49.7% | 30% |
| HOLANI CONSULTANTS PRIVATE LIMITED | 10 | 8 | +62.6% | 37.5% |
| BOB Capital Markets Limited | 9 | 8 | +34.8% | 25% |
| Choice Capital Advisors Private Limited | 9 | 8 | +13.4% | 37.5% |
| IIFL CAPITAL SERVICES LIMITED (formerly known as IIFL Securities Limited) | 9 | 9 | −3.7% | 55.6% |
| Indorient Financial Services Limited | 9 | 9 | −35.0% | 77.8% |
| Affinity Global Capital Market Private Limited | 8 | 7 | −27.2% | 57.1% |
| Anand Rathi Advisors Limited | 8 | 7 | +24.0% | 42.9% |
| Credit Suisse Securities (India) Private Limited | 8 | 6 | +66.2% | 50% |
| Finshore Management Services Limited | 8 | 8 | −36.5% | 75% |
| First Overseas Capital Limited | 8 | 8 | −70.7% | 87.5% |
| Khandwala Securities Limited | 8 | 8 | −65.7% | 75% |
| Share India Capital Services Private Limited | 8 | 5 | +39.2% | 40% |
| Smart Horizon Capital Advisors Private Limited | 8 | 7 | +9.1% | 28.6% |
| Swastika Investmart Limited | 8 | 8 | −39.3% | 75% |
| Systematix Corporate Services Limited | 8 | 7 | −26.7% | 57.1% |
| Corpwis Advisors Private Limited | 7 | 6 | −46.7% | 66.7% |
| Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) | 7 | 6 | −12.5% | 66.7% |
| Emkay Global Financial Services Limited | 6 | 6 | −18.6% | 66.7% |
| IDBI Capital Markets & Securities Limited | 6 | 4 | +29.1% | 0% |
| Khambatta Securities Limited | 6 | 4 | +29.6% | 50% |
| Monarch Networth Capital Limited | 6 | 5 | +13.1% | 0% |
| Vivro Financial Services Private Limited | 6 | 6 | +6.1% | 33.3% |
| Arihant Capital Markets Limited | 5 | 5 | +25.7% | 40% |
| Aryaman Financial Services Limited | 5 | 4 | +15.2% | 50% |
| Avendus Capital Private Limited | 5 | 5 | +44.1% | 20% |
| Elara Capital (India) Private Limited | 5 | 4 | +20.0% | 25% |
| IDBI Capital Markets | 5 | 4 | +54.1% | 25% |
| Inventure Merchant Banker Services Private Limited | 5 | 5 | +24.7% | 40% |
| Jawa Capital Services Private Limited | 5 | 5 | −54.2% | 60% |
| Keynote Financial Services Limited | 5 | 4 | −27.6% | 75% |
| Sarthi Capital Advisors Private Limited | 5 | 5 | +84.7% | 40% |
| Socradamus Capital Private Limited | 5 | 5 | −21.5% | 60% |
| Swaraj Shares | 5 | 5 | −45.6% | 100% |
| ITI Capital Limited | 4 | 4 | +101.2% | 25% |
| NEXGEN Financial Solutions Private Limited | 4 | 3 | −19.7% | 66.7% |
| UBS Securities India Private Limited | 4 | 3 | −8.5% | 66.7% |
| YES Securities (India) | 4 | 4 | −10.9% | 50% |
| 3Dimension Capital Services Limited | 3 | 3 | +59.7% | 33.3% |
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 →