Before Applying Any SME IPO – Check This Banker Table

Updated every month-end / Last update on 24.12.2025

🏷️ Lead Manager Grade Badge Logic

Grade Methodology (Chanakya Standard – 2025)

• Grade A (Trusted Banker)
  ✔ Success ≥ 80% AND Avg Listing Gain > 8%

• Grade B (Selective / Neutral)
  ✔ Success 50–79% OR mixed listing gains

• Grade C (High Risk / Avoid)
  ✖ Success < 50% OR negative average gains

🟢 CATEGORY 1: CONSISTENT & RELIABLE

(Success ≥80% AND Avg Listing Gain Positive)
👉 Safest execution history in 2025

• Beeline Capital Advisors Pvt.Ltd.

• Axis Capital Ltd.

• GYR Capital Advisors Pvt.Ltd.

• Narnolia Financial Services Ltd.

• IIFL Capital Services Ltd.

• JM Financial Ltd.

• Kotak Mahindra Capital Co. Ltd.

• Citigroup Global Markets India Pvt.Ltd.

• Morgan Stanley India Co.Pvt.Ltd.

• JP Morgan India Pvt.Ltd.

• Goldman Sachs (India) Securities Pvt.Ltd.

• HSBC Securities & Capital Markets (India) Pvt.Ltd.

• Vivro Financial Services Pvt.Ltd.

• Expert Global Consultants Pvt.Ltd.

• Holani Consultants Pvt.Ltd.

• Srujan Alpha Capital Advisors LLP

• Shreni Shares Ltd.

• Seren Capital Pvt.Ltd.

• Cumulative Capital Pvt.Ltd.

• Equirus Capital Pvt.Ltd.

• IDBI Capital Markets Services Ltd.

• SMC Capitals Ltd.

• Oneview Corporate Advisors Pvt.Ltd.

• Hem Securities Ltd.

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🟡 CATEGORY 2: MODERATE / SELECTIVE

(Success 50–79% OR gains inconsistent)
👉 Issue-specific due diligence required

• Motilal Oswal Investment Advisors Ltd.

• ICICI Securities Ltd.

• Smart Horizon Capital Advisors Pvt.Ltd.

• SBI Capital Markets Ltd.

• Unistone Capital Pvt.Ltd.

• Dam Capital Advisors Ltd.

• Nuvama Wealth Management Ltd.

• Nomura Financial Advisory & Securities (India) Pvt.Ltd.

• Jefferies India Pvt.Ltd.

• Pantomath Capital Advisors Pvt.Ltd.

• Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.

• Khambatta Securities Ltd.

• Choice Capital Advisors Pvt.Ltd.

• Intensive Fiscal Services Pvt.Ltd.

• 3Dimension Capital Services Ltd.

• Arihant Capital Markets Ltd.

• Monarch Networth Capital Ltd.

• CLSA India Pvt.Ltd.

• Sarthi Capital Advisors Pvt.Ltd.

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🔴 CATEGORY 3: HIGH-RISK / AVOID (BASED ON 2025 DATA)

(Success <50% OR negative average listing gains)

• Finshore Management Services Ltd.

• Corporate Makers Capital Ltd.

• Swastika Investmart Ltd.

• Wealth Mine Networks Pvt.Ltd.

• Fast Track Finsec Pvt.Ltd.

• Share India Capital Services Pvt.Ltd.

• Fintellectual Corporate Advisors Pvt.Ltd.

• Finaax Capital Advisors Pvt.Ltd.

• Indorient Financial Services Ltd.

• Jawa Capital Services Pvt.Ltd.

• Systematix Corporate Services Ltd.

• Sun Capital Advisory Services Pvt.Ltd.

• Affinity Global Capital Market Pvt.Ltd.

• Corpwis Advisors Pvt.Ltd.

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🧠 Chanakya Takeaway (Very Important)

• Lead manager quality materially impacts listing outcome

• High IPO count ≠ high success

• SME investors should filter IPOs by Category 1 & 2 only

• Category 3 bankers require extra caution regardless of GMP

🟢 GRADE A – TRUSTED LEAD MANAGERS (2025)

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🟡 GRADE B – SELECTIVE / ISSUE-SPECIFIC

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🔴 GRADE C – HIGH RISK / AVOID (2025 DATA)

Quicklinks

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