Merchant Bankers (Lead Managers)
Book-Running Lead Managers (BRLMs) oversee IPO pricing, marketing, anchor allocation, and underwriting. Browse all IPOs led by each merchant banker in India.
Motilal Oswal Investment Advisors
7 IPOsAxis Capital
7 IPOsIIFL Capital Services
5 IPOsSBI Capital Markets
4 IPOsHSBC Securities
4 IPOsUnistone Capital
3 IPOsSmart Horizon Capital Advisors
3 IPOsJM Financial
3 IPOsKotak Mahindra Capital
3 IPOsChoice Capital Advisors
3 IPOsEquirus Capital
2 IPOsDAM Capital Advisors
2 IPOsNuvama Wealth Management
2 IPOsCumulative Capital
2 IPOsMorgan Stanley
2 IPOsHem Securities
2 IPOsGYR Capital Advisors
2 IPOsICICI Securities
2 IPOsCitigroup Global Markets
2 IPOsCorporate Makers Capital
1 IPOJefferies India
1 IPOJP Morgan
1 IPOSarthi Capital Advisors
1 IPOCredora Partners
1 IPO360 ONE WAM
1 IPORarEver Financial Advisors
1 IPOInCred Capital Wealth Portfolio Managers
1 IPONomura Financial Advisory and Securities
1 IPOUBS Securities India
1 IPOIIFL Securities
1 IPOBOI Merchant Bankers
1 IPOIDBI Capital
1 IPOBeeline Capital Advisors
1 IPOGetfive Advisors
1 IPOInteractive Financial Services
1 IPOMarwadi Chandarana Intermediaries Brokers
1 IPOJ.P. Morgan
1 IPOInga Ventures
1 IPOSeren Capital
1 IPOSMC Capitals
1 IPOWealth Mine Networks
1 IPOArihant Capital Markets
1 IPOFast Track Finsec
1 IPOWhat is a Merchant Banker (BRLM)?
A Book-Running Lead Manager (BRLM) is a SEBI-registered investment bank appointed by the issuer to manage the IPO process. Responsibilities include preparing the prospectus, deciding the price band, allocating shares to anchor investors, underwriting the issue, and coordinating with regulators, exchanges, and the registrar.
Major Indian merchant bankers include Kotak Mahindra Capital, ICICI Securities, Axis Capital, JM Financial, SBI Capital Markets, HDFC Bank, HSBC Securities, JP Morgan, Citigroup, and IIFL Capital. The merchant banker's track record is one signal investors use to gauge IPO quality — though not the only one.