Top IPO Lead Managers in India (BRLM)
A Book Running Lead Manager (BRLM) is the SEBI-registered merchant banker that manages an Initial Public Offering — from drafting the DRHP and pricing the issue, to allotment and listing on BSE or NSE. Below is the live ranking of 48 active IPO lead managers in India, ordered by the total issue size of Mainboard and SME IPOs they have handled in the last 12 months.
BRLM Ranking Table
| Lead Manager | Mainboard | SME | Size (₹ Cr) |
|---|---|---|---|
|
FI
Finshore Management Services Limited
|
0 | 1 | 89 |
|
CO
Corporate Makers Capital Ltd.
|
0 | 2 | 65 |
Capital Square Advisors Pvt. Ltd.
|
0 | 1 | 65 |
|
SO
Socradamus Capital Pvt. Ltd.
|
0 | 1 | 58 |
|
CH
Choice Capital Advisors Pvt.Ltd.
|
0 | 1 | 55 |
|
GE
GetFive Advisors Pvt. Ltd.
|
0 | 1 | 50 |
Horizon Management Pvt. Ltd.
|
0 | 1 | 42 |
|
SO
Sobhagya Capital Options Pvt.Ltd.
|
0 | 1 | 36 |
|
AF
Affinity Global Capital Market Private Limited
|
0 | 1 | 35 |
|
FI
Fintellectual Corporate Advisors Private Limited
|
0 | 1 | 30 |
3Dimension Capital Services Ltd.
|
0 | 1 | 25 |
|
AR
Aryaman Financial Services Limited
|
0 | 1 | 18 |
|
MA
Marwadi Chandarana Intermediaries Pvt.Ltd.
|
0 | 1 | 13 |
|
SM
Smart Horizon Capital Advisors
|
1 | 0 | — |
|
UN
Unistone Capital
|
0 | 0 | — |
|
MA
Mark Corporate Advisors Private Limited
|
0 | 1 | — |
|
CA
Capitalsquare Advisors Private Limited
|
0 | 1 | — |
|
BO
Boi Merchant Bankers Ltd
|
0 | 1 | — |
What does a Book Running Lead Manager actually do?
Every company that lists on Indian stock exchanges must appoint at least one BRLM. The lead manager carries the issue end to end:
- Due diligence and DRHP: reviewing financials, legal compliance and drafting the Draft Red Herring Prospectus filed with SEBI.
- Pricing: running the book-building process to discover the final issue price within the band.
- Distribution: marketing the IPO to QIBs, NIIs, retail investors and employees through roadshows and anchor allocations.
- Listing: coordinating with the registrar for allotment, refunds, and final listing on BSE / NSE.
How this ranking is calculated
The ranking on this page is derived live from IPO Guru's IPO database. For each merchant banker we count every Mainboard IPO and SME IPO where they are listed as a BRLM and whose subscription open date falls in the trailing 12 months (since Jun 2025). The total issue size column adds up the issue sizes of all those IPOs in ₹ crore. Because IPOs commonly have multiple joint BRLMs, the same issue may contribute to several merchant bankers' totals.
Why this matters for IPO investors
The lead manager isn't a guarantee of listing gains, but it's a useful signal. Larger BRLMs with strong institutional reach tend to bring in higher-quality QIB books and more reliable anchor investors, which can translate into stronger subscription numbers. Comparing a BRLM's historical track record — average subscription level, listing-day performance and post-listing returns — gives a quick sense of underwriting quality. Click any lead manager in the table above to see the full list of IPOs they have managed.
Frequently Asked Questions
What is a Book Running Lead Manager (BRLM)? ▾
A Book Running Lead Manager is a SEBI-registered merchant banker appointed by a company to manage its IPO. The BRLM handles due diligence, drafts the prospectus (DRHP / RHP), runs the book-building process to price the issue, files with SEBI and the exchanges, markets the offer to investors, and oversees allotment and listing.
How are lead managers ranked on this page? ▾
By total IPO issue size (in ₹ crore) across every Mainboard and SME IPO they have managed whose subscription opened in the last 12 months. IPOs with multiple BRLMs are counted in full for each joint lead manager.
Who is the largest IPO lead manager in India right now? ▾
Finshore Management Services Limited currently tops the ranking with ₹89 crore of total IPO issue size handled across 1 issues in the last 12 months.
What's the difference between a Mainboard and an SME IPO lead manager? ▾
Mainboard IPOs list on the main boards of BSE and NSE and are typically run by larger merchant bankers with deeper institutional distribution. SME IPOs list on BSE SME or NSE Emerge and are usually handled by smaller, specialist lead managers. The same firm can be a BRLM for both segments, though most focus on one.
Does the lead manager affect IPO listing performance? ▾
A reputed lead manager improves visibility and investor confidence, but listing gains depend more on business fundamentals, valuation and market sentiment at the time of issue. The historical IPO track record of a BRLM — subscription levels and listing-day returns — is the best objective signal.
How often is this ranking updated? ▾
The ranking is computed live every time the page loads, using the latest IPO data on IPO Guru. The 12-month window rolls forward automatically — older IPOs drop off and newly closed IPOs are included as soon as they are recorded.
