Unlisted mid-market investment bank and institutional broker - a frequent lead manager on mid-cap IPOs and QIPs
Strengths
Active in mid-cap equity raises; also runs wealth and broking arms
Risks
Unlisted - no public market data
Background
Ahmedabad/Mumbai-based
Not listed (checked Nov 2026)
Compiled from public reporting — not exchange-listed.
Where it fits
Book-running lead managers (BRLMs) price and market share sales - IPOs, offers for sale, QIPs and blocks - to institutions and the public, and earn a percentage of the issue. Institutional equities desks earn commission and research fees from mutual funds, insurers and foreign investors.
Why it matters
India has been one of the world's busiest IPO markets for three years running, and the biggest deals of 2025-26 (NSE, SBI Funds, ICICI Prudential AMC, Groww) were capital-markets companies themselves. Domestic banks now lead many issues that foreign banks used to.
Where the value pool sits
Fees are usually 1-3% of a mid-sized IPO and well under 1% on large ones, split among several banks. Income is highly cyclical: it surges in bull markets and dries up when primary markets close. Institutional broking earns steadier commissions, though SEBI's April 2026 cut in scheme brokerage caps reduces what funds pay.
Key drivers
IPO pipeline of start-ups, PSU stake sales and subsidiaries of conglomerates
QIPs and blocks as promoters and PE funds sell down
Domestic mutual-fund and insurer demand absorbing large issues
Potential bottlenecks
Deal flow depends on market sentiment and SEBI approval timelines
Fee competition among a dozen-plus banks per large issue