“IPO Service From Education To Execution”
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Aryaman Financial Services Limited

Aryaman Financial Services Limited (AFSL), a SEBI-registered Category-I Merchant Banker since 1994, specializes in SME IPOs. They provide lead management, M&A and corporate finance advisory, helping businesses achieve strategic growth and successful capital market listings.

SME IPOs

Total listings managed

89

Year-wise SME IPO Listing

Year No. of IPOs
FY26 3
FY25 4
FY24 5
FY23 5
FY22 7
FY21 4

SME IPOs listing on Exchange

NSE Emerge
21 (24%)
BSE SME
68 (76%)

SME IPOs by Subscription

75 (84%)
Subscribed upto 5 times
12 (13%)
Subscribed 5 to 25 times
0 (0%)
Subscribed 25 to 50 times
1 (1%)
Subscribed 50 to 100 times
1 (1%)
Subscribed more than 100 times

SME IPOs by IPO Size

Very Small (< 5 Cr) 22 (25%)
Small (5-10 Cr) 25 (28%)
Medium (10-25 Cr) 27 (30%)
Large (25-50 Cr) 10 (11%)
Very Large (>50 Cr) 5 (6%)

Frequently Asked Questions

Aryaman Financial provides merchant banking services, including IPO management, advisory, and other capital market services.
Merchant banking, stock broking, commodity broking, portfolio management, investment advisory, wealth management
AFSL manages SME and mainboard IPOs, offering end-to-end lead management and compliance advisory.
AFSL is based in Mumbai, Maharashtra, India.
They offer mergers & acquisitions, valuations, project finance and restructuring advisory services.
AFSL has a proven track record with multiple successful SME and mainboard IPOs in recent years.