Aryaman Financial Services

What Aryaman Financial Services does

Aryaman Financial Services Limited is a SEBI-registered Category I Merchant Banker incorporated in 1994 and listed on the Bombay Stock Exchange (Scrip Code: 538716). The firm leads and syndicates public capital market transactions for Indian small and medium enterprises, focused on the Rs. 10 crore to Rs. 500 crore deal range. Its core product set includes lead management and syndication of IPOs, FPOs, Rights Issues, Composite Issues, QIPs, PIPE Deals, and venture capital funding, alongside M&A advisory and open offer management, structured finance advisory, and corporate finance certifications for BSE/NSE/SEBI/RBI/ROC compliance. The company operates from its corporate office in Mumbai and registered office in New Delhi, with a lean staff of 11-50 employees led by promoter directors from the Shah family.

The business model is fee- and transaction-based. Revenue streams fall into four categories: (1) merchant banking services (structuring fees, success fees, advisory retainers), (2) M&A and open offer advisory (transaction-based percentages), (3) corporate finance certifications (regulatory certification fees), and (4) stock broking, market making, and proprietary trading through subsidiary Aryaman Capital Markets Limited. Complementary offerings include Portfolio Management Services via Escorp Asset Management Limited and NBFC lending via Aryaman Finance, giving the group a vertically integrated capital markets stack. Distribution is direct — the merchant banking team engages corporate clients without intermediaries; stock broking and depository participant services flow through BSE SME, NSE Emerge, NSE, MCX, and CDSL memberships. Marketing relies on the corporate website and investor relations portal rather than outbound digital channels.

Named disclosed transactions include the Diksha Polymers (Rs. 17.9 crore), Narmadesh Brass Industries (Rs. 44.87 crore), Shivganga Drillers (Rs. 400 crore), Shreni Shares (Rs. 170-200 crore filing), and RKB Global SME/mid-market IPO mandates. Track record cited by management is 50+ public issues and rights issues and 30+ open offers. Promoters hold approximately 63.92% via Mahshri Enterprises Pvt. Ltd.; the firm has no external parent and no disclosed funding rounds or M&A activity.

Name

Aryaman Financial Services

Legal name

Aryaman Financial Services Limited

Website

https://afsl.co.in

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

A SEBI Category I Merchant Banker (founded 1994, BSE-listed) that lead-manages and syndicates IPOs, FPOs, rights issues, and QIPs for Indian SMEs in the Rs. 10–500 crore range, with subsidiaries covering stock broking, market making, portfolio management, and NBFC lending.

Ownership category

akta.pro rank

Product category

Investment Banking & Merchant Banking Services

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Equity Capital Introduction & Prime Services (FSACAFAK)

akta.pro secondary industry

Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit) (BPAHAOAD)

Keywords

• Merchant banking services
• SME IPO advisory
• M&A advisory
• Equity capital markets
• Stock broking services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Merchant Banking Services: Fee-based revenue from lead management and syndication of IPOs, FPOs, Rights Issues, Composite Issues, QIPs, PIPE Deals, and Venture Capital Funding. Revenue generated through structuring fees, success fees, and ongoing advisory retainers for companies raising Rs. 10-500 crore.
2. M&A Advisory and Open Offer Management: Transaction-based fees for managing open offers, delisting offers, and buyback offers. Both buy-side and sell-side advisory services with fee structures based on transaction value.
3. Corporate Finance Advisory: Valuation and advisory services for Foreign Investments, ESOP Certifications, Fairness Opinions of Amalgamation Schemes, Mergers and Spin-off Transactions. Certification fees for regulatory requirements.
4. Stock Broking and Trading: Brokerage income from equity/debt market placements, trading and investments in quoted and unquoted securities, and market making activities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Aryaman Financial Services Limited is a SEBI-registered Category I Merchant Banker providing lead management and syndication of small and medium-sized IPOs, FPOs, rights issues, composite issues, QIPs, PIPE deals, and venture capital funding for companies in the Rs. 10 crore to Rs. 500 crore range. The company also delivers M&A advisory, open offer management, structured finance advisory, corporate finance advisory with regulatory certifications, stock broking, portfolio management services, and NBFC lending through its subsidiaries.

Product overview

Aryaman Financial Services Limited operates as a full-service capital market intermediary offering a comprehensive suite of financial services. The company functions as a SEBI registered Category I Merchant Banker providing Merchant Banking Services as its core offering, complemented by Equity Capital Markets advisory for IPOs/FPOs/QIPs, M&A Advisory and Open Offer Management, Structured Finance Advisory, and Corporate Finance Advisory with regulatory certifications. Through its subsidiaries, the company extends Stock Broking and DP Services via Aryaman Capital Markets Limited, Portfolio Management Services through Escorp Asset Management Limited, and NBFC Lending Services via Aryaman Finance. The subsidiary also provides Market Making services for SME scrips on BSE and NSE exchanges.

Differentiator

Problem solved

Functional benefit

Products and services

• Merchant Banking Services SEBI-registered Category I Merchant Banker providing lead management and syndication services for small and medium-sized IPOs, FPOs, rights issues, composite issues, QIPs, PIPE deals, venture capital funding, and other fund-raising activities for Indian corporates.
• Equity Capital Markets Services Advisory services for corporates seeking to mobilize capital through initial public offerings, follow-on public offerings, qualified institutional placements, rights issues, preferential allotments, FCCBs, and ADR/GDR issues.
• M&A Advisory and Open Offer Management Turnkey transaction management for medium to large M&A transactions including buy-side and sell-side advisory services, coordination between agencies, preparation of open offer documents, and SEBI/ROC liaisoning for Indian corporates.
• Structured Finance Advisory Financing solutions including promoter funding (against collateral of shares/securities) and acquisition financing through stacked financing structures comprising foreign currency senior secured debt, rupee senior secured debt, and mezzanine debt.
• Corporate Finance Advisory and Certifications Management of corporate finance activities including schemes of amalgamations, mergers, ESOP transactions, foreign remittance, and equity placements with certifications and valuations for BSE/NSE/SEBI/RBI/ROC compliance.
• Stock Broking and DP Services Trading and investment services in quoted and unquoted securities, underwriting capital market issuances, brokerage income from equity/debt market placements, and depository participant services through subsidiary Aryaman Capital Markets Limited.
• Portfolio Management Services Portfolio management services offered to clients through group company Escorp Asset Management Limited.
• NBFC Lending Services Non-Banking Financial Company lending services offered through Aryaman Finance, providing integrated financial solutions including lending alongside capital market services.
• Market Making Services Liquidity provision to scrips through two-way quotes on the counter, including both fund-based and fee-based services for SME companies listed on BSE and NSE exchanges.

Quantifiable outcome

• 50+ Public Issues and Rights Issues managed
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• SEBI (Securities and Exchange Board of India)coreOthersRegulatory partnership as SEBI registered Category I Merchant Banker. Registration No. INM000011344. All merchant banking operations require SEBI approval and oversight.
• BSE (Bombay Stock Exchange)coreOthersListed entity on BSE with scrip code 538716. Provides SME IPO platform and trading services through BSE.
• NSE (National Stock Exchange)coreOthersMember of NSE for trading and clearing services. NSE Member Id: 90085. Enables equity and derivative trading operations.
• MCX (Multi Commodity Exchange)minorOthersMember of MCX for commodity trading services. MCX Member Id: 29435. Provides commodity trading capabilities through subsidiary.
• CDSL (Central Depository Services Limited)coreOthersDepository Participant Services through CDSL. CDSL DP Id: 12086100. Provides demat account services and depository operations.
• Aryaman Capital Markets Limited (Subsidiary)coreStrategic or Co-development PartnerFully-owned subsidiary handling secondary market activities including trading, investments, underwriting, brokerage, and market making. SEBI Registration: INZ000004739. Represents fund-based and secondary market activities of the group.
• Escorp Asset Management Limited (Subsidiary)coreStrategic or Co-development PartnerSubsidiary providing Portfolio Management Services. Part of the integrated financial services offering alongside merchant banking and stock broking.
• Aryaman Finance (NBFC)minorStrategic or Co-development PartnerNBFC lending services through associated entity providing integrated financial solutions including lending alongside capital market services.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Gretex Corporate Services: SEBI-registered merchant banker handling IPOs, FPOs, rights issues, and open offers, with comparable SME-focused issuance business in India.
• Indsec Securities & Finance: SEBI-registered merchant banker and stock broker in India offering IPO lead management and corporate finance advisory — comparable mid-sized Indian merchant banking peer.
• Pantomath Capital Advisors: Indian merchant banking and investment banking firm focused on SME IPOs and mid-market advisory — directly competes with Aryaman in the Rs. 10-500 crore deal band with similar BSE SME/NSE Emerge focus.
• Hem Securities: SEBI-registered merchant banker and stock broker active in SME IPO lead management and open offers across BSE SME platform — overlapping mandate profile and client base.
• Navigant Corporate Advisors: Merchant banker providing IPO lead management and corporate advisory services to Indian SMEs — comparable in deal size band and service mix.
• First Overseas Capital: India-focused merchant banker with SEBI Category I registration handling IPOs, FPOs, and rights issues — directly comparable on licensing, mandate size, and SME focus.
• Keynote Financial Services: Indian merchant banking and corporate advisory firm providing lead management for IPOs and SME listings — competes for similar SME issuance mandates.
• Fedex Securities: Indian merchant banker providing IPO/FPO lead management and advisory for SMEs — overlapping service offering and target customer profile.

Broad incumbents

• SMC Global Securities: Larger Indian financial services group offering broking, merchant banking, PMS, and NBFC services — broader portfolio but overlapping capabilities with Aryaman's group structure.
• Choice International: Diversified Indian financial services firm with broking, merchant banking, and PMS — broader footprint but overlapping SEBI-registered merchant banking activities.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aryaman Financial Services