Divya Agarwal
From growth-stage entrepreneurs to marquee offerings, the investment bank is expanding its role in India’s capital formation story
Mumbai (Maharashtra) [India], October 13: The IPO of National Stock Exchange (NSE), which was keenly followed by all stakeholders of the Indian capital market, was managed by 20 merchant bankers but the highlight was that nine investment banking entities brought in bulk of the anchor investments.
Among those, Pantomath Capital Advisors was the youngest bank of the lot and featured among the top five domestic bankers in the anchor segment.
For many Indian entrepreneurs, building a successful business is only the first milestone. The next is transforming a founder-led enterprise into a professionally governed, publicly listed company capable of accessing capital at scale. This transition requires far more than an IPO: it calls for stronger governance, transparent disclosures, institutional readiness, credible valuation and the confidence of public-market investors.
This is the opportunity that Pantomath Capital is seeking to address as it expands its presence in India’s investment banking landscape. The homegrown investment bank has built its franchise around working with businesses at different stages of growth, helping entrepreneurs navigate the complex journey from private ownership to public-market participation.
The firm’s growing mandate portfolio spans established industrial businesses, infrastructure companies, power equipment manufacturers and emerging technology-led enterprises.
Pantomath’s list of marquee transactions, include, among others, the IPO of Sangli-based Quality Power Electrical Equipments whose shares have seen a stupendous rise since listing in February 2025. The issue price was fixed at Rs 425, and the stock is currently trading at Rs 1,553.
The coming days will see the IPO of Muzaffarnagar-based Silverton Industries, a company engaged in manufacturing and marketing of eco-friendly specialty paper. Further, the IPO of Zetwerk reflects Pantomath’s engagement with both established institutions and new-age businesses.
Building investor confidence, one IPO at a time
Pantomath’s recent execution record offers a snapshot of the varied investor responses that public issues can attract. In calendar year 2025, Pantomath was among the top domestic bankers in terms of left lead mandates.
Together, these transactions show that public offerings are not uniform exercises: each company requires a distinct approach to investor education, valuation, positioning and execution.
As India’s IPO market expands, Pantomath is positioning itself to serve businesses whose ambitions extend beyond raising funds to building enduring public-market institutions.
Preparing entrepreneurs for the public markets
For a privately held company, an IPO is a fundamental organisational transition. Financial reporting, corporate governance, internal controls, heightened disclosure obligations and a broader shareholder base are only some of the elements that need attention. Companies must also develop a compelling, evidence-based investment proposition and arrive at a valuation that balances growth ambitions with investor expectations.
Pantomath’s approach, according to its leadership, is to engage with businesses well before the transaction reaches the market. This includes helping promoters understand the requirements of public-market readiness, strengthening the investment narrative, coordinating with legal and audit professionals, and guiding the company through regulatory processes and investor engagement.
Capital formation as a national growth imperative
Mahavir Lunawat, Chairman and Managing Director of Pantomath Capital, has consistently emphasised the structural opportunity presented by India’s expanding entrepreneurial base and domestic investment pool, especially mutual funds and retail investors.
At a recently held conference by the Association of Investment Bankers of India (AIBI), Mr Lunawat, who is also the chairman of the body representing merchant banks, said that India’s primary market has moved well beyond an episodic fundraising cycle and the market today has a ₹3.86 lakh crore pipeline, including around ₹2.43 lakh crore from companies that have received SEBI approval and another ₹1.44 lakh crore from companies awaiting approval.
The projection underscores his view that capital formation is not merely a financial-market activity. It enables companies to expand capacity, invest in technology, generate employment and participate in India’s economic development.
Public markets, when supported by credible disclosures, appropriate pricing and investor confidence, can connect entrepreneurial ambition with long-term pools of domestic and international capital. Not to forget the robust role played by the Securities and Exchange Board of India (SEBI).
As India’s capital markets deepen, Pantomath’s ambition is to strengthen its position as a trusted homegrown investment banking institution; one that helps promising Indian businesses become investment-ready public companies and contributes to the country’s next phase of growth.
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