Gretex Corporate Services is a capital-markets platform built to take small and medium enterprises public - it guides them from preparation through listing and then stays to support trading, an end-to-end approach that began with its first SME IPO in 2014 and now spans merchant banking, broking and market-making under one group. The company was incorporated in 2008, registered as a SEBI Category I Merchant Banker in 2014, and listed itself on the BSE SME platform in 2021 before migrating to the mainboard of both BSE and NSE in September 2025. Everything it does follows a single recurring logic: find emerging enterprises that need capital and credibility, take them through the public-markets door, then keep providing the liquidity and compliance support that makes their listing stick. # Business segments Two engines that feed each other - a merchant-banking advisory that brings companies to market, and a broking-and-market-making arm that keeps them trading once they arrive. ## 1. Merchant banking and capital-markets advisory: the IPO factory for India's smaller companies **The company has taken 60 public issues to market, almost all of them SME IPOs, and earns fees for every step - from pre-IPO hand-holding through post-listing compliance.** - **SME specialist with a mainboard bridge** - of the 60 public issues executed, 58 were SME IPOs, one was a mainboard IPO and one a follow-on offer, together raising roughly Rs 1,447 crore (about Rs 1,247 crore from SMEs alone). The company is now carrying 20 active mandates: 14 SME IPOs across NSE Emerge and BSE, and six mainboard IPO mandates, so the pipeline is tilting toward larger deals. - **Full-lifecycle service, not just a listing agent** - the seven verticals cover IPO advisory, mergers and acquisitions, private placements, valuation, debt syndication, compliance and ESOP advisory, which means a client can be served from its first restructuring conversation all the way to post-listing secretarial support. - **Paid when the company lists** - revenue is recognised at the point of listing, which makes the first quarter (April-June) seasonally light because companies and investors are not ready, while the second quarter always sees stronger demand. The model mixes one-time transaction fees with recurring retainer relationships, particularly for compliance and post-listing guidance. - **Relationship-driven, not transactional** - the go-to-market relies on direct promoter relationships, investor roadshows and tie-ups with wealth managers, targeting first-generation entrepreneurs and family-run businesses across 56 Tier-1 and four Tier-2 cities. The company positions itself as a trusted CFO-advisor rather than a deal factory, which matters to SME owners doing a public issue for the first time. - **Recognition that signals market share** - BSE has named it Top Volume Performer for SME IPOs in five separate financial years, and NSE has repeatedly recognised it as a Top Performing Merchant Banker in the SME segment. ## 2. Market making and stock broking: the post-listing liquidity engine **Through its subsidiary Gretex Share Broking, the group provides market-making for 63 SME companies and broking for over 300 clients - so the companies it lists keep trading.** - **Liquidity provider to the SME ecosystem** - the subsidiary holds 26 active market-making mandates (14 on NSE Emerge and BSE SME, 12 from institutional clients) and provides liquidity support to 63 SME listed companies, which is the service that keeps small-cap stocks tradeable after the IPO pop. - **Broking that diversifies the revenue base** - on the retail side, the platform serves more than 300 clients with equity and derivatives trading, depository participant services and research, while seven empanelled institutional clients add a steadier flow. - **The moat is the combination** - very few firms that list small companies also stay invested post-listing as a market maker; the group's pitch is "we don't just list companies, we help them trade with confidence," and the integrated desk provides real-time market intelligence that feeds back into the advisory business. - **On its own path to a public listing** - the subsidiary submitted its draft red herring prospectus to SEBI in December 2023 and formally proposed an IPO in November 2025, which would surface its value separately from the parent. # Group structure and partners **The group runs as an integrated ecosystem of three entities - the listed merchant banker, its majority-owned broking subsidiary, and an associate company - with shared technology and compliance platforms binding them together.** - Gretex Corporate Services is the listed parent and SEBI-registered Category I Merchant Banker at the centre. - Gretex Share Broking Limited is the material subsidiary, 65.71% owned by the parent since September 2023, and holds licences as a stockbroker, market maker and NSDL depository participant. - Gretex Industries Limited is an associate company, incorporated in 2009, that trades in musical instruments and has been listed on NSE Emerge since 2016. - The group uses shared CRM, analytics and compliance systems across entities, which creates operational leverage as the client base grows. - A proposed Category II alternative investment fund, to be sponsored through a partnership vehicle in which the company holds a 50% interest, would add a pooled-investment capability with a target corpus of up to Rs 100 crore.