*Merchant Banker Categories:* *Category A - Highly Positive* 📈 Strong and consistent listing gains. *Category B - Positive* 📉 Moderate performance, with occasional negative listings. *Category C - Negative* ❌ Frequent underperformance and poor listing gains. *Here is the Backtesting result of this assessment in last 5 years SME IPOs:* *1. Category A* - Average gains are 69% in 252 IPOs out of Which only 9 Listed Negative (4% Negative Listing). *2. Category B* - Average gains are 57% in 205 IPOs out of Which 26 Listed Negative (13% Negative Listing). *3. Category C* - Average gains are 13% in 160 IPOs out of Which 57 Listed Negative (36% Negative Listing). *📌 Takeaway:* Before investing in SME IPOs, analyze the merchant banker’s track record. A little due diligence can save you from significant losses.