A merchant banker plays a central role in the IPO process by managing, coordinating, and guiding the company through the public issue. The merchant banker conducts due diligence to verify financial, legal, and operational details, ensuring accurate disclosures in the prospectus. They help structure the IPO, determine the issue size, and decide the timing based on market conditions. Merchant bankers also coordinate with regulators, stock exchanges, underwriters, and other intermediaries to ensure compliance with regulations. Additionally, they assist in marketing the IPO, managing subscriptions, and overseeing the allotment process until the shares are listed on the stock exchange.