whether a foreign merchant banker can lead an IPO by appointing an Indian entity on its behalf

More facts are needed to provide a conclusive analysis on this.

However, basis your question the prima facie answer is “NO.

For any merchant banker to lead an Indian IPO it requires registration and authorisation from SEBI. Hence, only an international merchant banker with an Indian subsidiary registered with SEBI can “lead-run” an Indian IPO. In absence of such an Indian subsidiary/associate the international merchant banker will not be able to “lead-run” an Indian IPO.

Src: SEBI Act and SEBI-MB regs.

No

Thanks a lot sir/ma'am

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