India Investment Banking League Tables

India’s investment banking fees plummeted 15% to $841.9 million in the first nine months of 2024. M&A activity involving Indian firms slumped 20% to $56.8 billion, the lowest level since 2017, LSEG reported Thursday, as dealmakers grappled with economic headwinds.

Equity capital markets surged, with proceeds more than doubling to $49.2 billion – a record high that surpassed the full-year figure for 2020. Initial public offerings raised $9.2 billion, up 96% year-on-year, signalling robust appetite for new listings despite broader market jitters.

Debt capital markets remained relatively steady, with bond issuance dipping 4.7% to $64.6 billion, the lowest nine-month total since 2022. Kotak Mahindra Bank claimed the top spot in investment banking fees, while Citi led M&A advisory and Jefferies dominated equity underwriting.

The data excludes startup deal-activities.