IPOs, QIPs, block deals: I-bankers play the ECM table and cash in big

Jefferies tops overall $1 billion fee pool, turning blockbuster deals into jackpot wins

Investment bankers (ibankers) are set for another strong year, with equity capital market (ECM) deal fees reaching $438 million in the first nine months of 2025, according to London Stock Exchange Group (LSEG) data.

 

India’s overall investment banking fee pool hit $1 billion during the first nine months of 2025, up 12 per cent from the same period last year. This includes fees from ECM and debt capital markets, as well as mergers and acquisitions.

 

LSEG calculations show Jefferies leading the overall investment banking fee rankings in India, taking nearly $86 million, or 8.7 per cent of the total pool.

 

While the overall ECM fee pool has fallen 4 per cent from last year, a strong pipeline for the remainder of 2025 could deliver another round of hefty bonuses for dealmakers.

 

ECM activity — which covers initial public offerings (IPOs), follow-on share sales such as qualified institutional placements (QIPs), and block deals — totalled $41 billion, down 17 per cent from $49.7 billion in the same period last year. Despite the drop, activity remains high by historical standards, LSEG observed.

 

Domestic IPOs raised $10.8 billion, a 17.5 per cent increase year-on-year and the highest nine-month tally since records began in 1980. This growth came even as the number of IPOs fell 5.2 per cent compared with last year. Follow-on offerings, which accounted for 70 per cent of total ECM proceeds, raised $28.8 billion, down 28.6 per cent from last year’s record haul, while their volume dropped 32.8 per cent year-on-year.

 

Among sectors, financials led ECM activity with $8.3 billion in proceeds — a 10.1 per cent rise from last year — representing over a fifth of the market. Technology firms raised $6.5 billion, capturing a 15.8 per cent share as proceeds jumped 47 per cent. Industrials followed with $5.7 billion, down 48.4 per cent, claiming a 13.8 per cent share.

 

JPMorgan led the ECM league table for the first nine months, managing $4.98 billion in deals for a 12.1 per cent market share. Morgan Stanley (10.5 per cent), Jefferies (8.7 per cent), IIFL Capital (8.3 per cent), and Kotak Mahindra Bank (8.2 per cent) rounded out the top five.

 

The period’s largest deals included a $2.9 billion QIP by State Bank of India, a $1.66 billion fundraise by MakeMyTrip, and $1.5 billion block deals each from ITC and Bharti Airtel. The biggest IPO was HDB Financial Services’ $1.46 billion issue.