Equity capital market league tables see a significant reshuffle at the top

These transactions encompass initial public offerings (IPOs), block deals, and qualified institutional placements (QIPs)

Jefferies, IIFL, and JM Financial — none of which were in the top five last year — have now claimed the top spots in the league tables for equity capital markets (ECM) during the first nine months of calendar year 2023 (CY23), a period characterised by small- and mid-sized transactions.

This shift marks a significant change, with these firms outperforming the bulge-bracket investment banks.
 

According to data provided by Refinitiv, Jefferies leads the domestic ECM market, having handled share sales worth $2.3 billion, representing 12.4 per cent of the total volume of $18.4 billion for ECM transactions. These transactions encompass