Equity capital market fees rise even as mobilisation dips in H12025

Investment bankers earned an estimated $273 million in fees from equity capital market (ECM) activities in the first half of 2025, a 3.4 per cent increase from $264 million in the same period last year, according to LSEG Data & Analytics.

 

This rise came despite a 16 per cent drop in funds raised, with domestic ECM totalling $25.7 billion compared to a record $30.8 billion in H1 2024.

 

The number of ECM deals also fell 31 per cent, from 286 to 196.

 

Initial public offerings (IPOs) surged 21 per cent to $5.9 billion, the highest first-half total ever, driven by