Handsome payoff: ₹600 crore IPO fees light up Diwali for i-bankers

LG Electronics India and Tata Capital lead October's IPO fee bonanza, as bankers cash in on a busy primary market season

Investment bankers have plenty to cheer this Diwali, having garnered close to ₹600 crore ($70 million) in fees for managing seven initial public offerings (IPOs) completed in the first half of October. The most lucrative mandates came from the blockbuster listings of appliance major LG Electronics India and the Tata group’s shadow bank, Tata Capital. 

According to final red herring prospectuses (RHPs) filed with the markets regulator, LG paid ₹226 crore to its book running lead managers (BRLMs) — roughly 2 per cent of its issue size. Morgan Stanley, JP Morgan, Axis Capital, BofA Securities, and Citigroup acted as BRLMs