Jefferies' secret sauce: Savours No. 1 in the ECM league table

Gets success recipe right by brokering $1.9-bn Adani-GQG deal

Jefferies has taken the lead in the investment banking league table for the Indian equity capital market (ECM).

Historically, the New York-headquartered investment bank has rarely featured in the top five. However, the $1.9-billion share sale in four Adani Group firms to US boutique investment firm GQG Partners has catapulted Jefferies to first place, according to Refinitiv, a market-data firm.

Jefferies was the sole investment banker for the stake sale by Adani Group promoters in Adani Enterprises (worth $663 million), Adani Ports and Special Economic Zone ($642 million), Adani Green Energy ($341 million), and Adani Transmission ($231 million) in early-February.