Primary market revival earns deal makers a record $1 bn fees

Buoyed by nimble primary markets, the country’s deal-makers earned a record of around $1 billion in fees—the highest ever this millennium for the January-September period, a study and Mint research revealed.

- Mayur Bhalerao

According to UK-based global deals analytics firm Refinitiv, on the back of thriving equity capital market deals and trending initial public offerings (IPOs) in India, investment bankers reaped a massive 41% increase in their fees at $967.5 million for the first nine months as compared to last year.

Citi, with $58.6 million in investment banking fees, earned the most from deal making activities in India according to Refinitiv. ICICI Bank Ltd, and Axis Bank Ltd followed Citi, earning $56.6 million and $56.4 million respectively from investment banking fees. Goldman Sachs investment banking income rose to $54.4 million from deal making in India, revealed the data.

Through equity deals domestic firms and their promoters raised $18.4 billion in the first nine months of 2023, a 34.4% jump from the same period of last year, said the London listed data tracker group.