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India's IB Fees Hit Record $1.3B on IPO & M&A Surge
6 Jan
Summary
- Investment banking fees in India reached a record $1.3 billion in 2025.
- Foreign banks led fee generation, surpassing domestic lenders this year.
- Equity capital markets fees dominated, driven by a strong IPO wave.
India's investment banking sector has achieved an unprecedented $1.3 billion in fees for 2025, according to LSEG data. This record performance was primarily driven by a robust increase in initial public offerings (IPOs) and mergers and acquisitions (M&A) activity. The surge in IPOs, along with block trades, propelled equity capital markets (ECM) to become the largest fee contributor, generating $656 million.
Foreign banks have notably dominated the league tables in 2025, with Jefferies leading, followed by Morgan Stanley and JP Morgan. This marks a significant shift from 2024, when domestic institutions like Kotak Mahindra and ICICI held the top ranks. The growing participation of international banks in large-ticket ECM deals has allowed them to secure a larger share of the fees.
M&A advisory contributed $396 million, while debt capital markets added $246 million. Experts anticipate continued intense competition between ECM and M&A fees in the coming years. Despite differing bonus cycles, banks are expanding their IB teams to manage the strong deal pipeline and ongoing business momentum.
