Bankers collected $243.8 million in ECM fees in the first half, the most since 2007

Investment bankers raised $243.8 million in equity capital markets (ECM) underwriting fees in the first half of the year, up 127 percent from a year earlier and the first half since 2007, according to a report from LSEG Deals Intelligence. is the most.

With $3.3 billion in related revenues and 11.3 percent market share, Citi leads the ranking for underwriting India-based ECM activity.

The LSEG report said ECM activity reached a record high and raised $29.5 billion in the first half of 2024, up 144.9 percent from a year earlier, making it the highest half-year by revenue ever. Annual total was formed. The number of ECM offerings saw a growth of 63.8 percent year-on-year.

Initial public offerings (IPOs) from Indian issuers grew by $4.4 billion, up 97.8 percent compared to the same period last year, and the number of IPOs increased by 70.6 percent year-on-year. Follow-on offerings, which account for 85 percent of India’s total ECM proceeds, raised $25.1 billion, up 155.7 percent from a year ago, while the number of follow-on offerings increased 56.4 percent year-on-year. increased.

ECM issuances from India’s industrial sector accounted for the majority of the country’s ECM activity, with a 21.4 percent market share worth $6.3 billion, an increase of 96.2 percent from a year earlier. Telecom captured 16.6 percent market share due to significant growth in revenues compared to the first half of 2023. Financials made the top three and captured 14.5 percent market share, growing by 57.2 percent year-on-year to $4.3 billion.

overall activity

Investment banking activities generated $530.4 million in fees through the first half of 2024, down 11 percent from last year, according to LSEG Deals Intelligence. This includes $114.9 million in total DCM underwriting fees and $90.8 million in M&A advisory.

Kotak Mahindra Bank topped the overall investment banking fee ranking with a total of $40.6 million, accounting for 7.6 percent wallet share in India’s investment banking fee pool.

Primary bond offerings from India-domiciled issuers raised $40.8 billion in the first half of 2024, down 25.6 per cent in proceeds compared to the same period last year, making it the lowest in the first half since 2022.

M&A activity in the first half of 2024 totaled $37.3 billion, an increase of 4.4 percent from a year earlier, the highest first-half period since 2022. Target India M&A activity reached $34.4 billion, up 8 percent from last year. Domestic M&A activity totaled $17.2 billion, down 8.8 percent from the first half of last year. Inbound M&A increased 32.4 percent from a year ago and totaled $17.2 billion. Outbound M&A activity reached $2.7 billion, down 29 percent year-on-year, the lowest in the first half since 2019.

The US was the most active country in making cross-border deals with India – both as a target for outbound and acquirer for inbound activity.

The majority of India-related deal making activities targeted the high technology sector, which was worth $5.8 billion and had a market share of 15.6 percent.