<\/span><\/h3>\n\n\n\nKotak Investment Banking operates within Kotak Mahindra Bank’s financial services business and is active in equity capital markets and M&A advisory. <\/p>\n\n\n\n
Kotak was featured among India’s leading investment bank in equity capital markets advisers in the first nine months of 2025. LSEG data reported by Business Standard placed it fifth in the ECM league table, with an 8.2% share of funds raised during that period. This is historical market-share evidence, rather than a guarantee of current performance across all investment banking services.<\/p>\n\n\n\n
\n- Why consider it<\/strong>: Businesses preparing for an IPO, a qualified institutional placement or a strategic transaction may benefit from evaluating Kotak’s relevant execution experience and domestic market relationships.<\/li>\n<\/ul>\n\n\n\n
\n- Best for<\/strong>: Established companies and larger businesses evaluating public-market fundraising or corporate transactions.<\/li>\n<\/ul>\n\n\n\n
<\/span>3. JPMorgan: Best for large IPOs and cross-border deals<\/strong><\/span><\/h3>\n\n\n\nJPMorgan led India\u2019s ECM table for the first nine months of 2025, managing $4.98 billion of deals for a 12.1% share. Its global distribution, balance sheet and cross-border reach make it a natural choice where overseas investors matter, such as large IPOs and international transactions.<\/p>\n\n\n\n
\n- Why consider it:<\/strong> Cross-border transactions may require coordination between domestic advisers, international investors, financing providers and legal teams. J.P. Morgan’s global capital-markets capabilities are relevant to companies evaluating such requirements.<\/li>\n<\/ul>\n\n\n\n
\n- Best for:<\/strong> Large corporates, established issuers and businesses pursuing substantial domestic or international capital-market transactions.<\/li>\n<\/ul>\n\n\n\n
<\/span>4. Morgan Stanley: Best for marquee listings<\/strong><\/span><\/h3>\n\n\n\nMorgan Stanley followed JPMorgan with a 10.5% ECM share in the same period. It is a regular in large technology and financial-sector IPOs and cross-border advisory, and its main edge is deep access to global institutional investors.<\/p>\n\n\n\n
\n- Why consider it<\/strong>: Companies preparing for a significant public offering or a complex strategic transaction may wish to evaluate its sector expertise, institutional investor relationships and execution capabilities.<\/li>\n<\/ul>\n\n\n\n
\n- Best for:<\/strong> Larger businesses considering public listings, substantial equity transactions or cross-border strategic activity.<\/li>\n<\/ul>\n\n\n\n
<\/span>5. Citi: Best for cross-border bridge deals<\/strong><\/span><\/h3>\n\n\n\nCiti investment banking topped India\u2019s overall fee rankings in H1 2026 with $60.3 million, about 9.8% of a pool that shrank 20%. It was also the top ECM dealmaker in H1 2025, with 11 deals raising roughly $5 billion, and reportedly planned in 2024 to boost investment banking headcount in India. Its treasury and corporate banking links help clients needing financing and advice together.<\/p>\n\n\n\n
\n- Why consider it:<\/strong> Companies with international expansion plans may need an adviser capable of coordinating financing and strategic transactions across multiple markets.<\/li>\n<\/ul>\n\n\n\n
\n- Best for:<\/strong> Large corporates, multinational businesses and companies considering cross-border acquisitions or substantial fundraising.<\/li>\n<\/ul>\n\n\n\n
<\/span>6. Goldman Sachs: Best for global investor access<\/strong><\/span><\/h3>\n\n\n\nGoldman Sachs offers a global franchise, sector research and a deep network among international institutions, and is usually considered for large IPOs, cross-border M&A and overseas capital raising. We found less recent India-specific league-table data for Goldman than for peers in the sources reviewed.<\/p>\n\n\n\n
\n- Why consider it: <\/strong>Businesses pursuing large acquisitions, significant capital raises or international transactions may wish to evaluate its experience and investor reach.<\/li>\n<\/ul>\n\n\n\n
\n- Best for:<\/strong> Large companies, mature businesses and businesses with substantial international transaction requirements.<\/li>\n<\/ul>\n\n\n\n
<\/span>7. Jefferies: Best mid-market global platform<\/strong><\/span><\/h3>\n\n\n\nJefferies led India\u2019s overall fee rankings in the first nine months of 2025 with nearly $86 million, or 8.7% of the pool. It pairs global reach with a more senior-attention feel for mid-sized and upper-mid-market clients, which is why it keeps appearing in both M&A and capital-markets mandates.<\/p>\n\n\n\n
\n- Why consider it: <\/strong>Companies evaluating a substantial capital raise, strategic acquisition or other corporate transaction can assess Jefferies banking alongside other advisers with relevant sector and deal experience.<\/li>\n<\/ul>\n\n\n\n
\n- Best for<\/strong>: Established companies, financial sponsors and businesses evaluating mid-sized to large corporate transactions, subject to the firm’s current mandate criteria.<\/li>\n<\/ul>\n\n\n\n
<\/span>8. Axis Capital: Best for ECM and debt markets<\/strong><\/span><\/h3>\n\n\n\nThe investment banking arm of Axis Bank usually ranks in the top ten for fees, ECM and debt capital markets and Axis Bank led overall fees in Q1 2026. Its parent\u2019s distribution network and corporate relationships are a genuine edge for large raises that mix equity and debt.<\/p>\n\n\n\n
\n- Why consider it:<\/strong> Companies evaluating a public offering or a substantial corporate capital raise can assess its execution experience, sector coverage and proposed distribution strategy.<\/li>\n<\/ul>\n\n\n\n
\n- Best for:<\/strong> Established businesses and corporate issuers considering capital-market transactions.<\/li>\n<\/ul>\n\n\n\n
<\/span>9. IIFL Capital: Best for SME and mid-cap listings<\/strong><\/span><\/h3>\n\n\n\nIIFL Capital held an 8.3% ECM share in the first nine months of 2025. It is known for SME IPOs and mid-market M&A and is comfortable with smaller issue sizes that larger banks may not prioritise.<\/p>\n\n\n\n
\n- Why consider it<\/strong>: Businesses considering a public listing should evaluate the adviser’s experience with similar issuers, its approach to investor positioning and its support during the listing process.<\/li>\n<\/ul>\n\n\n\n
\n- Best for<\/strong>: Companies exploring IPOs or other equity-market transactions, including eligible small and mid-sized issuers.<\/li>\n<\/ul>\n\n\n\n
<\/span>10. Avendus Capital: Best for tech and startup deals<\/strong><\/span><\/h3>\n\n\n\nAvendus is a go-to name for technology and startup M&A investment banking, private equity fundraising and equity capital markets. Founders of software, internet, fintech and consumer businesses often use it for sell-side mandates and late-stage rounds.<\/p>\n\n\n\n
\n- Why consider it: <\/strong>A company seeking growth capital or evaluating strategic alternatives may need an adviser who can explain investor expectations, transaction structures and the preparation required before approaching counterparties.<\/li>\n<\/ul>\n\n\n\n
\n- Best for<\/strong>: Established and growth-oriented companies evaluating private capital or M&A transactions, subject to the firm’s mandate criteria.<\/li>\n<\/ul>\n\n\n\n
<\/span>11. JM Financial: Best for long-standing promoter relationships<\/strong><\/span><\/h3>\n\n\n\nJM Financial is among the older homegrown houses, associated with complex debt solutions and promoter-led businesses. Reporting has noted its rise in ECM league tables amid growing small and midcap activity.<\/p>\n\n\n\n
\n- Why consider it<\/strong>: Companies evaluating a strategic transaction or capital raise can assess its relevant industry expertise, execution approach and experience with promoter-led businesses.<\/li>\n<\/ul>\n\n\n\n
\n- Best for:<\/strong> Established Indian businesses considering corporate transactions or capital-market activity.<\/li>\n<\/ul>\n\n\n\n
<\/span>12. ICICI Securities: Best for distribution power<\/strong><\/span><\/h3>\n\n\n\nICICI Securities combines institutional execution with broad retail and institutional distribution through its group. Its investment banking work has covered financial services, energy, retail and technology issuers, which matters when you want broad investor participation in an offer.<\/p>\n\n\n\n
\n- Why consider it:<\/strong> Companies considering a public offering should assess the firm’s experience with similar issuers, its investor outreach strategy and the support available throughout the listing process.<\/li>\n<\/ul>\n\n\n\n
\n- Best for<\/strong>: Businesses preparing for an IPO or evaluating other equity-market transactions, where eligible and appropriate.<\/li>\n<\/ul>\n\n\n\n
<\/span>13. o3 Capital: Best boutique for mid-market M&A<\/strong><\/span><\/h3>\n\n\n\no3 Capital is a boutique investment firm focused on mid-market M&A in healthcare, manufacturing and consumer sectors. Because its mandates are not overshadowed by larger clients, promoters selling a mid-sized business can expect closer partner involvement.<\/p>\n\n\n\n
\n- Why consider it<\/strong>: Companies that need transaction-specific advice may benefit from comparing a specialist adviser with larger investment banking platforms.<\/li>\n<\/ul>\n\n\n\n
\n- Best for<\/strong>: Businesses evaluating M&A or capital-raising mandates that fit the firm’s current sector coverage and transaction criteria.<\/li>\n<\/ul>\n\n\n\n
<\/span>How much do investment bankers charge in India?<\/strong><\/span><\/h2>\n\n\n\nMost investment bankers in India charge a success fee, a percentage of the deal value paid only when the deal closes. Many also charge a retainer up front. There is no standard price list, but most mandates combine a few building blocks:<\/p>\n\n\n\n
\n- Retainer:<\/strong> a monthly or upfront fee covering preparation work such as valuation, materials and outreach. Ask whether it is credited against the success fee.<\/li>\n\n\n\n
- Success fee:<\/strong> paid when the deal closes, usually a percentage of transaction value. Smaller deals often carry a higher percentage.<\/li>\n\n\n\n
- Underwriting or placement fees:<\/strong> for IPOs, QIPs and bonds, paid by the issuer and typically disclosed in offer documents.<\/li>\n\n\n\n
- Expenses:<\/strong> legal, travel and data-room costs, often charged on top.<\/li>\n<\/ol>\n\n\n\n
<\/p>\n\n\n\n
Read these terms before you sign:<\/strong><\/p>\n\n\n\n<\/p>\n\n\n\n
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