NEW DELHI: JPMorgan Chase & Co has reclaimed its top spot in India’s equity offerings for the first time in five years, seizing the lead from Kotak Mahindra Capital Co in one of the world’s busiest fundraising markets.
The Wall Street bank’s market share has nearly doubled from a year ago to more than 11%, after it was credited with 537 billion rupees (US$6bil) in equity offerings in 2025, according to data compiled by Bloomberg.
It climbed up four spots after advising on stake sale in some of the largest block trades this year, including stake sale in telecom firm Bharti Airtel Ltd and IndiGo operator InterGlobe Aviation Ltd.
“We invested well in advance rather than waiting for the market to expand,” said Abhinav Bharti, head of equity capital markets at JPMorgan India.
The bank has beefed up the size of its investment banking team to the biggest among global players in the nation, with a record boom in deals likely extending into coming years, he said.
The return of a foreign bank as the top arranger comes as the pipeline of offerings expands, with companies raising nearly US$55bil this year from listings, share placements and block trades.
Domestic banks still dominate first-time equity sales, which have hit record levels on strong inflows from local mutual funds and retail investors, while global banks are being favored for bulk trades typically placed with foreign institutional investors.
“If you remove block deals, we are much much ahead of our competitor,” said V Jayasankar, managing director at Kotak. — Bloomberg
