Kotak reclaims India ECM lead with mega deals on horizon

Kotak Mahindra Capital Co. reclaimed the top spot in India’s equity capital markets league table for the first half of the year, putting it in position to dominate a year with the country’s largest-ever initial public offerings in the pipeline.

The homegrown investment bank that dominated India’s ECM for three years through 2024 ranked No. 1 with a 13.75% market share, according to data compiled by Bloomberg. JPMorgan Chase & Co., which jumped to the top spot last year, fell to 11th place, according to Bloomberg league table data.

Kotak has won left lead manager roles on marquee offerings expected to come to the market over the coming months, including Jio Platforms Ltd., National Stock Exchange of India Ltd., SBI Funds Management Ltd., Manipal Health Enterprises Pvt., Pernod Ricard India Pvt., and Carlsberg India Ltd., positioning the firm at the centre of what could be a landmark year for India IPOs.


“Our focus has always been on advising and executing transactions that create long-term value for both issuers and investors,” said V. Jayasankar, managing director and deputy chief executive at Kotak Investment Banking. “When issuers conduct reference checks while selecting bankers for large IPOs, we score strongly across all key parameters — sector expertise, execution capabilities, investor reach, research depth and post-listing support.”

Kotak’s domestic competitor, ICICI Securities Ltd., climbed seven places to rank second after working on 24 transactions and claiming a 10.46% market share. Jefferies Financial Group Inc. rose three places to third at 8.98%, while Goldman Sachs Group Inc. fell to fourth position with 8.81%.

India’s equity capital markets — including IPOs, qualified institutional placements, follow-on offerings and block trades — raised $15.37 billion during the first half of the year, down from $22.94 billion in the same period a year earlier. More than 60% of that fundraising was completed in May and June, highlighting a sharp recovery in activity toward the end of the period.

The IPO market remained subdued, with companies raising about $3.8 billion in the first six months, compared with about $4.6 billion a year earlier. Several prospective issuers delayed listing plans amid volatile equity markets, geopolitical tensions in the Middle East and concerns over slowing economic growth. Bankers expect deals to accelerate in the second half as market conditions stabilise.

“The outlook for the second half is increasingly constructive, supported by improving market sentiment, strong domestic liquidity, and a healthy transaction pipeline,” said Gaurav Singhvi, Co-Head, ECM Syndication at ICICI Securities. “We are already seeing momentum return through QIPs, secondary placements, and renewed IPO activity.”

Large secondary offerings and capital raises, however, helped sustain ECM volumes in 2026. Major transactions included Vishal Mega Mart Ltd.’s $839 million block trade, Adani Ports & Special Economic Zone Ltd.’s $800 million block trade, Raajmarg Invit’s $659 million IPO, and JSW Infrastructure Ltd.’s $794 million qualified institutional placement.

“While it is too early to predict whether issuance volumes will surpass last year’s record levels, we are confident that Indian ECM activity will remain strong and could potentially match the record fundraising seen in the previous year,” Kotak’s Jayasankar said.