 "Domestic investment banks dominate 2016 IPO league table")
Domestic investment bankers have emerged winners in the initial public offering (IPO) league table for 2016. The top three investment banks are Kotak Mahindra Capital, ICICI Securities and Axis Capital, with a combined volume of nearly Rs 7,700 crore, shows data compiled from Bloomberg . Citibank, Bank of America Merrill Lynch and HSBC are three foreign banks in the top 10. Other domestic investment banks that have had a good year are JM Financial, SBI Capital Markets and IIFL. None of them was not in the top 10 list in last year’s IPO league table. In 2016, around 25 companies have tapped primary markets to raise Rs 25,163 crore through IPOs – the most in six years. This is nearly double 2015’s tally of Rs 13,614 crore.
The average deal size improved in 2016, thanks to big-ticket deals such as ICICI Prudential Life Insurance and PNB Housing Finance. RBL Bank, Ujjivan Financial Services and L&T Infotech were among other Rs 1,000-crore plus deals.
Investment bankers continue to be bullish on IPO markets. Nearly a dozen companies are awaiting the Securities and Exchange Board of India’s approval for IPOs and more are in the process of filing.