 "equity market")
India's equity capital market issuance (ECM) issuance hit $14.8 billion in the first quarter of 2024, the most on record, with 144 transactions, according to data from Dealogic.
ECM proceeds jumped fivefold from the first quarter of the previous year when 70 deals worth $2.8 billion were launched. Citi topped the underwriting league table for Indian clients with a market share of 14 per cent.
BofA Securities, which completed deals worth $1.3 billion, and ICICI, which completed deals worth $1.2 billion, were the other league table toppers. Citi also topped the Asia ECM league table in the first quarter.
"With a strong pipeline and continued strong investor interest, we expect more records to fall during 2024," said Rahul Saraf, Citi's Head of Investment Banking for India.
