Highest In Last Two Decades: Indian Investment Bankers Earn $1.3 Bn In Fees

Investment bankers earned USD 1.3 billion in fees during 2023, which is a 28 per cent increase compared to the previous year, according to a note by London Stock Exchange Group (LSEG) Deals Intelligence. This is the highest recorded investment banker fee since LSEG Deals started keeping records in 2000.

The equity capital market (ECM) underwriting fees reached USD 343.5 million, a 68 per cent rise from the previous year. The ECM fee includes fees from IPOs and follow-on offers. However, the merger and acquisition (M&A) fee fell 7 per cent and amounted to USD 416.1 million. The M&A activity also decreased to a three-year low, standing at USD 83.8 billion in 2023, which is a 50.6 per cent decline from the previous year.

State Bank of India was the top earner for overall investment banking fees, earning a total of USD 102.7 million, accounting for 7.7 per cent of India's investment banking fee pool.

IIFL Holdings was the top earner in ECM underwriting, with USD 3.7 billion and a 12 per cent market share.