Kotak Mahindra Bank topped the league table of equity offerings, with the private lender being the manager to 43 issues in FY24, a year when companies raised about ₹2.9 trillion through a total of 400 issuances.
The lender topped the table with ₹31,655 crore in value terms and a 10.89% market share. Citibank came in second with 18 IPOs with Rs 31,467 crore in value terms and a 10.82% market share. BofA Securities holds the third spot with 14 issues and a market share of 8.87%, according to data sourced from Bloomberg.
The equity offerings included initial public offerings (IPOs), follow-on offerings (FPO), offer for sales (OFS), qualified institutional placement (QIPs), real estate investment trusts (REITs) and infrastructure investment trusts (InvITs).
JP Morgan with a 7.82% market share of the total IPOs came in fourth, with IIFL Finance (6.13%), ICICI (6.09%), JM Financial (6.07%), Morgan Stanley (5.75%) and Goldman Sachs (5.34%) being the others in the top 10 (see table).
According to Prime Database, the overall public equity fundraising in FY24 jumped 142% to ₹1.86 trillion, from ₹76,911 crore in FY23. During the reporting fiscal, 76 companies raised ₹61,915 crore through main-board IPOs, a 19% rise from ₹52,116 crore mobilised by 37 IPOs in 2022-23.
OFS by promoters rose to ₹21,055 crore (₹11,159 crore), which included government’s divestment of ₹13,704 crore, in FY24. QIPs, too, recorded a huge rise with 55 companies mobilising ₹68,933 crore, nearly seven times higher than ₹9,019 crore raised in FY23. Corporates mopped up ₹17,116 crore through six InvITs and REITs (₹1,166 crore in FY23) and ₹13,966 crore (₹5,779 crore) through rights issues.
During the year, the market share of some advisors eroded, with Nomura topping the list with a 4.58% fall, followed by Jefferies (4.36%) and Morgan Stanley (2.97%). Kotak Mahindra Bank (1.52%) and BofA Securities (1.10%) also reported decline in market share.
The gainers included BNP Paribas (up by 3.21%), IIFL Finance (1.82%), Edelweiss Financial Services (1.62%), ICICI Securities (1.27%) and Systematix Corporate Services (1.07%), among others.
During the year, 87 managers, including Axis Bank, BNP Paribas, Avendus Capital, State Bank of India and Edelweiss Financial Services, managed a total of 400 issues worth ₹2.9 trillion.