In H1, bankers collected $243.8 million in ECM fees, the most since 2007.

With $3.3 billion in related proceeds and an 11.3 percent market share, Citi tops the list for underwriting India-domiciled ECM activities.According to a research by LSEG Deals Intelligence, investment bankers collected $243.8 million in equity capital market (ECM) underwriting fees in the first half of the year, up 127% over the same period last year and the biggest amount since 2007.With $3.3 billion in related proceeds and an 11.3% market share, Citi tops the list for underwriting India-domiciled ECM activities.According to the LSEG report, ECM activity reached a new high and raised $29.5 billion in the first half of 2024, up 144.9 percent from the same period the previous year. This was the highest-ever semi-annual total by proceeds. The number of ECM products increased by 63.8% in the past year.

Indian issuers made $4.4 billion from their initial public offerings (IPOs), a 97.8% increase over the same period last year. The number of IPOs also increased by 70.6% year over year. 85 percent of India's total ECM proceeds were from follow-on offers, which raised $25.1 billion, a 155.7 percent increase from the previous year and a 56.4% year-over-year increase in the number of follow-on offerings.The bulk of ECM activity in the country was accounted for by ECM issuance by India's industrials sector, which held a 21.4% market share and generated $6.3 billion in proceeds, a 96.2 percent increase from the previous year. The telecommunications industry gained a 16.6% market share, with revenues much higher than in the first half of 2023. Completing the top three was Financials, which raised $4.3 billion, or 57.2 percent more than the previous year, and commanded 14.5 percent of the market.