JM Financial, IIFL, Motilal Oswal, Kotak Lead IPO Mandates in 2025 League Table

Top investment banks are vying for IPO mandates in 2025 as India's major market continues to grow rapidly.  There has already been a strong flow of public issues this year, with major players landing high-profile transactions in a variety of industries.

JM Financial Pulls Ahead

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JM Financial has emerged as the frontrunner so far this year, managing 17 IPOs worth ₹38,056 crore. Its portfolio includes high-profile listings such as HDB Financial, Ather Energy, and JSW Cement. This strong performance has positioned JM Financial firmly at the top of the IPO league table.

IIFL and Motilal Oswal in Close Race

IIFL Capital Services followed closely, handling 12 IPOs that raised ₹34,583 crore. Among its standout mandates were HDB Financial, Hexaware Technologies, Knowledge Realty Trust, Schloss Bangalore, and Aegis Vopak Terminal.

Motilal Oswal Investment Advisors also delivered a solid performance with 11 IPOs aggregating ₹27,243 crore. Its notable deals included HDB Financial shares, NSDL, Schloss Bangalore, and Dr Agarwal’s Health Care.

Kotak, Axis, ICICI Among Other Leaders

Kotak Mahindra Capital, Axis Capital, and ICICI Securities each managed eight IPOs, reinforcing their strong presence in India’s equity capital markets. HSBC Securities also made an impact with six mandates, particularly in large-scale offerings.

Other prominent players included Nuvama Wealth Management with seven IPOs, SBI Capital Markets with six, and Pantomath Capital Advisors, which successfully steered five companies to the public markets. Global investment banks such as Jefferies India and Citigroup Global Markets India also secured five deals each, highlighting growing foreign participation in India’s IPO boom.

Conclusion

With both local and international investment banks vying for mandates, the 2025 initial public offering (IPO) market has turned out to be one of the most competitive in recent years. Even though JM Financial is now in the lead, Kotak, Motilal Oswal, and IIFL are still very much in the running.  India's initial public offering (IPO) market is booming and has a robust pipeline of prospective offerings.