ICICI Securities, India’s # 1 Manager to Lead Equity Trading Rankings

ICICI Securities Ltd. became the first Indian leader to top the investment banking deal tables in a record year for early offerings. Axis Bank Ltd. retains first place for debt since 2007.

For both equity and debt combined, the two Indian companies rank in the top five. The rest were foreign banks. Four of the top five were foreigners last year, with Axis Bank rounding out the list. The Mumbai-based lender was also in the top five in 2020.

Credit allocation through Dec. 21 to equity issue managers increased 4.1% from a year ago to 2.23 lakh crore, according to data from Bloomberg India League Tables. For debt or bond issues, it fell 27.9% to Rs 3.87 lakh crore.

It came as Indian companies broke previous records of money raised from initial public offerings in 2021 in a market filled with liquidity.

The share is based on the credit allocation (proportion of issue volumes or transaction size) credited to the lead manager.

Share issues

A total of 63 managers received credit allocations in 168 IPOs, the data showed, up from 102 in 2020.

ICICI Securities, Citi, Axis Bank, BofA Securities and Kotak Mahindra Bank account for over 46% market share for share issuance transactions, while the top 10 managers account for over 70% market share.

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