Block deals put down a marker in 2023, lift equity deal value by 66%
equity capital markets (ECM) experienced a remarkable 66% surge, reaching a high of ₹2.18 lakh crore ($26 billion) in the calendar year 2023 from ₹1.31 lakh crore ($16 billion) in the previous year, according to data from Bloomberg.
The number of deals also saw a significant 66% increase, totalling 340 in CY23 compared to 205 in CY22. Notably, block deals took precedence, contributing to the substantial rise by generating over $20 billion through several large deals.
Maintaining its leadership position from CY22, Kotak Investment Banking emerged as the frontrunner in the ECM league table in CY23, according to Bloomberg data.
The firm secured a noteworthy market share of 14.5%, with deal values amounting to ₹31,303 crore, compared to the previous year's figure of ₹15,045 crore.
JP Morgan ascended in the league table, progressing from the sixth position to the second, reflecting a significant advancement with a market share of nearly 8%. BofA Securities maintained its third position with a 7.52% market share.
IIFL Finance made substantial strides, securing the fourth position in CY23, a notable climb from its 10th position in CY22.
Similarly, JM Financial's rank jumped to 5 from the previous year's rank of 11.
In the latest rankings, three global banks — Morgan Stanley, Citi, and Goldman Sachs — experienced declines in the league table. Morgan Stanley's rank slipped to the sixth position from fifth, reflecting a slight decline.
Citi, on the other hand, saw a more significant shift, falling to the eighth position from its previous second position. The dynamics of the league table underscore the evolving positions of these global financial institutions in the market.
The ECM deals include initial public offerings
