Kotak Mahindra Bank had an excellent year in equity capital markets. During Euromoney’s awards period of April 2023 to May 2024, Kotak ranked top of the ECM bookrunning league table for India, with credits for $5.4 billion in deal value from 53 deals, giving it a 10.76% market share and a clear lead over second place Citi with an 8.69% market share.
Its deal roster was also varied, showing that Kotak doesn’t discriminate between big and small deals, so long as they are lucrative and give the bank a chance to provide additional value. Case in point: its largest deal was an $849 million block trade in Embassy Office Parks Reit, which saw Blackstone sell some of its stake in the trust group, and its smallest was a $3.3 million sell-down in Sejal Glass by its promoter.
On the IPO front, Kotak was a left lead bookrunner on Mankind Pharma’s $528 million listing, which opened primary markets in the country and received orders from investors across India, the rest of Asia, EMEA and the US.
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