Rs 1.95 trillion IPO boom delivers $417 million payday for Axis, Kotak, Citi and other bankers

India’s record Rs 1.95 trillion IPO surge in 2025 generated a $417 million windfall for investment banks, as underwriting fees hit an all-time high amid a boom in stock listings. Strong demand boosted bankers’ pricing power, lifting average fees to 1.86% of deal value—up from 1.67% a year earlier.