JPMorgan Surges to Top of India ECM With 11% Market Share

JPMorgan Chase & Co. has reclaimed its position as the leading equity capital markets arranger in India for the first time in five years, surpassing Kotak Mahindra Capital Co. The U.S. bank now holds more than 11% market share in equity offerings, nearly doubling its share from the prior year. This resurgence was driven by its role in advising major block trades, including significant stake sales in telecom giant Bharti Airtel Ltd. and budget airline InterGlobe Aviation Ltd.

India's ECM market has seen a boom in fundraising activity in 2025, with nearly $55 billion raised through listings, share placements, and block trades. JPMorgan's success reflects a growing role for global banks in large-ticket transactions, particularly those involving foreign institutional investors, even as domestic banks continue to dominate first-time public offerings.

The bank's India head of equity capital markets, Abhinav Bharti, attributed the growth to early investment in expansion and an expanded team of investment banking professionals. "We invested well in advance rather than waiting for the market to expand," he said, adding that the momentum in dealmaking is expected to persist into 2026.

Shift in Market Dynamics

JPMorgan's market dominance has come at the expense of Kotak Mahindra Capital Co., which had led the ECM market for three consecutive years. The domestic bank dropped to third place, with a deal value lower than JPMorgan's but a higher number of offerings. Kotak arranged key transactions like Tata Capital Ltd.'s $1.7 billion IPO and Hexaware Technologies Ltd.'s $1 billion share sale, highlighting its continued strength in primary issuances. If you remove block deals, "we are much much ahead of our competitor," said V Jayasankar, managing director at Kotak.

Citigroup Inc. secured the second-largest share of India's ECM market in 2025, with 9.6% of the market. The shift in market leadership underscores the advantages that global banks have in leveraging their international networks, balance-sheet capacity, and cross-border execution capabilities. These strengths are especially valuable in large block trades, which often require access to foreign capital and global investor networks.

Institutional Real Estate Investments Reach Record High

India's real estate sector also made headlines in 2025, with institutional investments hitting a record $10.4 billion. This milestone was driven by strong domestic capital, which captured 52% of the market share for the first time since 2014. Foreign investment also saw a modest rise in absolute terms, with Americas-based investors increasing their allocation to $2.6 billion from $1.6 billion in 2024.

Office properties emerged as the dominant asset class, attracting $6 billion in institutional investments. Nearly two-thirds of these funds were directed toward stabilized, income-generating core assets, reflecting investor preference for predictable returns. Emerging sectors like data centers, healthcare real estate, and student housing also gained traction, signaling a broader diversification in the investment landscape.

Bengaluru and Mumbai remained the top destinations for institutional capital, with tier II cities attracting early-stage interest. This geographic spread highlights the maturing and broadening nature of India's real estate market, which is increasingly being viewed as a compelling destination for global and domestic investors alike.

Outlook for 2026

With JPMorgan back at the top of India's ECM rankings and the real estate sector showing robust institutional interest, the country remains a key player in global capital markets. The strong performance of both domestic and foreign banks in 2025 suggests a resilient and expanding investment environment. Investors will be watching how the momentum in dealmaking and real estate capital flows continues into 2026, particularly as policy frameworks and macroeconomic conditions evolve.