JPMorgan Chase’s Rise in India’s Equity Market Analyzed
JPMorgan Chase has taken the lead in helping Indian companies raise money through stocks, a position they haven’t held in five years. They’re now the biggest player in India’s busy stock market, beating out Kotak Mahindra Capital. JPMorgan helped companies raise over $6 billion in stocks during the last year alone, a significant jump from the previous year.
- JPMorgan Chase is now India’s top equity arranger.
- They raised over $6 billion in stock offerings in 2025.
- Their market share has almost doubled in the last year.
- They advised on large deals like Airtel and InterGlobe Aviation.
- Global banks are favored for big stock sales to investors.
- Domestic banks lead new stock offerings from local investors.
Why the Change?
JPMorgan’s success is partly because they started working on deals early, before the stock market got too busy. They’ve also built a huge team of experts in India, the biggest of any bank in the country.
Companies have raised a lot of money through stocks this year – nearly $55 billion. Local mutual funds and regular investors are fueling this growth.
Global banks like JPMorgan are good at handling large deals, using their worldwide connections and lots of money. Kotak Mahindra Capital, which had been #1 for three years, is still a strong player, focusing on big and medium-sized stock offerings.
Other banks like Goldman Sachs and HSBC are also increasing their involvement in India to take advantage of the growing number of stock deals. Some banks, like Jefferies and Morgan Stanley, saw their rankings drop a little.
Kotak still leads in the number of deals they’ve handled, including big IPOs for Tata Capital and Hexaware. However, JPMorgan’s total money raised is much higher.
“If you remove block deals, we are much much ahead of our competitor,” says V Jayasankar, a top executive at Kotak.
Ultimately, JPMorgan’s strategy and scale are driving its dominance in India’s equity market.
