India’s IPO market has been on a genuine tear, and behind every headline listing — from unicorn tech startups to PSU disinvestments — sits a small group of investment banks quietly running the actual deal machinery. India’s investment banking market is now estimated at roughly $4.39 billion, generating over ₹5,000 crore in annual fees across equity capital markets, debt capital markets, and M&A advisory combined. This list covers the top 10 investment banking companies in India in 2026, spanning homegrown deal leaders and the global bulge bracket names handling India’s biggest cross-border mandates.
| Rank | Company | Founded | Known For |
| 1 | Kotak Investment Banking | — | IPO market leadership, M&A |
| 2 | ICICI Securities | 1995 | Largest domestic ECM deal count |
| 3 | JM Financial | 1973 | Oldest, most established practice |
| 4 | Axis Capital | 2005 | Equity offerings, cross-border deals |
| 5 | SBI Capital Markets | 1986 | PSU disinvestment, project finance |
| 6 | Avendus Capital | 1999 | Tech startups, PE/VC advisory |
| 7 | Nuvama (formerly Edelweiss) | — | Institutional equities |
| 8 | JPMorgan India | 1945 (India) | Global bulge bracket, large M&A |
| 9 | Goldman Sachs India | 2006 (India) | Global bulge bracket |
| 10 | Morgan Stanley India | 1998 (India) | Global bulge bracket |
1. Kotak Investment Banking
Kotak has maintained its position as India’s homegrown deal machine for nearly two decades, handling everything from startup IPOs to large-cap M&A with consistent finesse.
- Market leader in IPO league tables across sectors including fintech, healthcare, and consumer goods
- Deep corporate relationships translate into a consistent deal pipeline year after year
- Strong M&A advisory practice alongside its dominant equity capital markets business
- Regularly cited as the top choice for freshers seeking cross-functional investment banking exposure
2. ICICI Securities Limited
ICICI Securities, established in 1995 as a subsidiary of ICICI Bank, stands as India’s largest domestic investment banking firm by equity capital market deal count.
- Consistently tops ECM league tables as the number one book-running lead manager for IPOs in India
- Managed the LIC IPO, India’s largest-ever public issue
- Combines full-service investment banking with retail broking, wealth management, and equity research
- Particularly strong domestic distribution network for large public issues
3. JM Financial Limited
JM Financial, founded in 1973 by Nimesh Kampani, represents the “old money” of Indian investment banking, with a practice spanning over five decades of capital markets activity.
- Managed hundreds of capital market transactions including landmark privatisations and IPOs
- Cited among the top equity capital market banks in India by deal count
- Particularly strong in mid to large-cap public offerings and structured finance
- Diversified business spanning investment banking, wealth management, asset management, and lending
4. Axis Capital Limited
Axis Capital, established in 2005, has built a reputation as a leading dealmaker specifically in equity offerings and infrastructure financing.
- Consistent lead manager for major IPOs and QIPs across sectors
- Strong institutional investor access supporting cross-border transaction execution
- Particularly active in infrastructure financing alongside core equity capital markets work
- Regularly named among the top choices for structured, cross-functional investment banking careers
5. SBI Capital Markets Limited
SBI Capital Markets, established in 1986, dominates a specific and strategically important niche — PSU disinvestment, project finance, and debt syndication.
- Unmatched government and corporate connectivity given its SBI parentage
- Leading player in project finance and infrastructure debt structuring
- Central to India’s PSU disinvestment programme execution
- Combines investment banking with deep public sector relationship management
6. Avendus Capital Limited
Avendus Capital, founded in 1999, has built its identity specifically around technology startups, private equity, and venture capital advisory.
- Go-to boutique for startup fundraising, PE, and VC-backed transaction advisory
- Diversified beyond pure investment banking into wealth management, asset management, and credit solutions
- Regularly recommended for finance professionals seeking startup ecosystem exposure
- Positioned distinctly from the larger full-service banks through its tech and growth-company focus
7. Nuvama (formerly Edelweiss Wealth IB)
Nuvama, having rebranded from its Edelweiss Wealth Investment Banking origins, has built a focused institutional equities and capital markets practice.
- Institutional equities focus with wealth-linked deal flow
- Growing presence specifically in capital market transactions
- Regularly cited among India’s top equity capital market banks by deal count
- Represents the evolving, rebranded segment of India’s established financial services groups
8. JPMorgan India
JPMorgan has operated in India since 1945, and today represents the dominant global bulge bracket presence for the country’s largest cross-border mandates.
- Leads Q1 2026 global investment banking fees at $2.88 billion across all markets
- Preferred choice for large-scale, cross-border M&A involving Indian conglomerates
- Offers investment and corporate banking, markets, and payments and custody services
- Headquartered for Indian operations in Mumbai, competing directly with Goldman Sachs and Morgan Stanley
9. Goldman Sachs India
Goldman Sachs, present in India since 2006, brings its globally recognised prestige and deal-making capability to the country’s largest transactions.
- Named Best Investment Bank in the World for 2026 by Global Finance Magazine
- Dominant in large-scale M&A advisory for India’s biggest conglomerates and unicorns
- Offers investment banking, securities, and asset and wealth management services
- Competes alongside JPMorgan and Morgan Stanley for India’s most prestigious cross-border mandates
10. Morgan Stanley India
Morgan Stanley, operating in India since 1998, rounds out the trio of dominant global bulge bracket banks active in the country’s largest deals.
- Strong presence in institutional securities and wealth management alongside core investment banking
- Particularly active in technology sector deals and equity capital markets globally, a strength it brings to Indian mandates
- Competes directly with Goldman Sachs and JPMorgan for India’s largest cross-border transactions
- Headquartered for Indian operations in Mumbai like its global bulge bracket peers
Frequently Asked Questions
Q1. Which is the largest domestic investment bank in India by deal volume?
ICICI Securities holds that position, consistently topping equity capital market league tables as India’s number one book-running lead manager, having managed the LIC IPO among other major issues.
Q2. Should I approach a domestic bank or a global bank for a startup IPO in India?
For IPOs, Kotak, Axis Capital, and ICICI Securities are generally the strongest domestic choices, while global banks like JPMorgan and Morgan Stanley typically lead large cross-border M&A rather than domestic IPO mandates.
Q3. What’s the difference between an investment bank and a commercial bank in India?
Investment banks like Kotak IB and Goldman Sachs focus on capital raising, M&A advisory, and portfolio management, while commercial banks like SBI and HDFC Bank focus on retail banking, loans, and deposits.
Q4. Which Indian investment bank is best for startup and venture capital advisory specifically?
Avendus Capital has built its core reputation specifically around technology startups and private equity or venture capital-backed transaction advisory, distinct from the more traditional IPO-focused banks.
