DBS Joins Buzzing India IPO Space with Mandate in US$1 Billion Offering

Why It Matters

DBS’s entry deepens foreign competition in India’s fast‑growing IPO arena, offering issuers broader capital‑raising options and signaling confidence in the market’s long‑term upside.

Key Takeaways

• DBS secures first Indian IPO mandate for Manipal Health.
• Offering targets roughly $1 billion, India's biggest IPO this year.
• DBS expands ECM platform, adding on‑shore investment‑banking team.
• Indian IPO underwriting fees hit record $417 million in 2025.
• India raised over $22 billion in 2025, fourth‑largest globally.

Pulse Analysis

India’s equity capital market has become a magnet for both domestic firms and global financiers, driven by a pipeline of high‑profile listings and robust investor appetite. In 2025 the country raised more than $22 billion, placing it among the world’s top four fundraising hubs. This surge has pushed underwriting fees to a record $417 million, reflecting heightened competition among banks to secure mandates. The trend underscores India’s transition from a high‑growth economy to a mature capital‑raising destination, attracting a diverse set of issuers ranging from healthcare to technology.

DBS Group’s strategic move into India aligns with its broader Asian expansion agenda. By securing a merchant‑banking licence and deploying an on‑shore ECM desk, DBS can now offer end‑to‑end services—from equity underwriting to debt origination—leveraging its extensive distribution network across the region. The appointment of Sanjog Kusumwal to lead the local franchise signals a commitment to building deep relationships with Indian corporates, financial sponsors, and institutional investors. This platform not only diversifies DBS’s revenue streams but also positions it to capture a share of the anticipated record‑setting IPO volumes projected for 2026.

The entry of a major foreign lender intensifies competition for Indian issuers, who now have more choices beyond traditional domestic banks and legacy global players like Goldman Sachs and JPMorgan. Increased competition is likely to drive fee compression and spur innovation in deal structuring, benefiting issuers through better pricing and broader investor outreach. Moreover, DBS’s presence could catalyze cross‑border capital flows, linking Indian companies with investors throughout Asia and beyond, thereby deepening market integration and supporting the country’s long‑term capital market development.