Hyundai Motor India Limited’s (HMIL’s) record Rs 27,870 crore initial public offering (IPO) may not have set the primary market alight with sky-high subscription levels, but it has spelled a windfall for the five investment banks steering the share sale. The Indian arm of the South Korean carmaker paid Rs 493 crore – 1.77 per cent of the issue size – in fees and commissions to the book running lead managers (BRLMs), marking the largest-ever payout for an IPO in the country.
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