Long after the stock market closes, the lights remain on inside an investment bank. One team is finalising the price of a major IPO, another is negotiating the sale of a family-owned company, while analysts prepare financial models for a cross-border acquisition. A decision taken in that room may move thousands of crores and reshape an entire industry.
Investment banks help companies raise capital, launch IPOs, issue bonds, acquire businesses, sell divisions and restructure debt. Unlike ordinary banks, their principal clients are companies, governments, institutions and wealthy business owners.
India generated approximately $1.3 billion in investment-banking fees during 2025. Equity capital markets contributed the largest share, supported by IPOs and block deals. Jefferies, Morgan Stanley, JPMorgan, Kotak, Axis and Citi were among the leading fee earners.
Considering recent deals, IPO capabilities, M&A experience, institutional reach and strength in Indian markets, let’s check out the top 10 investment banking companies in India in 2026.
1. Kotak Investment Banking
Kotak Investment Banking operates through Kotak Mahindra Capital Company and is one of India’s most respected domestic investment banks.
It has a strong record in IPOs, qualified institutional placements, block trades, mergers, acquisitions and corporate advisory. Its knowledge of Indian promoters and access to domestic institutional investors give it an important advantage.
Kotak advised on 11 Indian M&A transactions valued at approximately $12.9 billion during 2025, placing it among the country’s leading deal advisers. Its ability to handle both large corporations and emerging businesses makes it the best overall Indian investment banking company.
2. Morgan Stanley India
Morgan Stanley is one of the world’s leading investment banks and has maintained a strong presence in India for several decades.
It advises major Indian and international companies on mergers, acquisitions, IPOs, stake sales and capital raising. Its global network is especially useful when an Indian company wants to acquire an overseas business or attract international investors.
Morgan Stanley led India’s 2025 M&A advisory rankings by value, handling nine disclosed transactions worth approximately $16.2 billion.
3. Jefferies India
Jefferies has rapidly expanded its investment banking operations in India. It combines global institutional distribution with a growing local team.
The company is active in IPOs, follow-on offerings, block trades, mergers and acquisitions. It has become particularly visible in large equity-market transactions where the ability to attract foreign institutional investors is essential.
Jefferies topped India’s investment-banking fee league table for 2025. Its recent momentum, sector knowledge and growing deal pipeline make it one of the strongest investment banking firms operating in India in 2026.
4. JPMorgan India
JPMorgan provides investment banking services to large Indian corporations, financial institutions and multinational companies.
Its capabilities include mergers and acquisitions, equity raising, bond issuance, syndicated finance, risk management and cross-border advisory. The bank is especially strong in complex transactions involving multiple countries or large institutional investors.
JPMorgan advised on several important Indian deals during 2025 and ranked among the country’s leading investment banks by fee income. Its international balance sheet and investor relationships are major strengths.
5. Goldman Sachs India
Goldman Sachs is globally recognised for advising on major mergers, acquisitions and capital-market transactions. Its Indian operations serve large companies, private equity firms, institutional investors and business families.
The firm provides M&A advisory, IPO management, private fundraising, restructuring and risk-management services. It is often selected for confidential or complex transactions where strategic advice is more important than the number of deals completed.
Goldman Sachs is particularly suitable for large Indian companies considering international expansion, major acquisitions or high-value equity transactions.
6. Axis Capital
Axis Capital is one of India’s most active equity capital market and investment banking firms. It is a subsidiary of Axis Bank.
The company has a strong presence in IPOs, follow-on offerings, qualified institutional placements, rights issues, block trades and advisory transactions. It regularly appears as a book-running lead manager for major Indian public issues.
Axis Capital benefits from deep domestic institutional relationships and the wider Axis Bank network. Its execution experience and knowledge of SEBI’s capital-market requirements make it particularly strong in IPO management.
7. Citi India Investment Banking
Citi provides investment banking services to large Indian businesses, multinational companies, governments and institutional investors.
Its services include mergers and acquisitions, equity and debt capital raising, structured finance and cross-border advisory. Citi’s international network is valuable for Indian companies dealing with overseas buyers, lenders or investors.
Citi ranked among India’s leading investment banks by fees during 2025. Some cross-border transaction fees may be recorded outside India, so its actual role in Indian-origin deals can be larger than domestic league tables suggest.
8. JM Financial
JM Financial is one of India’s best-known home-grown financial services and investment banking groups.
It offers IPO management, M&A advisory, private equity fundraising, structured finance, institutional securities and distressed-asset solutions. The firm has handled transactions across banking, infrastructure, manufacturing, healthcare and consumer businesses.
JM Financial has a particularly strong IPO pipeline for 2026. Nearly 30% of the companies with approved upcoming IPO documents had selected it as one of their bankers, showing its importance in India’s primary market.
9. SBI Capital Markets
SBI Capital Markets, commonly called SBICAPS, is the investment banking subsidiary of the State Bank of India.
The company is particularly strong in project finance, infrastructure advisory, debt syndication, bond issuance and government-related transactions. It also manages IPOs, mergers, acquisitions and corporate restructuring assignments.
Its connection with SBI provides access to India’s largest banking network and considerable lending capabilities. SBICAPS is especially suitable for major projects in power, roads, renewable energy, transport and public infrastructure.
10. Avendus Capital
Avendus Capital is a leading Indian investment bank with a strong position in technology, digital businesses, healthcare, consumer companies and mid-market transactions.
It advises entrepreneurs and private equity investors on fundraising, mergers, acquisitions and company sales. Unlike investment banks that focus mainly on very large listed corporations, Avendus has built deep relationships with startups and growth-stage businesses.
The firm handled a sizeable number of Indian M&A deals during 2025. Its understanding of founder-led and new-economy companies earns it a place among India’s top investment banking companies.
Services Offered by Investment Banking Companies
Investment banks assist companies at important stages of their development. Their main services include:
- Managing IPOs and follow-on public offerings
- Raising funds through shares, bonds or private placements
- Advising on mergers, acquisitions and company sales
- Finding strategic or private equity investors
- Valuing businesses and preparing financial models
- Restructuring loans and financially stressed companies
- Advising governments on disinvestment and infrastructure projects
How to Choose an Investment Bank
A company should select an investment bank according to its deal size, industry and intended investors. A global bank may be useful for a cross-border acquisition, while a domestic bank may have stronger relationships with Indian institutions and regulators.
For a startup or mid-sized business, senior-level attention and sector knowledge may be more valuable than a famous international name. Companies should examine completed deals, proposed fees, conflicts of interest, investor access and the experience of the bankers who will actually work on the transaction.
Frequently Asked Questions
Q. Which is the best investment bank in India?
Kotak Investment Banking is one of the best overall Indian investment banks because of its strength in IPOs, capital markets and M&A. Morgan Stanley, Jefferies and JPMorgan are leading choices for large and international transactions.
Q. What is the difference between an investment bank and a commercial bank?
A commercial bank accepts deposits and provides regular loans. An investment bank helps companies raise capital, issue securities, complete acquisitions and obtain strategic financial advice.
Q. Do investment banks provide services to ordinary investors?
Investment banks mainly serve companies, governments and institutions. Retail investors may interact with their associated broking, wealth management or research businesses, but not usually with the core investment banking division.
Q. Which investment bank is suitable for startups?
Avendus Capital is a prominent choice for technology and growth-stage companies. Other boutique banks may also be suitable when they have strong experience in the startup’s sector and fundraising range.
Q. How do investment banks earn money?
They charge advisory, underwriting and success-based fees. The final amount normally depends on the size, complexity and completion of the transaction.
Q. Does appointing a famous investment bank guarantee a successful IPO?
No. IPO success depends on company fundamentals, valuation, market conditions and investor demand. A capable investment bank can improve preparation, pricing and distribution, but it cannot guarantee subscription or listing gains.
