Nineteen banks took about 0.65% fees on Jio's $3.1bn IPO
Business
Jio Platforms just pulled off a massive $3.1 billion IPO, but the 19 banks involved only took home about 0.65% in fees, much less than what's been seen in earlier deals.
Banks are now accepting slimmer profits just to land these headline-making assignments and stay in the game.
Other IPOs paid higher banker fees
This trend isn't just about Jio: Hyundai Motor India, One 97 Communications (Paytm), and Swiggy have also seen higher fee percentages for bankers.
Still, investor hype is real: Jio's IPO had attracted bids for nearly 22 times the shares on offer by Friday, showing that even with tighter margins for banks, demand for top companies like Jio is stronger than ever.