MUMBAI: The domestic deal street remained strong through the first half of 2025, with total deal value reaching $61.3 billion, up 50% from the same period last year, marking the highest first-half since 2022, according to a market data.
The number of transactions rose 9%, reflecting sustained market momentum, indicating high value deals getting closed as the deal value soared 50% on-year to $61.3 billion, according to the data compiled by LSEG Deals Intelligence.
This activity has been driven by a mix of domestic consolidation, energy transition, and strategic portfolio realignment. Financial sponsors also played a key role, particularly in sectors like insurance, technology, and healthcare, Elaine Tan, the senior manager at LSEG Deals Intelligence, said Wednesday.
Energy & power led the way with $20.5 billion in deals, representing a over 16-fold increase on-year, accounting for 33.4% market share. Financials totaled $8.8 billion, up 54.3%, capturing 14.4% market share and healthcare came next with 10.6% market share and value totaling $6.5 billion, up 73.6% from a year ago, Tan said.
Target India M&As reached $55 billion, up 48% of this domestic M&As grew 138% to $44.8 billion, the highest first half total since 2022. But inbound M&As fell to a nine-year low amounting to $10.1 billion, down 45% however outbound M&As reached $5.8 billion, up 74%. The US was the most active nation doing cross-border deals with India.
Private equity-backed M&As amounted to $11.6 billion, up 85.7%, making it the highest first half total since 2022.
Meanwhile, the equity capital markets showed solid momentum so far in 2025, even though overall activity moderated from last year’s record pace. IPOs raised $5.9 billion in the first half, up 21% making it the highest first-half since records began in 1980. This is in spite of the fact that the number of IPOs declined 31% on-year.
Meanwhile, investment bankers earned a whopping $653.8 million in estimated fees during the first half of 2025, up 21%. Of this ECM underwriting fees reached $272.7 million, up 3%; DCM underwriting fees totaled $131.7 million, a 9% increase, syndicated lending fees jumped 66% to $90.1 million and M&A advisory fees jumped 56% to $159.3 million.
Morgan Stanley takes the top position in fees with $59.9 million, accounting for 9.15% wallet share, while JP Morgan leads the ranking for the underwriting of ECM activity with $3.7 billion in related proceeds and 14.6% market share and Axis Bank leads the ranking in bonds underwriting, with related proceeds of $7.8 billion accounting for 14.9% market share.
Equity capital markets (ECM) raised $25.7 billion in the first half of 2025, down 16% after witnessing a record start during the first half of 2024. Number of ECM offerings also declined 31%; of the total ECM IPOs were $5.9 billion, up 21%, the highest first half totals since records began in 1980, despite a 30% decline on-year in number of IPOs. Follow-on offerings, which accounted for 72% of overall ECM proceeds, raised $18.4 billion, down 29% after last year’s record total. Number of follow-on offerings declined 34% on-year. Primary bond offerings saw issuers raising $52.4 billion, a 24% increase and the highest first half total since 2023.
Source: The New Indian Express
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