DBS Group Holdings Ltd. has entered India's buoyant equity capital market, marking a push into one of the world's busiest venues for share sales. Singapore's biggest lender secured its first mandate in the country from Manipal Health Enterprises Pvt., which filed for an initial public offering on Tuesday that's expected to raise about $1 billion. Temasek Holdings Pte. is the largest shareholder in both the hospital chain and DBS.
A DBS spokesperson confirmed the development, saying the bank has expanded into equity capital markets under its merchant banking license in India and now has a fully operational investment banking platform in the country.
India's fundraising activity surged to more than $22 billion last year, ranking as the fourth-largest market globally. Proceeds from IPOs in 2026 may reach a record for a third consecutive year, supported by a strong pipeline and robust investor demand, according to investment bankers from the likes of Goldman Sachs Group Inc. and JPMorgan Chase & Co.
DBS holds “strong conviction in the long‑term prospects, continuous evolution and global integration of the Indian capital markets,” according to the spokesperson. This expansion is a “natural progression” that reinforces its long-term commitment to the Indian market where the bank undertakes corporate, consumer and wealth banking, the spokesperson added.
DBS's new ECM desk will cater to Indian corporates, financial sponsors and institutional clients, the spokesperson said. It plans to offer a comprehensive suite of investment banking services across debt and equity, and will use its Asian distribution network to connect Indian issuers with a broader investor base.
Sanjog Kusumwal, an ECM banker from DBS's Singapore operations, will relocate to India to lead investment banking and build out the onshore ECM franchise, while also expanding fixed-income origination, DBS said.
DBS has been positive about growth in India and willing to commit capital to the market. It took over Lakshmi Vilas Bank Ltd. in 2020, the first time Indian authorities turned to a foreign lender to bail out a struggling local rival. Former Chief Executive Officer Piyush Gupta is chairman of state investor Temasek International's Indian operations, after he retired from DBS last year.
Investment banks in India earned a record $417 million in underwriting fees for initial public offerings last year, according to capital markets data provider LSEG. The average fee paid to bankers for IPOs rose to 1.86% of a deal's value, versus 1.67% a year earlier, the data show.
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