Citi’s markets franchise in India is built around the flows that connect the country with global capital, and 2025 provided an unusually large stage for that model. Indian equity capital markets raised close to $55 billion during the year through listings, placements and block trades, with global banks taking a growing share of the largest transactions.
Citi was at the centre of several of them. It was a book-running lead manager on State Bank of India’s INR250 billion ($2.9
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