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Capital Markets

Coal India fees go up in smoke

When one bank pitched a fee of one one-millionth of a percent to be a bookrunner on the landmark Coal India IPO, every other lead manager had to accept the same level. Even officials at the issuer weren’t happy with the economics of the deal. But such is the way of Indian equity capital markets, as Chris Wright reports.

YOUR $34 DOESN’T go as far as it used to in Mumbai. It might get you a modest platter at the famed Peshawari restaurant, or a small round of drinks at one of the top new bars such as Wink or Aer, but it certainly won’t cover a hotel car to the airport.

It will, however, buy you all six bookrunners on the largest IPO in Indian history.

Bookrunners on the Coal India deal – Citi, Deutsche Bank, Morgan Stanley, DSP Merrill Lynch, Kotak Mahindra, Enam ­Securities – received just 0.000001%

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