DBS joins buzzing India IPO space with mandate in US$1 billion offering

Published Sun, Mar 29, 2026 · 04:19 PM

[MUMBAI] DBS Group has entered India’s buoyant equity capital market (ECM), 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, which filed for an initial public offering (IPO) on Tuesday (Mar 24) that is expected to raise about US$1 billion. Temasek Holdings 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 licence in India and now has a fully operational investment banking platform in the country.

India’s fundraising activity surged to more than US$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 companies including Goldman Sachs Group 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.

Positive on India growth

DBS’ 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’ 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.

The lender has been positive about growth in India and willing to commit capital to the market. It took over Lakshmi Vilas Bank in 2020, the first time Indian authorities turned to a foreign lender to bail out a struggling local rival.

Former CEO Piyush Gupta is chairman of state investor Temasek International’s Indian operations, after retiring from DBS last year.

Investment banks in India earned a record US$417 million in underwriting fees for IPOs last year, according to capital markets data provider LSEG.

The average fee paid to bankers for IPOs rose to 1.86 per cent of a deal’s value, versus 1.67 per cent a year earlier, the data show. BLOOMBERG