Major Wall Street banks, including Citigroup and JPMorgan, have withdrawn from advising on India’s SBI Funds Management IPO due to exceptionally low fees. Shareholders offered a mere 0.01% of the issue size, a rate described as “rock bottom” by bankers, prompting the pullouts. Several Indian firms and local units of global banks have been appointed to the deal.
Originally published by The Economic Times https://economictimes.indiatimes.com/markets