Jio Platforms Ltd.为其亿万富翁穆克什·安巴尼旗下的数字和电信巨头筹集了创纪录的资金，但对于负责处理这笔交易的银行家来说，其收益远没有那么丰厚。
Platforms Ltd. raised a record amount of funds for billionaire Mukesh Ambani’s digital and telecommunications giant, but it proved to be far less lucrative for the bankers handling the deal.
根据备案文件显示，该公司向参与这笔约31亿美元IPO的19家银行支付了约19.6亿卢比（约合2070万美元）的费用。这约占发行规模的0.65%，低于印度此前几笔发行交易的费用总额。
The company is paying about 1.96 billion rupees ($20.7 million) in fees to the 19 banks on the roughly $3.1 billion IPO, according to filings. That amounts to about 0.65% of the issue size, trailing the fee pools of several previous offerings in India.
印度投资银行之间激烈的竞争压缩了费用，尤其是在大型交易中。各公司往往愿意为了在高调交易中获得令人垂涎的角色而接受更微薄的经济回报。作为回报，他们可以获得排行榜排名、吹嘘的资本以及有助于赢得下一个大项目的资历。
Fierce competition among investment bankers in India has compressed fees, particularly for marquee deals. Firms are often willing to accept thinner economics for a coveted role on high-profile transactions. The payoff can instead come through league-table rankings, bragging rights and credentials that help win the next big pitch.
这与现代汽车印度有限公司（Hyundai Motor India Ltd.）在2024年为其当时创纪录的2780亿卢比IPO向银行家支付约49亿卢比费用的日子相去甚远。Paytm母公司One 97 Communications Ltd.在2021年为其1830亿卢比的发行支付了约32亿卢比，而Swiggy Ltd.为其1130亿卢比的股票发售支付了约28亿卢比。
That’s a far cry from the days when Hyundai Motor India Ltd. paid about 4.9 billion rupees to bankers for its then-record 278 billion-rupee IPO in 2024. Paytm parent One 97 Communications Ltd. paid about 3.2 billion rupees for its 183 billion-rupee offering in 2021, while Swiggy Ltd. handed out about 2.8 billion rupees for its 113 billion-rupee share sale.
这类意外之财近来已难以获得。印度国家证券交易所有限公司（National Stock Exchange of India Ltd.）是今年另一场重磅IPO，其向负责约24亿美元发行的20家银行组成的财团支付了约19亿卢比，相当于发行规模的0.8%左右。在7月份印度SBI基金管理公司（SBI Funds Management of India Ltd.）的十亿美元发行中，银行家们仅分摊了4630万卢比的费用。
Those types of windfalls have been elusive of late. National Stock Exchange of India Ltd., another blockbuster IPO this year, paid about 1.9 billion rupees to a syndicate of 20 banks that worked on its roughly $2.4 billion offering, equivalent to about 0.8% of the issue size. Bankers split fees of just 46.3 million rupees for SBI Funds Management of India Ltd.’s billion-dollar offering in July.
与此同时，投资者的热情丝毫不减。据孟买证券交易所有限公司（BSE Ltd.）的数据显示，Jio的IPO在竞标开始后的前100分钟内就已获得全额认购，截至周五，其认购倍数已接近发行股份的22倍。
Investor enthusiasm, meanwhile, has been anything but restrained. Jio’s IPO was fully subscribed within the first 100 minutes of bidding and had attracted bids for nearly 22 times the shares on offer by Friday, according to BSE Ltd. data.