Vodafone Idea’s FPO: A Rs 287 crore bonanza for investment bankers

The just-concluded follow-on public offer (FPO) of Vodafone Idea Limited (VIL) has not only brought relief to the struggling telecom operator but also to the three investment banks that managed the Rs 18,000 crore share sale. According to the final prospectus filed by the Mumbai-based firm, it has paid Rs 287 crore, 1.6 per cent of the issue size, as book running lead manager (BRLM) fees.

This, according to PRIME Database, is the second-highest BRLM fee paid for a domestic FPO or an initial public offering (IPO). The record is held by One 97 Communications (Paytm), which paid Rs 324 crore in such fees following its Rs 18,300-crore IPO in November 2021.