Hyundai Motor India paid ₹493 crore to its five book-running lead managers for a ₹27,870 crore IPO in 2024, or 1.77% of the issue size. Jio Platforms, whose ₹30,213 crore offer is about 8% larger, paid its bankers only ₹196.2 crore, equal to 0.65% of the issue. That pool was split among 19 lead managers, giving an average of roughly ₹10.3 crore per bank, compared with nearly ₹99 crore each for Hyundai’s bankers. Overall IPO expenses followed the same pattern, at ₹470 crore or 1.56% for Jio against ₹624 crore or 2.2% for Hyundai. Market observers credit Reliance’s bargaining power, since banks compete for league-table credit and long-term ties with the group. Jio’s offer also drew 22 times subscription, compared with 2.4 times for Hyundai.