Whalesbook
Four prominent Indian startups—Lenskart Solutions, Groww's parent Billionbrains Garage Ventures, PhysicsWallah, and Pine Labs—collectively spent Rs 474 crore on merchant banking fees for their recent Initial Public Offerings (IPOs). Pine Labs notably incurred total IPO expenses equivalent to 5% of its issue size, amounting to Rs 194 crore. These costs highlight a trend of higher fee-to-issue ratios for digital-first companies in India's booming primary market.