Group 1 - The National Stock Exchange (NSE) has set advisory fees at approximately 0.65% of the expected $2.5 billion (around Rs 23,085 crore) IPO, resulting in a total fee pool of about $16.25 million, primarily shared among six lead banks [1][5] - This fee structure is lower than the average fees of 1.86% paid by 417 companies last year and 1.67% by 350 issuers in 2024, indicating a trend of cost control in government-linked transactions [1][5] - NSE appointed around 20 banks for the IPO, with Kotak Mahindra Capital Co, JM Financial Ltd, Morgan Stanley, HSBC Holdings Plc, Citigroup Inc., and JPMorgan Chase & Co. taking key roles, highlighting the competitive nature of the advisory market [5] Group 2 - The modest fee reflects a broader trend in India where issuers, particularly in government-related transactions, maintain strict cost controls, sometimes leading banks to accept minimal fees for prestige and positioning [3][4] - Comparatively, private-sector IPOs have been more lucrative, with Hyundai Motor India's record IPO in 2024 paying about 1.77% in fees, and LG Electronics paying 1.94% for its $1.3 billion listing [5] - The fee paid by NSE is viewed as relatively fair compared to large state-owned institutions, providing not only immediate revenue but also a strategic foothold in the capital markets [4]