Advisor banks may get a $40m windfall with Hyundai's India IPO

Advisor banks may get a $40m windfall with Hyundai's India IPO

FILE PHOTO: Workers assemble cars inside the Hyundai Motor India Ltd. plant at Kancheepuram district in the southern Indian state of Tamil Nadu October 4, 2012. REUTERS/Babu/File photo

Banks advising South Korean automaker Hyundai on its India IPO are set to make as much as $40 million in fees, three sources said, a windfall in a market where banks typically struggle to make money given cost-conscious clients and fewer big deals.