Investment banks advising Life Insurance Corp.’s initial public offering. of India are forgoing the hefty fee expected of the country’s biggest ever listing, and instead settle for glory in the leaderboard rankings.

The 10 advisers managing the IPO will receive around 10 million rupees ($129,000) each for their role in the offering, a fraction of what they typically pocket for a deal of this size. Revenues are further reduced because the Indian government, which owns LIC, will not compensate banks for expenses such as printing forms for issuance.

What bankers stand to gain is outsized credit in rankings that compare rivals based on the volume of transactions they handle, which can influence their future job gain. The fee estimates come from people familiar with the developments, who asked not to be identified because the information is still private.

A firm would typically pay a bank fee of 1.25% to 1.5% of the issue size for a comparable listing, one of the people said. For LIC’s IPO, which at the high end of the price range would raise $2.7 billion, a fee of that size would amount to $40.5 million, according to Bloomberg’s calculations.

The LIC fee was agreed with the government before the prospectus was filed, the people said. The arrangers have also agreed to bear some additional costs, including travel for investor presentations and hosting press conferences, the sources said. Banks spent less than expected on travel as traveling meetings were held virtually, one of the people said.

Investors had submitted nearly twice as many orders as there were shares available before the bid closed on Monday.

A finance ministry spokesman declined to comment. Representatives for Bank of America Corp., ICICI Securities Ltd., JM Financial Ltd., JPMorgan Chase & Co. and Nomura Holdings Inc. also declined to comment, while Axis Capital Ltd., Citigroup Inc., Goldman Sachs Group Inc., Kotak Mahindra Capital Co. and SBI Capital Markets Ltd. did not immediately respond to requests for comment.

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