Investment Banking interview preparation
Every question below is either traced to a named firm from a public candidate report, or tagged at desk level when we could not trace it. Answers are written the way you would actually say them out loud — answer first, then the mechanism, then the limitation.
100 questions, mapped to the firms that asked them
- Questions
- 100
- Traced to a firm
- 100
- Firms
- 46
- Updated
- September 2026
048If a company is dual listed, which market should it raise in?Credit SuisseInvestment Banking · Mumbai · 2021
Say this
Wherever the cost of capital is lowest after all frictions, which in practice means wherever the natural investor base is. That is usually the market with deeper liquidity in your sector and better sector comparables.
Then walk it
- Start with valuation. If your sector trades at a higher multiple in one market because that market has the specialist investors and analysts, you raise there. Issuing where you are better understood is cheaper capital.
- Then liquidity. A deeper market absorbs a large primary issue with less price impact and a tighter discount to the last close.
- Then the frictions: listing and ongoing compliance cost, disclosure regime, index eligibility, and withholding tax treatment for the investors you are targeting.
- Currency and use of proceeds matter too. If you are funding capital expenditure in rupees, raising dollars creates an exposure you then have to hedge or live with.
- For an Indian issuer the concrete version of this is: domestic listing gives you index inclusion and a domestic mutual fund and retail bid, while an overseas raise can offer a better multiple for a technology story and access to larger institutional tickets. The answer follows the investor base, not national pride.
Where candidates lose it
Answering 'whichever has the higher share price'. Price levels across listings converge through arbitrage. The real question is where the marginal investor is and what the all-in cost of capital is after tax and compliance.
Expect next
- What are the differences between an India listing and a US listing?
- What makes a good IPO environment?
- How would fungibility between the two lines affect your answer?
Reported by candidates at Credit Suisse (Investment Banking, Mumbai, 2021). Source: Wall Street Oasis.
Firm tags come from public, anonymous candidate reports on Wall Street Oasis: strong signal, not sworn testimony. Firms are named as the places a question was reported, not as partners of Fin Maverick. Answers are written for this page to show how to think out loud; they are not scripts to recite.