ICICI Securities, a subsidiary of ICICI Bank Ltd., has recently been appointed as co-heads of the equity capital markets division of the bank’s investment banking unit. Gaurav Singhvi and Sarun Agarwal will take over the roles previously held by Pratik Loonker, who left to join a rival firm, Axis Capital Ltd. Singhvi has extensive experience in the industry, having worked at ICICI Securities Ltd., IIFL Capital Ltd., and JPMorgan Chase & Co. Meanwhile, Agarwal has been with ICICI Securities for more than two years.
The move comes amidst a surge in initial public offerings (IPOs) in India. In response to this growth, ICICI Bank plans to make 15 new hires in its investment banking division to strengthen its mergers and acquisitions, private equity, and fundraising practices. Additionally, they plan to hire another 15 professionals in sales, trading, and research. However, the bank recently denied reports that its Managing Director and Chief Executive Officer Sandeep Bakhshi intends to step down.
JPMorgan’s India head of equity capital markets, Abhinav Bharti, has also returned to the bank after considering a move to another lender. This decision was made after his intended replacement decided not to take up the position at Citigroup Inc., highlighting India’s competitive IPO market that is currently outperforming many other regions with an increase in stock market value compared to Hong Kong’s making it world’s fourth largest in January.
It is worth noting that during the first quarter of 2024, ICICI Securities was among the top 10 managers of equity and rights offerings in India further emphasizing their strong presence and performance in the Indian market.