Are you an aspiring investment banker looking to make your mark in the world of finance? India offers numerous opportunities for those eager to launch their careers in investment banking. In this guide, we’ll introduce you to the top investment banking companies in India, providing insights into global giants, domestic companies, and boutique firms.
Table of Contents hide
1. Overview of Investment Banking in India
2. Top Investment Banking Companies in India
2.1. Global Investment Banking Companies in India
2.2. Domestic Investment Banking Firms in India
2.3. Boutique Investment Banking Firms in India
3. Factors to Consider When Choosing an Investment Bank
4. Tips for Landing a Job at a Top Investment Banking Company
5. Conclusion
6. Frequently Asked Questions
Overview of Investment Banking in India
The investment banking sector in India has experienced substantial growth over the past few decades. With the Indian economy rapidly expanding and international businesses entering the market, investment banks play a crucial role in financing projects, managing mergers and acquisitions, and supporting capital market operations.
Top Investment Banking Companies in India
Listed below are 18 Investment Banking Companies in India, under 3 main categories – Domestic, International and boutique Investment Banks based upon their size of operartions –
Global Investment Banking Companies in India
Global investment banks have a significant presence in India. Some of the most renowned names include:
- J.P. Morgan – Known for its expertise in M&A, capital markets, and wealth management services, J.P. Morgan has a strong presence in India with multiple offices across the country.
- Goldman Sachs – This global powerhouse provides a full range of investment banking services, such as securities trading, asset management, and financial advisory services.
- Morgan Stanley – With a strong focus on M&A, capital raising, and financial restructuring, Morgan Stanley has made its mark in the Indian investment banking landscape.
- Bank of America Merrill Lynch – Boasting a strong presence in India, Bank of America Merrill Lynch offers services in M&A, capital markets, and corporate banking.
- Barclays – This British multinational bank provides a wide range of investment banking services, including capital raising, M&A, and wealth management.
- Credit Suisse – With a solid presence in India, Credit Suisse specializes in investment banking, asset management, and private banking services.
- Deutsche Bank– The German multinational investment bank has a significant presence in India, providing services like mergers and acquisitions, capital markets, and risk management.
- BNP Paribas– This French bank has a strong presence in India, providing a range of investment banking services, such as corporate finance, structured financing, and equity capital markets.
- UBS– The Swiss multinational bank offers a full range of investment banking services in India, including mergers and acquisitions, capital market operations, and wealth management.
- Société Générale– The French multinational bank has a solid presence in India, offering a wide range of investment banking services including corporate finance, capital markets, and structured finance.
Given below is a table which compares the above listed International Investment banks on more factors like Services, Location, Year of establishment, Employees and notable deals-
| Investment Bank Name | Key Services | Headquarters | Year of Establishment | Number of Employees (Approx.) | Notable Deals |
|---|---|---|---|---|---|
| J.P. Morgan | M&A, Capital Markets, Risk Management | New York, U.S.A | 2000 (merger year) | 255,000 | Acquisition of Bear Stearns, 2008 |
| Goldman Sachs | M&A, Capital Markets, Asset Management | New York, U.S.A | 1869 | 40,500 | Alibaba IPO, 2014 |
| Morgan Stanley | M&A, Capital Markets, Wealth Management | New York, U.S.A | 1935 | 60,000 | Facebook IPO, 2012 |
| Bank of America Merrill Lynch | M&A, Capital Markets, Wealth Management | North Carolina, U.S.A | 2009 (merger year) | 208,000 | Acquisition of Merrill Lynch, 2009 |
| Barclays | Financial Advisory, Equity and Debt Capital Markets, Risk Management | London, U.K | 1690 | 83,500 | Brokered the AB InBev and SABMiller merger, 2016 |
| Credit Suisse | Financial Advisory, Capital Markets, Wealth Management | Zurich, Switzerland | 1856 | 48,770 | Involved in the IPO of Ant Group, 2020 |
| Deutsche Bank | M&A, Capital Markets, Risk Management | Frankfurt, Germany | 1870 | 87,000 | Involved in the merger of Daimler and Chrysler, 1998 |
| BNP Paribas | Corporate Finance, Structured Financing, Equity Capital Markets | Paris, France | 1848 | 193,000 | Major stake purchase in Fortis, 2009 |
| UBS | M&A, Capital Market Operations, Wealth Management | Zurich, Switzerland | 1862 | 70,000 | Played a role in the Glencore and Xstrata merger, 2013 |
| Société Générale | Corporate Finance, Capital Markets, Structured Finance | Paris, France | 1864 | 138,000 | Sale of a large stake in Rosbank, 2013 |
Domestic Investment Banking Firms in India
India is home to several prominent domestic investment banks (also called Middle market Investment Banks), including:
- ICICI Securities – A subsidiary of ICICI Bank, ICICI Securities offers services in equity capital markets, M&A, and institutional equities.
- HDFC Bank – As one of India’s largest banks, HDFC Bank provides a wide array of investment banking services, including project finance, capital market operations, and advisory services.
- Kotak Investment Banking – Part of the Kotak Mahindra Group, Kotak Investment Banking specializes in M&A, capital markets, and private equity transactions.
- Axis Capital – A leading domestic investment bank, Axis Capital offers services in equity capital markets, M&A, and institutional equities.
- Edelweiss Financial Services – This diversified financial services company provides investment banking services, including M&A, capital markets, and private equity advisory.
- JM Financial – With a strong presence in India, JM Financial offers a wide range of investment banking services, including M&A, capital markets, and structured finance.
- Motilal Oswal Investment Advisors – This Indian firm offers services including mergers and acquisitions, private equity, and capital market operations.
- YES Securities: The investment banking arm of YES Bank, offering services such as equity capital markets, structured finance, and mergers and acquisitions in India.
- IIFL Investment Banking – A part of the IIFL Group, this bank offers comprehensive investment banking services, including mergers and acquisitions, private equity, and capital market services.
- Centrum Capital – An Indian financial services company offering a wide range of investment banking services such as corporate finance, project advisory, and capital markets.
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Given below is a table which compares the above listed domestic Investment banks on more factors like Services, Location, Year of establishment, Employees and notable deals-
| Investment Bank Name | Key Services | Headquarters | Year of Establishment | Number of Employees (Approx.) | Notable Deals |
|---|---|---|---|---|---|
| ICICI Securities | Equity Capital Markets, M&A, Structured Finance | Mumbai, India | 1995 | 4,500 | IPO of ICICI Prudential Life Insurance, 2016 |
| HDFC Bank | M&A, Private Equity, Structured Finance | Mumbai, India | 1994 | 116,971 | Acquisition of Centurion Bank of Punjab, 2008 |
| Kotak Investment Banking | M&A, Private Equity, Capital Markets | Mumbai, India | 2006 | 1,500 | IPO of Coal India Limited, 2010 |
| Axis Capital | M&A, Private Equity, Capital Market Operations | Mumbai, India | 2005 | 2,200 | Acquisition of Enam Securities, 2010 |
| Edelweiss Financial Services | M&A, Private Equity, Capital Market Operations | Mumbai, India | 1996 | 10,000 | IPO of Bharat Road Network Limited, 2017 |
| JM Financial | Financial Advisory, Debt and Equity Syndication, Structured Financing | Mumbai, India | 1986 | 1,300 | IPO of ICICI Prudential Life Insurance, 2016 |
| Motilal Oswal Investment Advisors | M&A, Private Equity, Capital Market Operations | Mumbai, India | 1987 | 3,300 | IPO of RBL Bank, 2016 |
| YES Securities | Equity Capital Markets, Structured Finance, M&A | Mumbai, India | 2012 | 1,000 | IPO of Mahanagar Gas, 2016 |
| IIFL Investment Banking | M&A, Private Equity, Capital Market Services | Mumbai, India | 1995 | 13,500 | IPO of Bharat Road Network Limited, 2017 |
| Centrum Capital | Corporate Finance, Project Advisory, Capital Markets | Mumbai, India | 1977 | 1,600 | IPO of Bharat Road Network Limited, 2017 |
Boutique Investment Banking Firms in India
Boutique investment banks in India cater to niche markets and offer specialized services. Some noteworthy boutique firms include:
- Avendus Capital – Focusing on cross-border M&A and private equity advisory, Avendus Capital has made a name for itself in the Indian market.
- o3 Capital – This boutique firm specializes in M&A, private equity transactions, and capital raising for mid-market companies.
- Spark Capital – With expertise in sectors like technology, healthcare, and financial services, Spark Capital offers tailored investment banking solutions.
- Equirus Capital – This boutique investment bank specializes in M&A, capital markets, and structured finance transactions.
- SBI Capital Markets – As a subsidiary of State Bank of India, SBI Capital Markets offers investment banking services, including project finance, M&A, and debt advisory.
- Ambit Corporate Finance – This boutique firm provides services in M&A, private equity, and capital markets, with a focus on mid-market companies in India.
- Mape Advisory Group – An Indian boutique investment bank providing services in mergers and acquisitions, private equity, and venture capital transactions.
- Signal Hill – An India-focused boutique investment bank offering services in the technology sector, with expertise in mergers and acquisitions, private capital advisory, and financial consulting.
- Unitus Capital – A boutique investment bank with a strong presence in India, focusing on social sector projects and providing services in capital raising, financial advisory, and impact investing
- Inga Capital – An Indian boutique investment bank with a focus on areas like mergers and acquisitions, private equity, and corporate advisory services.
Given below is a table which compares the above listed boutique Investment banks on more factors like Services, Location, Year of establishment, Employees and notable deals-
| Investment Bank Name | Key Services | Headquarters | Year of Establishment | Number of Employees (Approx.) | Notable Deals |
|---|---|---|---|---|---|
| Avendus Capital | M&A, Private Equity, Wealth Management | Mumbai, India | 1999 | 300 | Acquisition of Appirio by Wipro, 2016 |
| o3 Capital | M&A, Private Equity, Corporate Advisory | Mumbai, India | 2007 | 50 | Sale of Hoopla to Hershey’s, 2018 |
| Spark Capital | M&A, Private Equity, Capital Markets | Chennai, India | 2001 | 120 | IPO of La Opala RG, 2009 |
| Equirus Capital | M&A, Private Equity, Capital Markets | Mumbai, India | 2007 | 150 | IPO of AU Small Finance Bank, 2017 |
| SBI Capital Markets | M&A, Project Advisory, Debt Syndication | Mumbai, India | 1986 | 200 | Financial Advisor for disinvestment of HPCL, 2003 |
| Ambit Corporate Finance | M&A, Private Equity, Restructuring | Mumbai, India | 1997 | 200 | Acquisition of Haldia Petrochemicals, 2014 |
| Mape Advisory Group | M&A, Private Equity, Capital Markets | Bangalore, India | 2001 | 50 | Sale of Minacs to Concentrix, 2016 |
| Signal Hill | M&A, Private Equity, Corporate Advisory | Baltimore, USA | 2002 | 150 | Sale of Appirio to Wipro, 2016 |
| Unitus Capital | Impact Investing, M&A, Capital Markets | Bangalore, India | 2008 | 40 | IPO of Ujjivan Financial Services, 2016 |
| Inga Capital | M&A, Private Equity, Capital Markets | Mumbai, India | 2007 | 20 | Acquisition of stake in Essar Oil by Rosneft, 2016 |
Factors to Consider When Choosing an Investment Bank
When evaluating investment banking companies in India, you should consider factors such as:
- Company culture and work environment
- Opportunities for growth and development
- Reputation and market presence
- Range of services and industry focus
Tips for Landing a Job at a Top Investment Banking Company
To secure a position at a leading investment banking company in India, follow these strategies:
- Build a strong educational foundation in finance, economics, or business management.
- Network with industry professionals and attend relevant events.
- Develop key skills, such as analytical thinking, Financial Modeling, and Excel.
- Consider pursuing professional certifications like the CFA or FRM.
For a detailed guide for landing a Job in a top Investment bank, refer to the blog – How to become an Investment Banker in India.
Conclusion
India’s investment banking landscape offers diverse opportunities for aspiring professionals. By understanding the top companies in the market and considering factors like company culture and growth potential, you’ll be well-equipped to make informed decisions as you embark on your investment banking journey.
Keep honing your skills and networking within the industry, and you’ll be well on your way to a successful career in investment banking.
Frequently Asked Questions
How can I determine which investment banking company is the best fit for me?
Evaluate factors like company’s culture, work environment, growth opportunities, and services to make this decision.
What is the difference between global, domestic, and boutique investment banking companies?
Global investment banks have a worldwide presence and cater to large corporations. Domestic banks focus on the local market, while boutique banks specialize in specific sectors or services.
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