ICICI Securities, the investment banking and institutional equities arm of ICICI Bank, is ramping up hiring efforts in anticipation of record-high fundraising activities by companies in the upcoming years.
Ajay Saraf, head of investment banking and institutional equities at ICICI Securities Ltd., revealed plans for 15 new hires in investment banking and another 15 in sales, trading, and research.
According to a Business Standards report, Saraf highlighted robust deal activity expectations, emphasising India's increasing appeal as an investment destination. ICICI Securities aims to increase its headcount to 190, aligning with expansion moves seen in other firms like JM Financial Ltd. and Jefferies Financial Group Inc.
These expansions coincide with India's significant fundraising boom, where last year witnessed a remarkable $27 billion raised in initial public offerings and follow-on share sales, surpassing Hong Kong for the first time in decades.
Saraf remains optimistic, projecting IPOs to reach over $18 billion in both 2024 and 2025, with multiple billion-dollar listings anticipated. The market's potential absorption of large issuances remains a key factor, bolstered by political stability and strong economic growth forecasts.
Regarding mergers and acquisitions (M&A), Saraf noted an increasing investor interest in manufacturing and industrial businesses, highlighting this sector's rapid growth trajectory.