After Zomato IPO, Citigroup sets up investment banking team in India

Haier comes as the lender, the top-ranked foreign bank in the initial public offering league table for Asia, works with other advisors on the public sale of Life Insurance Corp – India’s largest listing to date. The companies have raised around $10.2 billion through IPOs in India this year, putting 2021 on track to break its all-time record of $11.8 billion.

Ravi Kapoor, American Bank’s head of banking, capital markets and advisory in India and South Asia, said the addition of mostly junior bankers increased the team by 25% in the country, where Citigroup has a presence since 1902.

“It is one of our top three markets in the Asia region and we have never downgraded our team in the last eight to 10 years and continue to invest through the down cycle,” Kapoor said in an interview. Investment banking team up to 40.”

Kapoor said Citigroup is not planning to hire senior bankers and will try to retain the 40-strong team by refilling positions if and when people leave. He said the bank is working on an increasingly large IPO, ranging in size from $300 million to $500 million, up from $100 million two years ago to $150 million, as companies seek to raise more money.

The deal in which Citigroup has been involved is the IPO of a food delivery startup Zomato Limited, which is up nearly 85% since its debut on the stock market in July. That transaction attracted new shareholders into the market and provided a way for foreign investors to buy into the Indian stock sale. Kapoor said India is also benefiting as regulatory concerns move some investors out of China.

Citigroup is not the only bank to raise resources in the region. Barclays plc last month outlined plans to invest $400 million to expand its operations in India, nearly five years after withdrawing from some countries.