ICICI Bank is all set to go on a hiring spree, to strengthen its investment banking and institutional equities divisions. The Bank is expecting more companies to go public, and therefore, is looking to hire about five mid-level to senior people to its team in each division, as reported by Bloomberg.
The Mumbai-headquartered Bank has a total of 130 bankers in investment banking and institutional equities at ICICI Securities. The new hires will be mainly for the technology and healthcare sectors.
This is probably the first time in four years that the Bank is about to hire in large numbers.
Given the liquidity in the market and more and more investors and retail buyers on the lookout for new ideas to invest in, India is also benefitting from the global boom in share sales. The technology space in India is also doing very well, witnessing almost six unicorns in one week. This is only adding to the IPO pipeline for bankers.
This year, till now, almost $3 billion have been raised through IPOs in India. With many known brands and companies, including Nykaa E-retail, Zomato and Policybazaar preparing to go public in Mumbai this year itself, there will be more deals in the next few months.
ICICI Securities is amongst the best known for equity offerings in the country.
Meanwhile, later this week, ICICI Bank is expected to announce its plans to raise funds by issuing debt securities, including non-convertible debentures, bonds in single or multiple tranches in any currency via public/private placement.