Barclays Plc is preparing to re-enter India’s equity capital markets (ECM) business as the country experiences a strong IPO pipeline, the bank’s local chief Pramod Kumar said. The London-based bank is adding bankers and capital to compete in one of the world’s busiest markets for share sales. This move marks Barclays’ return to India’s ECM after nearly a decade, aiming to tap into the ongoing fundraising momentum.
Pramod Kumar, CEO of Barclays India and Asia-Pacific investment banking vice-chairman, told Bloomberg New Economy Forum in New Delhi that the bank sees a long-term structural opportunity in India’s ECM segment. Barclays already has a strong investment banking presence across financing, M&A, and corporate banking, but ECM is the only missing piece. The bank is building this capability from ground zero, acknowledging the time it will take to establish itself fully in the space.
India’s IPO market has seen unprecedented deals over the past two years, attracting interest from other banks such as Emirates NBD PJSC and DBS Group Holdings Ltd. Despite current capital market weaknesses, Kumar emphasized that India’s fundraising environment remains robust, supported by both retail and institutional investors. Barclays is also investing heavily across its investment bank, corporate, and private banking divisions in India, having injected over £500 million ($664 million) into the country.
Barclays’ renewed focus on ECM in India aligns with the country’s sustained IPO activity and capital raising. The bank’s expansion plans come as the IPO pipeline continues to stay strong, positioning Barclays to compete for underwriting mandates in one of the world’s busiest equity markets.