The transaction, which comes at a time when a host of digital and new economy companies are taking the IPO route, will help KKR-backed Avendus to get into the institutional equities business and capital markets
Homegrown investment banking firm Avendus Capital has acquired Chennai based mid-market investment banking firm Spark Capital’s institutional equities business for an undisclosed amount. The transaction will help global private equity fund KKR backed Avendus to finally get into the institutional equities business and capital markets. The deal is mainly aimed at becoming merchant bankers (investment bankers who advise companies headed for an initial public offering) for new-age digital and technology firms that Avendus has been advising over the last decade.
Spark has similar line of businesses as Avendus, which includes investment banking, institutional equities, structured finance advisory, asset management and wealth management businesses. Spark’s Institutional Equities franchise was voted as India’s number two domestic brokerage house by Asiamoney Brokers Poll, 2021. It has a nearly an 80-member team catering to over over 400 institutional clients over the last 15 years.
Read more: Forbes India
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