Ambit Corporate Finance hired Premal Doshi to head the equity capital markets (ECM) business of the firm. Doshi, who comes from Antique Capital Markets Pvt Ltd. along with his team will report to Sanjay Sakhuja, chief executive of Ambit Corporate Finance.
“Our decision to invest in an ECM team at this juncture reaffirms Ambit's commitment to creating a full service Investment Bank, focused on the Indian market, “Ashok Wadhwa, CEO, Ambit Group said in a statement.
The firm that until now helped company with corporate finance, restructuring and advisory services, will start offering equity capital market products such as initial public offering and qualified institutional placements, the release said.
Doshi brings along his team from Antique to drive the ECM business of Ambit. A lot of domestic as well as foreign investment banks have been trying to set up ECM business in India. Standard Chartered Bank, Jefferies & Co., Barclays Capital, the investment banking arm of Barclays Bank, and Avendus Capital have been trying to establish their ECM business in India.
Although the ECM business, which once drove 80 per cent revenue for investment banks in India, have seen sluggish growth with equity markets being lacklustre for last 18 months, some firms are building up teams to be equipped to capitalize once there is a turnaround.
Prior to joining Ambit, Doshi was with Antique, where he came from Motilal Oswal Investment. With a career spanning two decades, Doshi has also worked with Anand Rathi Securities, Lazard and J P Morgan.
While at Antique Capital, he set up Antique’s ECM business by getting requisite regulatory approvals and merchant banking licence from the Securities and Exchange Board of India or SEBI.
Some of the IPOs that Doshi, a chartered accountant and a cost accountant, has been involved in include DEN Network, TD Power systems and QIP’s for Opto Circuits, Diamond Power, Network 18 and SKNL.
(Edited by Prem Udayabhanu)