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Avendus Group in talks to acquire institutional equities biz of Spark Capital; may re-launch ECM practice

The decision follows a blitzkrieg of fund-raising by India Inc in 2021 with firms raising more than Rs 1 lakh crore via the IPO route, an all-time record for a calendar year.

January 30, 2022 / 07:09 PM IST
(Representative image)

(Representative image)

KKR-backed leading financial services firm Avendus Group has entered final stage discussions to acquire a significant majority stake in the institutional equities and research vertical of Chennai-based Spark Capital, multiple sources in the know told Moneycontrol.

“The transaction has reached the last leg and an official announcement can be expected shortly. The valuation is expected to be around Rs 300 crore,” said one of the persons above.

According to a second person, Avendus Group, which has presence in the areas of investment banking, wealth management, credit solutions and asset management, is keen on tapping the depth of research and the quality of people at Spark Capital.

“A big majority of revenues of Spark Capital come from the Institutional equities vertical. It can help Avendus Group achieve scale in the segment and will help them to provide knowledge based, value added solutions which is an area of focus for them,” a third person added.