An IPO's on the table for near future: Equirus Group MD Ajay Garg

India is entering a sustained public-market boom - with rising entrepreneurial listings, deeper capital access, and a robust long-term outlook, says Garg

Ajay Garg, managing director of Equirus Group, which is looking to strengthen its wealth management presence, says that — much like the US private capital-driven listing boom — India’s transition from private businesses to public ownership will drive sustained market growth. In an email interview with Samie Modak, he notes that despite short-term volatility, the long-term outlook for Indian markets remains robust. Edited excerpts: 

Equirus has completed three acquisitions in the past year, including the latest with Sapient Finserv. What was the strategic rationale behind these deals, and how do they support Equirus’ long-term vision? 

Our growth has been deliberate. We began by establishing a private equity (PE) distribution franchise — executing over 100 transactions for marquee investors. We then expanded into public markets, building a research-driven institutional platform. Today, Equirus is involved in roughly one out of every six mainboard initial public offerings (IPOs), reflecting the depth of our public-market relationships. 

Strengthening our wealth management and family office business is the next logical step, given the rising sophistication and influence of India’s capital pools. Our acquisition of Sapient and other platforms allows us to offer an integrated proposition — connecting entrepreneurs and businesses with diverse capital sources while providing investors with curated, high-quality opportunities across asset classes. This lays the foundation for a differentiated, full-stack financial services franchise. 

Following these acquisitions, how have Equirus Wealth and the family office platform scaled? 

Having entered the wealth space only in 2018, our strategy has catapulted us into the top 10 non-bank wealth managers by revenue in India. Rather than focusing solely on financial metrics, our goal has been client relevance — measured by wallet share and the depth of engagement across our platform as we partner in their wealth-creation journey.

 

Across all segments, value creation remains central. We collaborate with entrepreneurs and institutions to grow and monetise market capitalisation. With Sapient’s integration, Equirus Wealth aims to scale assets under management to ₹50,000 crore while continuing to nurture bespoke, long-term client relationships.

 

With heightened competition from banks, fintech firms, and global wealth managers, what is Equirus’ unique value proposition for attracting and retaining high networth individuals? 

Many of our clients are entrepreneurs and business builders. Our strong investment banking and research capabilities position us as partners who bring relevant domain knowledge and deep investment insights to the table. This distinguishes us from pure execution platforms: our teams not only manage wealth but also actively support clients in their wealth-creation journeys, leveraging both advisory and capital-raising expertise.

 

We strive to be trusted advisors across all dimensions of their financial needs — not just transaction facilitators.

 

You’ve indicated that Equirus may consider an IPO. What is your current thinking on timing, readiness, and shareholding structure? 

With backing from PE groups such as Rare Enterprises (involved since inception) and Amicus (which invested following Federal Bank’s partial exit), an IPO is a natural next step for us. As is typical for PE-backed firms, enabling liquidity for our investors is a responsibility — and an IPO is one of the options on the table for the near future.

 

As someone closely involved in Indian equity capital markets (ECMs), what factors are driving the ongoing boom in domestic IPOs? 

To put it in context, look at the US experience: from 1945 to 1975, American corporate growth was largely funded by private capital. Over the next 30 years, a wave of privatisation and public listings fuelled Wall Street’s rise.

 

India’s “1945” moment came in 1991, when economic liberalisation unleashed entrepreneurship — followed by 25 years of growth driven mainly by foreign PE and strategic capital. During this period, India’s GDP surged from $270 billion in 1991 to nearly $4 trillion today, paralleled by growing financialisation of household wealth.

 

Looking ahead, we expect the next 25 years to see private Indian businesses — including multinational subsidiaries — transition to public ownership, broadening equity participation and democratising entrepreneurship. Despite short-term volatility, the structural outlook for market growth over the coming decades remains strong.

 

Are there structural or regulatory reforms needed to further deepen India’s ECMs? 

Issuers should have the freedom to tap Indian American Depositary Receipt markets, rather than being restricted to domestic listings, as liquidity and fair valuation are powerful incentives.

 

For investors, persistent rupee depreciation is a deterrent. Contrary to popular belief, a stable currency — as seen in China — can support export-led growth. Further, a deeper bond market is essential for a market-based determination of interest rates. Currently, administered rates keep the cost of capital elevated. A more liquid bond market will help drive balanced capital-market development.

 

On the secondary markets, India has trailed some global peers this year. What explains this underperformance, and what is your outlook on equities for the year ahead? 

The recent global equity rally was driven by artificial intelligence (AI)-led FOMO — particularly in the tech sector. While India’s information technology industry is experiencing its “Manchester moment”, only a handful of listed companies — like Netweb Technologies, a recent Equirus IPO — have clear AI-aligned business models.

 

Technology-led disruption may cause short-term cycles, but fundamentally, Indian corporates are well placed to deliver multi-year growth. As active market participants, we remain constructive on Indian equities. 

From private to public: India’s Manchester moment

 

·         Equirus grew from PE roots to a key IPO player

 

·         Acquisitions strengthen its full-stack financial model

 

·         Wealth arm targets ₹50,000 crore AUM

 

·         IPO seen as next step to unlock investor liquidity

 

·         India enters a public-market boom

 

·         Push for ADR access and deeper bond markets

 

·         Long-term India outlook remains strong