'An IPO’s on the table for near future'

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.

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In an email interview with Samie Modak, he notes that despite short-term volatility, the long-term outlook for Indian markets remains robust. Excerpts:

Equirus has completed three acquisitions in the past year, including the latest with Sapient Finserv. What was the strategic rationale behind these deals?

■ 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?