IDBI Capital

What IDBI Capital does

IDBI Capital Market Services Limited, incorporated in 1993 in Mumbai, is a wholly owned subsidiary of IDBI Bank Ltd. and operates as a full-service Indian securities and investment banking firm under the trading names IDBI Capital and IDBI Capital Markets & Securities Ltd. (ICMS). The firm holds a dense stack of regulatory credentials — SEBI registrations as Merchant Banker, Portfolio Manager, Stock Broker, Research Analyst, and Investment Adviser, an NSDL Depository Participant license, AMFI mutual fund distributor registration (ARN-0893, valid through January 2028), and memberships on NSE (Capital Market and F&O) and BSE (Cash Market and Derivatives) — which together enable a vertically integrated business across capital markets, investment banking, and wealth distribution. Core service lines include institutional and retail equity broking, IPO/FPO/rights issue underwriting and distribution, takeover, buyback and QIP advisory, M&A and strategic advisory, mutual fund distribution and research, online investing, and the management of Provident, Pension and Retirement Benefit Funds exceeding Rs. 4,000 crores in AUM.

The firm serves three primary customer segments: government organizations, public sector enterprises, and Indian corporates requiring investment banking and corporate advisory; institutional investors (corporates, banks, trusts) requiring mutual fund distribution, portfolio management, and pension/provident fund mandates; and retail investors including HNIs and individuals accessing the platform through online trading, 14 physical branches, and a network of 1,000 sub-brokers/agents. Revenue is generated across multiple models: transaction-based fees (broking turnover commissions and IPO distribution), professional services fees (merchant banking, M&A, corporate advisory), and recurring asset-based fees (portfolio management on pension/provident AUM, mutual fund trail commissions). Distribution reach is multi-channel — direct branches, sub-broker/agent network, and an online platform serving 80,000 investors — and is reinforced by an ecosystem-level association with IDBI AMC and IDBI Bank. The business is domestically focused, has no disclosed headcount or revenue figures, and the most recent publicly cited scale metrics (networth > Rs. 300 crores, Rs. 900+ crores mobilized in lead-managed issues) date to the fiscal year ending March 2014.

Name

IDBI Capital

Legal name

IDBI Capital Market Services Limited

Website

https://idbicapital.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

251–500 employees

Short description

IDBI Capital is a Mumbai-based, IDBI Bank-owned full-service Indian securities firm offering investment banking, equity broking, mutual fund distribution, and pension/provident fund management to PSUs, corporates, institutions, and retail investors across 14 branches and a 1,000 sub-broker network.

Ownership category

akta.pro rank

Product category

Investment Banking and Securities Brokerage

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Agency Equity Execution (Cash Equities) (FSACAFAA)

akta.pro secondary industries

Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI), Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Stock broking services
• Investment banking
• Mutual fund distribution
• Merchant banking
• Portfolio management

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Stock Broking: Provides stock broking services to both institutional and retail clients. Member of NSE on Capital Market and Future & Options Segments and BSE on Cash Market and Derivative Segments.
2. Distribution of Financial Products: Distribution of mutual funds, IPOs, and other financial products. Registered with AMFI as mutual fund distributor (ARN-0893) and distributes schemes of all SEBI registered mutual funds in India.
3. Merchant Banking: Provides merchant banking services including IPO/FPO/Right Issues, TakeOver, Buy Back, QIP, and Private Equity placements. Successfully lead managed public/rights issues mobilizing more than Rs.900 crores.
4. Corporate Advisory Services: Offers financial advisory, project advisory, corporate advisory, merger & acquisitions, and strategic advisory services to corporates.
5. Fund Management: Manages Provident and Pension Funds of more than Rs.4000 crores. Registered with SEBI as Portfolio Manager.
6. Research Services: Equities research desk covering all aspects of equities, publishing high quality research reports.
7. Depository Participant Services: Registered as Depository Participant of NSDL, providing demat account services.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

IDBI Capital is a full-service securities and financial services firm offering institutional and retail stock broking on NSE and BSE, investment banking services (IPO/FPO/Right Issues, TakeOver, Buy Back, QIP, Private Equity, M&A and corporate advisory), mutual fund distribution, equity and mutual fund research, online investing, and management of provident, pension and retirement benefit funds for institutional clients in India.

Product overview

IDBI Capital operates as a full-service financial services company offering a comprehensive suite of investment banking, capital markets, and wealth management products. The company functions as a multi-module platform comprising Investment Banking services (IPO/FPO/Right Issues, TakeOver, Buy Back, QIP, Private Equity, Financial Advisory, Project Advisory, Corporate Advisory, Merger & Acquisitions, Strategic Advisory), Capital Markets operations (Equity Sales & Dealing, Equity Research), Retail Distribution (Online Investing, IPO Distribution, Mutual Fund Distribution), and Fund Management services for institutional clients. IDBI Capital is a wholly owned subsidiary of IDBI Bank Ltd., registered with SEBI as Merchant Banker, Portfolio Manager, and Depository Participant, and operates as a member of both NSE and BSE.

Differentiator

Problem solved

Functional benefit

Products and services

• Capital Markets (Equity & Derivatives Broking)
• IPO / FPO / Rights Issue Services
• Takeover Advisory Advisory and execution services for open offer takeovers under SEBI takeover regulations for Indian corporates.
• Buy Back Advisory Advisory and execution services for share buyback programs by listed Indian companies, including offer structuring and regulatory compliance.
• Qualified Institutional Placement (QIP) Capital raising services for listed Indian companies through Qualified Institutional Placements to institutional investors.
• Private Equity Services Private equity investment and advisory services for growth-stage Indian companies, with a dedicated fund of Rs. 100 crores for Mid Cap and SME Growth Companies.
• Financial Advisory (Project Appraisal & Syndication) Project appraisal, financial structuring, and debt/equity syndication services for Indian corporates seeking project financing.
• Corporate Advisory Strategic corporate advisory services for Indian corporates covering business decisions, capital structure, and stakeholder transactions.
• Merger & Acquisitions Advisory M&A transaction advisory including deal sourcing, due diligence, valuation, and execution support for Indian corporates.
• Strategic Advisory Strategic consulting services for Indian corporates on business transformation, growth, and value creation initiatives.
• Institutional Equity Sales & Dealing Institutional equity sales and dealing services for surplus-fund managers, corporates, banks, trusts, and firms trading on a daily basis.
• Equity Research Equities research analysis and investment recommendations published by an in-house research desk covering all aspects of the equities market.
• Mutual Fund Sales & Dealing Mutual fund distribution and trading services for institutional and retail investors, covering all SEBI-registered mutual funds in India.
• Mutual Fund Research Research analysis and recommendations to support mutual fund investment decisions for institutional and retail investors.
• Online Investing Platform Self-serve online platform for retail investors to trade equities, invest in mutual funds, and apply for IPOs digitally, serving 80,000+ online investors.
• IPO Distribution Distribution network for IPO applications through branches, sub-brokers/agents, and the online platform, including marketing and form dissemination to retail investors.
• Mutual Fund Distribution SEBI/AMFI-registered distribution of mutual fund schemes from all SEBI-registered AMCs in India, with advisory support for retail and institutional investors.
• Fund Management (Provident, Pension, Retirement Benefit Funds) Management of Provident, Pension and Retirement Benefit Funds as a SEBI-registered Portfolio Manager, with assets under management exceeding Rs. 4,000 crores.

Quantifiable outcome

• Lead managed public/rights issues mobilizing more than Rs.900 crores in the last financial year
• +1 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• IDBI AMC (Associate Company)coreOthersIDBI AMC is an associate company of IDBI Bank and IDBI Capital. The association provides synergies in asset management and financial services distribution across the IDBI group.
• SEBI Registered Mutual Funds in IndiacoreChannel Partner/ Reseller/ DistributorIDBI Capital is registered as a mutual fund distributor with almost all SEBI registered mutual funds in India, enabling distribution of diverse mutual fund schemes to retail and institutional investors.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Axis Capital: Investment banking arm of Axis Bank, offering ECM, M&A advisory, and institutional broking. Comparable in the investment banking and institutional equity franchise.
• HDFC Securities: Subsidiary of HDFC Bank offering equities broking, IPO distribution, mutual funds, and research services. Directly comparable in retail distribution and bank-affiliated securities franchise.
• ICICI Securities: Full-service Indian securities firm offering broking, investment banking, portfolio management, and mutual fund distribution, with similar PSU/bank-affiliated origins. Closest direct comparable in business model and product breadth.
• Anand Rathi Financial Services: Diversified Indian financial services firm with broking, investment banking, wealth management, and mutual fund distribution. Comparable mid-tier full-service franchise.
• Motilal Oswal Financial Services: Full-service Indian financial services firm with strong investment banking, institutional broking, and retail wealth management. Comparable across the full-service securities product mix.
• SBI Capital Markets: PSU-bank-affiliated investment bank offering ECM, M&A, and advisory services to government and corporate clients. Most direct comparable given shared PSU-bank parentage and government client focus.
• Sharekhan (BNP Paribas subsidiary): Indian retail-focused brokerage with extensive sub-broker/branch network, offering equities, derivatives, and mutual fund distribution. Closely comparable retail distribution architecture.
• Kotak Securities: Bank-affiliated (Kotak Mahindra) full-service broker-dealer offering equity broking, investment banking, and distribution services. Comparable institutional backing and multi-channel distribution model.
• IIFL Securities: Listed Indian securities firm offering broking, investment banking, distribution, and research with national branch and sub-broker network. Comparable distribution-led model and product breadth.

Regional players

• Geojit Financial Services: India-focused (with strong Kerala and GCC presence) securities firm offering broking, mutual fund distribution, and portfolio management. Comparable in scope though with a regional distribution concentration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IDBI Capital