SBI Capital Markets Limited

What SBI Capital Markets Limited does

SBI Capital Markets Limited (SBICAPS) is a wholly-owned investment banking subsidiary of State Bank of India, incorporated in 1986 and headquartered in Mumbai's Bandra Kurla Complex. The firm is registered with SEBI as a Category I Merchant Banker (INM000003531) and Research Analyst (INH000007429), and operates across three primary service verticals: Project Advisory & Structured Finance (debt syndication, project financing, restructuring, M&A advisory, government advisory), Equity Capital Markets (IPOs, FPOs, QIPs, rights issues, block deals as book-running lead manager), and Debt Capital Markets (domestic and offshore bond issuances, NCDs, InvITs/REITs, securitization). It also offers ESG Advisory and M&A advisory, and maintains two wholly-owned subsidiaries — SBI Securities Limited (retail brokerage) and SBICAP Trustee Company Limited.

SBICAPS derives revenue from professional services fees — advisory, underwriting, and transaction fees — on mandates from large corporates, infrastructure and core-industry clients (power, roads, ports, oil & gas, metals), government and PSU entities, and financial institutions. It is structured as a sales-led, relationship-driven investment bank with a direct coverage model across seven Indian regional offices, plus an Abu Dhabi branch launched in 2023. The firm maintains 3,000+ client relationships, has facilitated INR 11,61,145 crore ($141.53B) in client capital raises over the past three years, and is ranked #1 in Project Advisory (Bloomberg), #3 in ECM (Prime Database), and #4 in DCM (Bloomberg). Its go-to-market leverages distribution through the SBI Group network (22,405+ branches, 48 crore customers), supported by research publications, industry events, and direct engagement by sector coverage teams.

Name

SBI Capital Markets Limited

Legal name

SBI Capital Markets Limited

Website

https://sbicaps.com

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

101–250 employees

Short description

SBI Capital Markets Limited (SBICAPS) is a wholly-owned investment banking subsidiary of State Bank of India, offering project advisory, equity capital markets, debt capital markets, M&A, and ESG advisory services to corporates, government entities, PSUs, and financial institutions across India and the UAE.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Finance and Insurance (52)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industries

Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps) (FSAEAGAE), Debt Advisory & Financing Advisory (FSAEAGAD), Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Investment banking services
• Project advisory
• Equity capital markets
• Debt capital markets
• Mergers acquisitions advisory

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Project Advisory & Structured Finance: Advisory fees and transaction fees for project financing, debt syndication, M&A advisory, restructuring advisory, and government advisory mandates. Services include fund raising, bid process advisory, and arrangement of specialized lines of credit from foreign multilaterals and ECAs.
2. Equity Capital Markets: Fees from IPO execution, follow-on public offerings, rights issues, QIPs, and block deals as book-running lead managers.
3. Debt Capital Markets: Fees from domestic bond issuances, NCD placements, offshore bond raising, InvITs/REITs, and securitization transactions.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

SBICAPS operates as an investment bank offering advisory and capital markets services to corporate, government, and financial institution clients. Core offerings include Project Advisory & Structured Finance (debt syndication, project financing), Equity Capital Markets (IPO, FPO, rights issues, QIPs as book-running lead manager), Debt Capital Markets (bond issuances, NCDs, offshore bonds, InvITs/REITs), M&A Advisory, and ESG Advisory. The firm acts as merchant banker, arranger, and adviser across these transactions.

Product overview

SBI Capital Markets Limited operates as an investment banking firm offering integrated financial services across three primary verticals: Project Advisory & Structured Finance (providing debt syndication and project financing advisory), Equity Capital Markets (managing IPOs, FPOs, rights issues, and QIPs), and Debt Capital Markets (handling bond issuances and NCD placements). The company also provides specialized advisory services including M&A advisory, ESG advisory, and restructuring services. The firm serves corporate clients, financial institutions, and government entities across sectors including power, infrastructure, roads, railways, and renewable energy.

Differentiator

Problem solved

Functional benefit

Products and services

• Project Advisory & Structured Finance Provides strategic advisory and structured financing solutions for infrastructure and corporate projects, including debt syndication, fund mobilization, advisory for fund raising, bid process management, restructuring advisory, M&A advisory in distressed assets, and arrangement of specialized lines of credit from foreign multilaterals and ECAs.
• Equity Capital Markets
• Debt Capital Markets
• M&A Advisory
• ESG Advisory
• Research and Publications

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor and core.

• Investec Capital Services India Private LimitedminorOthers · 1 January 2021SBICAPS acquired a stake in Investec Capital Services India Private Limited in 2021, expanding its capabilities in the Indian market through this strategic investment.
• SBI Securities LimitedcoreOthersSBICAPS has a subsidiary - SBI Securities Limited (SSL) - providing retail brokerage services and distribution of investment banking products to retail investors.
• SBICAP Trustee Company LimitedcoreOthersSBICAPS subsidiary providing trustee services for various investment products and transactions.

Scale indicators8 records

Recent moves11 records

Expansion highlights7 records

Direct peers

• Avendus Capital: Indian mid-market focused investment bank providing M&A advisory, ECM and private fund placements. Comparable mid-to-large cap corporate finance franchise and frequently a competitor on Indian IPO advisory mandates.
• ICICI Securities: Indian investment bank and securities arm of ICICI Group offering ECM, DCM, M&A advisory and retail brokerage. Competes directly with SBICAPS on Indian ECM league tables and corporate advisory mandates, with similar parent-bank distribution advantages.
• Kotak Mahindra Capital Company: Subsidiary of Kotak Mahindra Bank providing equity capital markets, M&A advisory, debt syndication and private equity advisory. Direct competitor to SBICAPS on Indian IPO/FPO mandates and project advisory.
• Axis Capital: Investment banking arm of Axis Bank offering ECM, DCM, M&A advisory and structured finance. Competes with SBICAPS on mid-to-large cap Indian ECM deals and corporate finance mandates.
• Motilal Oswal Investment Banking: Indian investment bank offering ECM advisory, M&A and structured finance with strong mid-market focus. Competes with SBICAPS on Indian ECM deals and corporate advisory.
• JM Financial: Diversified Indian financial services group with strong investment banking, mortgage and asset reconstruction businesses. Direct competitor on Indian ECM league tables and project/infrastructure advisory.

Broad incumbents

• CLSA India: Asia-focused brokerage and investment bank (subsidiary of CITIC Securities) with strong Indian equity research and ECM execution. Competes with SBICAPS for Indian ECM mandates and provides broader Asia-Pacific capital markets reach.
• Nomura India: Global investment bank with significant India franchise in ECM and DCM league tables. Competes with SBICAPS for large-cap Indian IPOs, FPOs, and offshore bond issuances.
• Morgan Stanley India: Global bulge bracket bank with active Indian investment banking franchise in M&A, ECM, and DCM. Competes with SBICAPS for large-cap mandates and brings global execution capability.

Emerging players

• Edelweiss Financial Services: Indian financial services group with investment banking, credit, and asset reconstruction businesses. Comparable in scale and adjacent in mandate types, with overlapping sector coverage in infrastructure and stressed assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/sbi-capital-markets

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about SBI Capital Markets Limited