Equirus Capital, one of India’s fastest-growing financial services platforms, is gearing up for a public listing within the next 12 to 18 months. Founder and Managing Director Ajay Garg confirmed the company’s IPO roadmap while emphasizing that the immediate priority remains scaling its wealth management business and stabilizing its newly launched NBFC unit.
In a recent interaction, Garg outlined Equirus’s strategic vision, highlighting the firm’s robust growth in assets under management (AUM), its expanding client base, and the need to consolidate operations before entering the capital markets. With over ₹20,000 crore in wealth AUM and a growing footprint in lending, Equirus is positioning itself as a full-stack financial services player.
🧭 IPO Timeline and Strategic Rationale
Ajay Garg stated that Equirus will “seriously look at an IPO” once its NBFC business matures and its wealth platform achieves scale. The company aims to leverage public markets to fuel its next phase of growth, including technology upgrades, geographic expansion, and inorganic acquisitions.
| Milestone | Timeline Estimate | Remarks |
|---|---|---|
| IPO Planning Begins | Q4 FY26 | Internal roadmap and banker engagement |
| NBFC Stabilization | FY26–FY27 | Focus on credit underwriting and compliance |
| Wealth AUM Target | ₹30,000 crore by FY27 | Expansion across Tier-1 and Tier-2 cities |
| IPO Launch Window | Q2–Q3 FY27 | Subject to market conditions |
Garg emphasized that the IPO will be a “logical next step” once Equirus becomes a more robust and diversified platform.
💰 Wealth Management: Core Growth Engine
Equirus Wealth, the firm’s flagship advisory arm, has grown rapidly over the past three years. With ₹20,000 crore in AUM and a client base spanning HNIs, family offices, and institutional investors, the division is now a key contributor to revenue and brand equity.
| Metric | FY24 Value | FY25 Target | Growth Driver |
|---|---|---|---|
| Wealth AUM | ₹20,000 crore | ₹25,000 crore | Equity advisory, PMS, AIFs |
| Client Count | 8,500+ | 10,000+ | Regional expansion |
| Revenue Contribution | 38% | 45% | Fee-based advisory |
| Digital Onboarding Ratio | 62% | 75% | Tech-led client acquisition |
Equirus is also exploring partnerships with fintech platforms and robo-advisory tools to enhance client experience and scale efficiently.
🏦 NBFC Business: Building a Lending Backbone
Equirus recently launched its NBFC unit, Equirus Finance, to offer structured credit, SME loans, and working capital solutions. The NBFC is currently in its pilot phase, focusing on underwriting discipline and risk management.
| Lending Product | Target Segment | Ticket Size Range | Remarks |
|---|---|---|---|
| Structured Credit | Mid-market corporates | ₹5–₹25 crore | Custom solutions for growth |
| SME Loans | MSMEs | ₹10 lakh–₹2 crore | Collateral-backed lending |
| Working Capital Finance | Exporters, Traders | ₹25 lakh–₹5 crore | Short-tenure, high-yield |
Garg noted that the NBFC will remain conservative in its early years, focusing on quality over quantity. The goal is to build a ₹1,000 crore loan book by FY27 with minimal NPAs.
📈 Equirus’s Broader Business Model
Founded in 2007, Equirus Capital has evolved from a boutique investment bank into a diversified financial services firm offering investment banking, wealth management, lending, and institutional broking.
| Business Vertical | Revenue Share (FY25 est.) | Key Offerings |
|---|---|---|
| Investment Banking | 30% | M&A, ECM, Private Equity Advisory |
| Wealth Management | 45% | PMS, AIFs, Mutual Funds, Bonds |
| NBFC Lending | 15% | SME Loans, Structured Credit |
| Institutional Broking | 10% | Research, Execution, Distribution |
Equirus has advised on over ₹1.2 lakh crore worth of transactions and maintains strong relationships with domestic and global investors.
🧠 Ajay Garg’s Market Outlook
Garg remains bullish on India’s long-term growth story despite near-term volatility caused by US tariffs and global macro concerns. He believes that India’s domestic consumption, manufacturing push, and financial sector reforms will continue to attract capital.
“India is not just a bulk commodity supplier. We offer value-add, design, and integration. That gives us a stronger footing in the global ecosystem,” Garg said.
He also highlighted the role of GST reforms in boosting sectors like autos, building materials, and apparel, which could benefit Equirus’s deal pipeline.
🌍 IPO Market Sentiment and Timing
India’s IPO market began FY26 on a cautious note due to geopolitical tensions and tariff headwinds. However, activity has picked up in Q2, with several mid-cap and SME listings oversubscribed. Garg expects the second half of FY26 to be more active for IPOs and QIPs.
| IPO Market Indicator | Q1 FY26 Status | Q2 FY26 Trend | FY27 Outlook |
|---|---|---|---|
| Number of IPOs | 42 | 68 | 100+ expected |
| Total Capital Raised | ₹32,000 crore | ₹48,000 crore | ₹1 lakh crore+ forecast |
| Average Oversubscription | 5.2x | 8.7x | High investor appetite |
| SME Listings | 18 | 31 | Strong retail participation |
Garg believes Equirus’s IPO will benefit from this momentum, especially if the NBFC and wealth businesses continue to scale.
📌 Conclusion
Equirus Capital’s IPO plans reflect its evolution into a full-spectrum financial services firm. With Ajay Garg at the helm, the company is prioritizing operational scale, client-centric innovation, and disciplined lending before tapping public markets.
As the wealth management arm expands and the NBFC gains traction, Equirus is laying the groundwork for a successful listing in FY27. For investors and market watchers, the next 12–18 months will be crucial in shaping the firm’s trajectory—and its place among India’s top financial platforms.
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Disclaimer: This article is based on publicly available interviews and financial disclosures as of August 21, 2025. It is intended for informational purposes only and does not constitute investment advice.
