SBI Capital Markets Limited is the investment banking subsidiary of State Bank of India (SBI) and one of India’s leading full-service investment banks. Established in 1986 and headquartered in Mumbai, SBICAP provides end-to-end advisory and capital raising solutions across equity and debt capital markets, mergers and acquisitions, and project advisory and structured finance, with a strong focus on infrastructure and government advisory, including disinvestments.
As part of India’s largest banking group, SBICAP leverages deep relationships, sectoral expertise, and execution capability to deliver complex transactions for government, public sector, and private clients. The firm is known for its role in landmark offerings and large-scale project financing mandates, and regularly features in domestic league tables in debt and equity capital markets. With complementary group entities such as SBICAP Securities, SBICAP Trustee, and SBICAP Ventures, SBICAP offers comprehensive solutions spanning origination, execution, and post-transaction support.
This comprehensive guide provides essential insights into SBI Capital Markets's operations, culture, and recruitment process, equipping readers with the knowledge needed to excel in interviews and understand the company's strategic direction.
1. Company Overview
About SBI Capital Markets
SBI Capital Markets Limited (SBICAP) is a leading Indian investment bank offering advisory and capital markets services to corporate, financial sponsor, government, and public-sector clients.
As a wholly owned subsidiary of State Bank of India, SBICAP delivers integrated solutions across equity and debt issuance, mergers and acquisitions, private capital advisory, project advisory and structured finance, infrastructure and government advisory, and stressed assets advisory. Its position within the SBI Group, sectoral expertise, and nationwide reach enable it to execute large, complex transactions and support India’s capital formation and infrastructure development agenda.
| Attribute | Details |
|---|---|
| Founded | 1986 |
| Founders | State Bank of India |
| Industry | investment banking and corporate advisory industry |
| Headquarters | Mumbai, India |
| Key Services | Investment banking and corporate advisory, which include project advisory, structured finance, equity and debt capital markets, mergers and acquisitions, and private equity |
Company History
Trace SBI Capital Markets's evolution through key periods, highlighting major transformations and growth phases.
- 1986: SBICAPS was incorporated and commenced operations in August as a fully-owned subsidiary of SBI.
- 1997: The Asian Development Bank (ADB) acquired a 13.84% equity stake in the company.
- 2005: Four downstream subsidiary companies were incorporated to diversify business areas: SBICAPS Securities Limited (SSL), SBICAP Ventures Limited (SVL), SBICAP Trustee Company Limited (STCL), and SBICAP UK Limited (SUL).
- 2009: SBICAPS achieved international recognition, being ranked as the number one Project Finance Arranger in the Asia Pacific region and number two globally.
- 2010: SBI repurchased the ADB's stake, making SBICAPS once again a wholly-owned subsidiary.
- 2014: The company forayed into large External Commercial Borrowing (ECB) syndication, raising Euro 1.8 Billion for Tata Steel Europe, and acted as an advisor for India's first Metro Bond.
- 2017: SBICAPS acted as the advisor for the major merger of five associate banks with the State Bank of India.
- 2019: The company registered with SEBI as a Research Analyst.
- 2023: A new brand identity was unveiled, and the corporate office shifted to the financial hub of Bandra Kurla Complex in Mumbai.
Key Milestones in SBI Capital Markets History
Critical achievements that shaped SBI Capital Markets's trajectory and market position.
| Year | Milestone / Achievement |
|---|---|
| 2005 | Launched multiple subsidiary companies, expanding its service portfolio. |
| 2011 | Advised and executed India’s first IDR (Indian Depository Receipt) issue. |
| 2012 | Managed the first tax-free bond issuance in India. |
| 2014 | Executed the first Metro Bond in the country. |
| 2017 | Advised on the major merger of SBI’s associate banks with State Bank of India. |
| 2023 | Received ISO 9001:2015 certification and relocated its corporate office. |
| 2025 | Achieved ISO 27001:2022 certification, strengthening its information security standards. |
2. Mission, Vision, and Values
Core principles and strategic direction sourced directly from SBI Capital Markets's official website.
Mission
Company is committed to offering trustworthy, expert, and customer-centered investment banking services that meet global standards.
Vision
Company aspires to become the leading investment bank originating from India, recognized for excellence and reliability.
Core Values
SBI Capital Markets's corporate values as officially listed on its website.
- Astute Professionalism: Commitment to innovation, combined with our drive to excel, enables us to maintain a strong competitive edge. Backed by deep experience and expertise, we bring a collaborative mindset and a proactive, ‘can-do’ attitude that fuels breakthrough growth even in challenging environments.
- Business Ethics: Clients rely on us for guidance on critical strategic and business decisions, and we honor that trust with transparency, integrity, and unwavering adherence to the highest ethical standards. This steadfast commitment makes us a preferred partner for organizations across both the public and private sectors.
- Client Satisfaction: With a client-first philosophy, we consistently go beyond expectations-anticipating needs, addressing nuances, and delivering solutions that create real, measurable value. We focus not just on completing transactions but on building deep, long-term relationships grounded in trust and exceptional service.
3. Comprehensive Product and Service Offerings
SBI Capital Markets offers integrated investment banking solutions spanning equity and debt capital markets, strategic advisory, and project advisory and structured finance. It also advises on infrastructure and government transactions, including public offerings and disinvestment, and supports stressed asset resolution to help stakeholders achieve timely, value-accretive outcomes.
1. Equity Capital Markets (ECM)
SBICAP advises issuers on public and private equity capital raising, delivering end-to-end execution across regulatory, marketing, book-building, and post-issue processes.
- Initial Public Offerings (IPOs): Comprehensive IPO advisory and execution, including due diligence, offer structuring, valuation, underwriting coordination, investor education, and listing support.
- Follow-on Public Offers (FPOs), Rights & OFS: Structuring and managing FPOs, rights issues, and Offer for Sale (OFS) transactions for promoters and the Government of India/PSUs.
- Qualified Institutions Placement (QIP) and Private Placements: Accelerated equity raises via QIPs and private placements to institutional investors, optimizing pricing, timing, and regulatory compliance.
2. Debt Capital Markets (DCM)
SBICAP originates, structures, and places fixed-income instruments for corporates, PSUs, financial institutions, and government-linked entities across the tenor spectrum.
- Rupee Bonds and Debentures: End-to-end arrangement of secured/unsecured debentures and bonds, including listed and privately placed issues for funding, refinancing, and capex.
- Commercial Paper and Short-term Instruments: Advisory and placement for working-capital needs through CP and other money-market issuances.
- Securitisation and Structured Debt: Design and placement of securitised pools and structured instruments tailored to investor appetite and rating considerations.
3. Mergers & Acquisitions and Private Capital Advisory
SBICAP advises on strategic transactions, delivering sector insights, valuation, and end-to-end execution for corporates and financial sponsors.
- Buy-side and Sell-side M&A: Transaction strategy, target/buyer identification, valuation, due diligence coordination, negotiations, and closing support.
- Private Equity and Strategic Investments: Advisory on growth capital, minority/majority investments, structured equity, and pre-IPO rounds.
- Valuation and Fairness Opinions: Independent assessments supporting boards, committees, and regulatory requirements.
4. Project Advisory & Structured Finance (PASF)
The PASF practice supports greenfield and brownfield projects across infrastructure and core industries, providing bankability assessments and capital structuring.
- Project Financing and Syndication: Financial modeling, viability assessment, capital structure optimization, lender engagement, and syndication.
- PPP/Concession Advisory: Transaction structuring and bid advisory for public–private partnership projects, including risk allocation and concession design.
- Structured Finance Solutions: Customized structures including mezzanine, hybrid instruments, and credit enhancement to improve bankability.
5. Infrastructure and Government Advisory
SBICAP advises central/state governments, PSUs, and authorities on policy-driven transactions, asset monetization, and disinvestment.
- Disinvestment and OFS Advisory: End-to-end advisory to the Government of India and PSUs for strategic sales, IPOs/FPOs, and OFS, including regulatory and investor execution.
- Asset Monetization and Privatization: Evaluation, packaging, and bidding processes for monetizing operational assets and undertaking privatization initiatives.
- Policy and Program Advisory: Support for large programs with transaction advisory, market sounding, and implementation roadmaps.
6. Restructuring and Stressed Assets Advisory
SBICAP works with lenders, investors, and borrowers on turnaround, resolution, and value maximization strategies for stressed exposures.
- Resolution Strategy and Process Management: Design and execution support for resolutions, including IBC-linked processes, one-time settlements, and change of ownership.
- Capital Structure Optimization: Refinancing, restructuring, and instrument reconfiguration aligned to cash flows and recovery objectives.
- Investor Outreach: Running competitive processes to attract strategic and financial investors for stressed assets.
4. Key Competitors of SBI Capital Markets:
SBI Capital Markets competes with Kotak Mahindra Capital, Axis Capital, ICICI Securities, JM Financial, and Edelweiss Financial Services across investment banking mandates in India. These firms challenge SBI Capital Markets in winning and executing IPOs, QIPs and other ECM transactions, securing M&A/advisory assignments, and arranging debt placements through their sector expertise, institutional distribution, and deal execution capabilities.
1. Kotak Mahindra Capital Company Limited (Kotak Investment Banking)
A leading Indian investment bank that competes directly in equity capital markets, M&A advisory, and private placements.
- Overview: Subsidiary of Kotak Mahindra Bank and a SEBI-registered Category I Merchant Banker focused on advisory and capital markets in India.
- Services: Equity capital markets (IPOs, FPOs, QIPs, rights issues), M&A and strategic advisory, private placements, structured solutions.
- Market Position: Consistently among the top bookrunners in India’s equity capital markets with a strong franchise across sectors.
2. Axis Capital Limited
Axis Bank’s investment banking subsidiary with strong capabilities in ECM, advisory, and institutional equities.
- Overview: 100% subsidiary of Axis Bank providing investment banking and institutional equities services.
- Services: Equity capital markets, M&A advisory, equity research, sales and trading, institutional distribution.
- Market Position: Regularly features near the top of Indian IPO and QIP league tables with robust execution and distribution.
3. ICICI Securities Limited (Investment Banking)
An ICICI Group investment bank competing across public equity issuance and advisory mandates.
- Overview: Part of the ICICI Group, offering investment banking alongside institutional equities and wealth/broking businesses.
- Services: ECM (IPOs, OFS, QIPs, rights issues), M&A and strategic advisory, private placements, institutional equities.
- Market Position: Established domestic franchise with a strong track record in public equity transactions and advisory assignments.
4. JM Financial (Investment Banking)
A diversified Indian financial services group with a long-standing investment banking practice.
- Overview: JM Financial’s investment banking arm advises Indian corporates and sponsors on capital markets and M&A.
- Services: Equity and debt capital markets, M&A advisory, structured finance solutions.
- Market Position: Strong presence in mid-to-large cap transactions; active in ECM and advisory league tables.
5. Edelweiss Financial Services (Investment Banking)
An Indian financial services firm active in investment banking and capital markets across equity and debt.
- Overview: Edelweiss Group provides investment banking solutions to corporates, financial sponsors, and entrepreneurs.
- Services: ECM, DCM, M&A advisory, restructuring, and private capital advisory.
- Market Position: Recognized for mid-market deal execution and active participation in both public and privately placed debt.
5. Corporate Social Responsibility (CSR):
SBI Capital Markets demonstrates its commitment to social impact through comprehensive Corporate Social Responsibility programs. The company's initiatives span environmental sustainability, community development, education, and social welfare, reflecting its dedication to creating positive change beyond business operations.
Environmental Sustainability and Conservation
In line with the company’s CSR policy and Schedule VII of the Companies Act, initiatives support afforestation, urban greening, biodiversity protection, waste management and awareness on sustainable practices. Projects are implemented through credible partners to improve local ecosystems and foster community stewardship; beneficiaries include residents living near project locations, municipal schools and public spaces that gain greener, cleaner surroundings.
Education and Digital Learning Support
CSR programs focus on improving access to quality education for children from underserved communities by equipping classrooms, strengthening school infrastructure, enabling digital learning labs and supporting remedial education and teacher capacity-building. Primary beneficiaries are students in government and low-income schools who gain better learning environments and tools to improve educational outcomes.
Healthcare and Preventive Health
Healthcare interventions include primary health and preventive care through health camps, screenings, awareness drives and upgrades to public health facilities and equipment where required. The programs aim to reduce avoidable illnesses and improve early detection; beneficiaries include vulnerable populations, women, children and elderly persons accessing public healthcare services.
Climate Action and Renewable Energy Access
To promote low-carbon development, CSR efforts support clean energy solutions such as solar power for schools, healthcare centers and community institutions, along with energy-efficiency upgrades. These projects help reduce electricity costs and emissions while improving service reliability; beneficiaries include students, patients and community users of the solarized facilities.
Water, Sanitation and Hygiene (WASH)
WASH initiatives work to enhance safe drinking water access, construct or refurbish sanitation units in schools and communities, and conduct hygiene and menstrual health awareness. These interventions contribute to improved public health and school attendance, especially for girls; beneficiaries include students, teachers and households in project areas.
Livelihoods, Skill Development and Financial Literacy
CSR programs support vocational skilling, entrepreneurship enablement and financial literacy for youth and women from economically weaker sections. Training and mentoring are delivered through qualified implementing partners to improve employability and income-generation opportunities; beneficiaries include first-time job seekers, micro-entrepreneurs and self-help group members.
6. Career Opportunities at SBI Capital Markets
SBI Capital Markets offers diverse career paths across its global operations, providing opportunities for professionals at various stages of their careers. The company's commitment to talent development and inclusive growth creates an environment where individuals can build meaningful and impactful careers.
Job Profiles and Departments
Explore the wide range of professional opportunities available across SBI Capital Markets's organizational structure:
- Equity Capital Markets (ECM): Origination and execution of IPOs, FPOs, rights issues, QIPs, and OFS. Responsibilities include financial analysis and valuation, drafting and diligence for offer documents, deal marketing, and liaising with regulators and stock exchanges. Requires strong capital markets knowledge, SEBI regulations familiarity, stakeholder management, and presentation skills. Typical progression spans Analyst/Associate to Vice President and leadership roles managing sector or product coverage.
- Debt Capital Markets (DCM) & Loan Syndication: Structuring and placement of bonds and debentures, private placements, securitisation, and arranger roles for term loans and refinancing. Day-to-day work involves credit analysis, documentation, engagement with rating agencies, investors, and lenders, and market tracking. Skills include fixed-income structuring, credit appraisal, term sheet negotiation, and execution discipline, with growth from execution support to origination leadership.
- Mergers & Acquisitions (M&A) Advisory: End-to-end buy-side and sell-side advisory, including sector/target screening, valuation, bid strategy, due diligence coordination, and transaction structuring. Roles demand proficiency in financial modeling, negotiation, regulatory processes, and preparing investment memoranda and board materials. Career paths progress from deal execution to client coverage and sector leadership.
- Project Advisory & Structured Finance (PASF): Advisory for infrastructure and core-sector projects, including PPP structuring, bid advisory, project feasibility, financial modeling, and achieving financial closure with lenders and multilateral agencies. Required skills include project finance, risk allocation, concession frameworks, and stakeholder engagement. Growth opportunities include sector specialization and mandate leadership.
- Government & PSU Advisory (Disinvestment/Asset Monetisation): Transaction advisory for government and public sector clients across strategic disinvestment, OFS, and asset monetisation programs. Responsibilities include process design, documentation, investor outreach, regulatory coordination, and public communications. Skills include policy understanding, compliance, and multi-stakeholder management, with progression to mandate and relationship leadership.
- Corporate Functions (Risk, Compliance, Legal, Finance, HR, IT & Operations): Enterprise risk management, regulatory and SEBI compliance, legal documentation and company secretarial, financial planning and control, people practices, and transaction/technology operations. Roles require strong governance orientation, process excellence, and domain certifications. Career growth includes specialist and managerial tracks supporting front-office businesses.
Growth and Development Opportunities
SBI Capital Markets invests significantly in employee development through structured programs and initiatives:
- Role-based Learning and Mentorship: On-the-job training on live transactions complemented by guidance from senior bankers. Continuous skill-building in modeling, valuation, documentation, and regulatory know-how, reinforced through knowledge sessions and deal post-mortems.
- Leadership and Managerial Development: Defined pathways from execution roles to client coverage and mandate leadership, with structured feedback, performance discussions, and opportunities to lead pitches, investor interactions, and cross-functional workstreams.
- Cross-functional and Sector Exposure: Staffing models that encourage collaboration across ECM, DCM, M&A, and PASF, as well as sector rotations in infrastructure and core industries to broaden transaction and market expertise.
- Innovation and Knowledge Initiatives: Encouragement to drive process improvements, contribute to internal playbooks and sector primers, and adopt best practices in analytics, workflow tools, and data-driven decision-making for faster, compliant execution.
- Diversity, Inclusion, and Well-being: Policies and practices that foster inclusive teams, ethical conduct, and a professional environment, alongside benefits and work-life balance initiatives as per company guidelines.
7. Future Outlook and Strategic Plans
This section presents SBI Capital Markets's official strategic direction based on investor presentations, press releases, and sustainability reports. All information is sourced from verified company communications and reflects confirmed initiatives and goals.
SBI Capital Markets's future strategy is structured around key focus areas designed to align with global market trends and industry evolution:
1. Digital Enablement and Execution Excellence
SBI Capital Markets continues to strengthen its deal execution and client service through digital enablement across the investment banking lifecycle. Priorities include improving internal workflow systems for origination-to-closure, enhancing data quality and analytics for market insights, and deploying secure collaboration tools to streamline documentation, diligence, and investor communications.
By leveraging the broader SBI Group’s technology infrastructure and reach, the firm aims to provide faster time-to-market for ECM/DCM transactions, better transparency for issuers and investors, and robust compliance and audit trails. The focus is on scalable, secure, and regulatorily compliant solutions that raise execution certainty and client experience.
- Enhancement of front-to-back workflows for ECM, DCM, M&A, and PASF mandates listed in the company’s service suite
- Adoption of secure data-sharing and diligence tools to accelerate transaction documentation and review cycles
- Leveraging SBI Group’s technology and distribution network to deepen issuer and investor engagement
- Strengthened execution controls and auditability to meet applicable regulatory and compliance standards
2. Sustainability and ESG Advisory
The firm’s advisory and financing capabilities continue to support India’s transition toward sustainable infrastructure and responsible capital markets. Focus areas include renewable energy and energy-transition projects, sustainable transport and urban infrastructure, and ESG-aligned financing instruments.
SBI Capital Markets aims to help eligible issuers access capital through appropriately structured green, social, and sustainability bonds and loans, and to embed ESG considerations in project advisory, lender engagement, and disclosure practices. The approach emphasizes regulatory alignment, transparent use-of-proceeds frameworks, and investor-grade reporting to build credibility and scale in sustainable finance.
- Advisory support for renewable and sustainable infrastructure projects with robust risk allocation and reporting
- Structuring of green, social, and sustainability bonds/loans in line with recognized market frameworks
- Integration of ESG factors in transaction design, disclosures, and investor communications
- Capacity building on ESG practices across product teams and issuer engagement
3. Market and Sector Expansion
SBI Capital Markets plans to deepen its presence across priority sectors within India’s capital formation agenda, with emphasis on infrastructure and core industries, financial sponsors, and public sector enterprises. The strategy is to broaden coverage for corporates and PSUs, expand the product mix across equity, debt, and structured solutions, and support national priorities such as asset monetisation and capital market development. The firm also focuses on strengthening regional coverage and client origination to ensure proximity to issuers and investors for timely, insight-led engagement.
- Broader client coverage across infrastructure and core sectors with integrated ECM/DCM/M&A offerings
- Solutioning for asset monetisation and public market transactions for eligible government and PSU clients
- Enhancement of regional origination and investor engagement capabilities
- Product diversification to address evolving issuer requirements and investor appetite
4. Product Innovation and Structured Solutions
The firm is focused on continuously upgrading its product toolkit across capital markets and project finance to meet complex client needs. This includes structured debt solutions, infrastructure financing mechanisms, and market instruments aligned with regulatory developments. Emphasis is placed on deliverability, documentation excellence, risk allocation, and investor suitability-ensuring structures are practical, transparent, and resilient across market cycles. Internal knowledge assets, execution playbooks, and cross-team collaboration are central to accelerating innovation and enhancing client outcomes.
- Expansion of structured finance capabilities for project and corporate requirements
- Enhancements to execution playbooks for equity, debt, and hybrid market instruments
- Collaboration across product and sector teams to tailor solutions for complex mandates
- Systematic feedback loops from deals to refine structures, documentation, and processes
5. Talent and Workforce Strategy
Human capital remains a core differentiator for SBI Capital Markets. The strategy centers on attracting high-caliber talent across lateral and campus channels, building strong execution and leadership capabilities, and promoting an inclusive and performance-oriented culture. The firm emphasizes continuous learning, mentorship, ethical conduct, and collaboration, supported by clear role expectations and development pathways. Talent initiatives are aligned to business needs so that teams can scale seamlessly with market opportunities and deliver consistent, high-quality outcomes for clients.
- Targeted hiring for product and sector teams with well-defined role competencies
- Ongoing learning and mentorship to develop execution and client leadership skills
- Career mobility based on merit, performance, and business requirements
- Inclusive culture and governance standards to sustain high professional integrity
6. Financial Discipline and Resilience
SBI Capital Markets prioritizes sustainable growth through disciplined risk management, prudent capital allocation, and operational efficiency. The focus is on strengthening the transaction pipeline across market cycles, diversifying fee pools across products and sectors, and maintaining robust compliance. Continuous improvements in processes, cost controls, and technology enable the firm to deliver consistent value while safeguarding client trust and regulatory adherence.
- Diversification of revenue across ECM, DCM, M&A, and advisory mandates
- Process and cost efficiencies through technology-enabled execution
- Strong governance, risk management, and compliance frameworks
- Focus on annuity-like advisory flows to enhance earnings stability
8. Latest News & Updates about SBI Capital Markets
Stay informed about SBI Capital Markets's recent developments, announcements, and industry recognition through curated news coverage.
9. Conclusion
SBI Capital Markets is a leading Indian investment bank with comprehensive capabilities across equity and debt capital markets, mergers and acquisitions, and project advisory and structured finance. Building on the strength of the SBI Group, the firm combines deep sector insight with disciplined execution, governance, and regulatory compliance.
Its strategic focus on digital enablement, sustainable finance, product innovation, and sector expansion positions it to support India’s capital formation needs and complex infrastructure programs. With strong client relationships across corporates, financial sponsors, and public sector enterprises, SBI Capital Markets remains integral to the country’s evolving capital markets ecosystem. For candidates, SBI Capital Markets offers high-impact roles, early responsibility on live transactions, and structured growth into client leadership.
Opportunities span ECM, DCM, M&A, PASF, government and PSU advisory, and critical corporate functions. Professionals gain exposure to marquee deals, multi-stakeholder engagement, and rigorous governance-developing skills that are valued across global capital markets. Those who bring analytical strength, execution discipline, and a client-first mindset will find compelling career paths and the platform to contribute meaningfully to India’s market development.
Key Takeaways for Aspiring SBI Capital Markets Candidates
- Research and Preparation: Thoroughly understand SBI Capital Markets's business model, recent developments, and strategic initiatives. Stay updated on industry trends and the company's competitive positioning to demonstrate genuine interest and knowledge during interviews.
- Cultural Alignment: Familiarize yourself with SBI Capital Markets's values, mission, and corporate culture. Prepare examples from your experience that demonstrate alignment with these principles and showcase how you can contribute to the company's objectives.
- Technical Competency: Develop relevant skills and knowledge specific to your target role at SBI Capital Markets. Understand the technical requirements and industry standards that apply to your area of interest within the organization.
- Industry Awareness: Stay informed about broader industry trends, challenges, and opportunities that affect SBI Capital Markets's business. This knowledge will help you engage in meaningful discussions about the company's strategic direction and market position.