Ahmedabad-based Valmiki Leela Capital has received approval from the Securities and Exchange Board of India (SEBI) for a Category I Merchant Banking licence. This marks an important shift for the firm, transforming it from a specialised corporate advisory company into a full-service merchant banker capable of handling public market transactions and large capital-market mandates.
With the new licence, the firm can now participate in the entire lifecycle of equity market activities. This includes regulatory advisory, due diligence, issue management, investor outreach, valuation work and communication based on detailed research. The approval strengthens its ability to work with companies preparing for IPOs, rights issues, QIPs, and other public-market fund-raising programmes.
Valmiki Leela Capital operates from Ahmedabad and Mumbai, giving it access to companies across major industrial hubs. It is currently working on mandates worth more than ₹1,500 crore across diverse sectors such as renewable energy, transformers, data centres, defence, power, energy and EPC infrastructure.
Founded by chartered accountants with long experience in advisory work, the firm aims to scale up in India’s rapidly growing equity capital markets. The merchant banking licence supports its goal of becoming a stronger player with a wider service offering.
The company plans to differentiate itself by using a strategy-led model that goes beyond traditional transaction execution. This includes deeper sector research, sharper insights and customised solutions for each issuer. With these capabilities, it aims to help companies navigate listing requirements more confidently and unlock long-term value.
A key part of the firm’s growth plan is its emphasis on research-driven market communication. By strengthening internal research teams and focusing on high-growth sectors, the merchant banker hopes to deliver more accurate analysis and better guidance to issuers entering public markets.
This approach will also support companies in sectors such as renewable energy and defence. These areas are expected to attract strong capital-market interest in the coming years.
Valmiki Leela Capital’s Category I Merchant Banking licence represents a major milestone in its journey. The approval allows the firm to expand from advisory services to complete capital-market execution, helping companies raise funds and meet regulatory requirements more effectively. As India’s equity markets continue to deepen, the firm aims to position itself as a research-driven and sector-focused merchant banker capable of delivering long-term value to corporate clients.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Published on: Nov 26, 2025, 10:50 AM IST
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