Axis Investment-Banking Head Is Said To Leave Amid IPO Boom

(Bloomberg) -- Salil Pitale, the interim head of Axis Bank Ltd.’s investment-banking arm, has departed the Indian firm, according to people with knowledge of the matter. 

Pitale left Mumbai-based Axis Capital Ltd. earlier this week, the people said, asking not to be identified because the information is private. 

Veteran JM Financial Ltd. banker Atul Mehra is set to take over as the new chief of Axis Capital, the people said. JM Financial announced earlier this month that Mehra had resigned and his term as joint managing director would end on April 20. 

Pitale is the third senior executive to leave Axis Capital in recent months. His erstwhile co-head, Chirag Negandhi, left last year and joined rival JM Financial. Vivek Toshniwal, who was co-head of equity capital markets, departed to join Plutus Wealth Management, according to his LinkedIn profile.

Moneycontrol reported Mehra’s planned move on Jan. 20, citing unidentified people. Axis Bank didn’t immediately respond to queries. 

Read More: ICICI Hiring Investment Bankers as India Fundraise Boom Seen 

Unlike many other places, India’s IPO market has been robustThe country’s stock market capitalization has just overtaken Hong Kong’s to become the fourth-largest in the world, Bloomberg News reported Tuesday. 

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