India: Stars of the future
Behind India’s financial rainmakers sits a tag-team of rising stars. Most are still young and hungry for success, and each has a firm chosen institution.
Take Vallabh Bhansali, the chairman of Enam Financial Consultants. Bhansali has been cutting deals since co-founding his company 23 years ago, but 2007 has been a breakthrough year for the Mumbai-based firm. Like Hemendra Kothari at DSP Merrill Lynch, Bhansali and Enam focus on large and mid-sized initial public offerings. In July alone, the company co-arranged three Mumbai IPOs worth a total of $760 million, for Housing Development and Infrastructure, IVR-Prime Urban Developers and Central Bank of India. This pushed it up to fifth in Dealogic’s ECM rankings for 2007 year-to-date. Enam ranked ninth in 2005 and seventh last year. Don’t be surprised to see it in the top three soon.
At nearby Edelweiss Capital, founded in 1995, Rashesh Shah is also stealing the thunder from many of his biggest competitors. Edelweiss has grown at a considered pace, building across sectors including private equity, mutual funds, wealth management, and mid-sized stocks sales, but it scored a real coup recently, landing a lead role advising Kingfisher Airlines on its Rs5.5