Emirates NBD gets licence to enter India’s IPO market

• Bank can offer equity and debt capital market services
• Follows clearance of plan to buy RBL Bank stake
• Indian equity capital market volume $56bn last year

Emirates NBD, the largest bank by assets in Dubai, said on Wednesday it had received regulatory approval to offer equity and debt capital market services, including initial public offerings (IPOs) and bond placements, in India.

The move follows last week’s clearance from the Competition Commission of India for the lender’s proposed acquisition of a majority stake in RBL Bank.

Emirates NBD Capital, the investment banking unit of the Dubai-listed lender, received the category I merchant banking licence from the Securities and Exchange Board of India, making it the first Middle Eastern investment bank to secure such approval.

The licence allows Emirates NBD Capital to offer a full suite of capital market services in India, including acting as a merchant banker and bookrunner on equity capital market offerings such as IPOs, follow-on offerings and qualified institutional placements, as well as arranging local debt capital market placements.

In 2025, volumes in the Indian equity capital market reached almost $56 billion, while Indian companies raised around $20 billion through IPOs. 

“This presents significant opportunities for Emirates NBD Capital to engage issuers and investors across a pipeline of upcoming offerings, with a robust market expected to continue into 2026,” the bank said in a news release.

The licence will also allow the channelling of Middle Eastern capital into the Indian equity and debt markets, where regional participation remains relatively limited despite strong underlying interest.

Emirates NBD agreed in October last year to take a 60 percent stake in private lender RBL Bank for $3 billion through a preferential issue.

Further reading:

• Emirates NBD to buy 60% stake in India’s RBL Bank
• Emirates NBD raises $1bn via sustainable bonds
• Emirates NBD raises $272m with digital bond

Earlier this month, the UAE bank reported a 4 percent increase in net profit last year to AED24 billion ($6.5 billion), driven by a 12 percent rise in total income.

The lender is 56 percent held by the Dubai government-owned Investment Corporation of Dubai and Dubai Holding Group. It has operations in the UAE, Egypt, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany and Bahrain and has 826 branches.

ENBD shares, which trade on the Dubai Financial Market, closed at AED30.85 on Tuesday but are up 8 percent so far this year.