The IB Club

"You wish to make big bucks quickly after your education and willing to work on deals that are making the prominent headlines in the financial press. You want to develop innovative ways to grow business and structure the deals that keep oiling the cogs of economy of your country. Perhaps a career in investment banking is for you. While all areas of finance are becoming more sophisticated, Investment banking remains a popular career choice among today's very best graduates, MBAs, CAs and CFAs. The competition to secure that all-important first foot in the door is intense. As you move out to start/build a career in finance, 'Investment Banking: The First Step' provides you a solid foundation upon which a strong platform can be built to launch a career in the I-banking industry. The book tries to be your first step in your career in investment banking. The author has tried to fill a long pending void in the arena of books on investment banking, by coming out with a very basic book on investment banking catering to the needs of students, beginners and 1st/2nd year finance professionals in capital markets. While writing this book, the author has pictured a book in mind, he wish had existed when he was trying to break into investment banking domain. In this sense, the book is an invaluable tool to those individuals who are seeking or beginning careers in I-Banking."

'Investment Banking: The First Step' offers the readers real insights into the world of investment banking and provides you the knowledge you need to stand out. The book starts with telling the history of investment banking as to where it was originated (it was not in USA, but was in Europe) and then explains the business of investment banks as to what all different domains investment banker serve. Then investing the readers' time in basic financial statements and key ratios derived from those financials, the book briefs the different kinds of valuation that can be used to value a company. Lastly, it takes you through, in detail, the most commonly used valuation tool by investment bankers across the globe - Comparable Company Analysis, in a systematic step-by-step approach."

"Bharti Airtel signed a deal to acquire the African operations of Kuwaiti telcom company Zain at an enterprise valuation of $10.7 billion. The deal was concluded at an EBITDA multiple of 8.2x."

"Goldman Sachs Invested $450 million in Facebook, which valued Facebook at $50 Billion. At $50 billion, Facebook is trading at a multiple of about 100 times of itsearnings."

These are the kind of statements we often read in newspapers or hear on business channels on television. And many of us often wonder as to how these values were derived and how the multiples were calculated? This is what, this book exactly explains. The Book acts as a self-guide and helps you in valuation of any company you wish to value for, using two most commonly used valuation tools.

Trading Comps - Analysis of The Comparable Listed Companies
Deal Comps - Precedent Transaction Analysis

This book is originally inspired by and is designed for the capital markets' aspirants and participants. The book acts as the first guide to the capitalmarkets' aspirants who wish to make a fruitful career in finance or in investment banking domain and as a useful resource & reference for the capital market participants who quickly wish to learn the valuation of companies or refine & fine-tune their skills and compare the companies on fundamental basis for mergers, acquisitions, private equity investments etc. This book is also highly beneficial for investment baking trainers providing various training programmes on valuation of companies.

The book starts with the history (origin) of investment banking and discusses in detail the various functions of the investment bankers, and moves to the different equity fund raising ways (IPOs and PE). Before it moves to the most widely used valuation tool (valuation based on multiples), the book investssometime in understanding the key financial statements with the help of different ratios and multiples. And finally it moves to the valuation of companies and discusses in detail the two above mentioned valuation tools.

We have tried to keep the book as simple as possible and have tried to explain the concepts in the plain vanilla language in such a way that you can easily apply them on your own. This book tries to fulfill an important need as a valuable training material and reliable handbook for finance professionals. Stay with it, and I believe the payoff for both beginning and experienced professionals will be huge."

"The book 'Investment Banking: The First Step' truly lives up to its name by providing you an insight of Investment Banking. The book defines and explains the Investment banking domain in the simplest form possible. The use of simple language coupled with examples makes the learning process very easy and most efficient. It covers most of the current trends and practices adopted in the industry. The book not only provides you theoretical knowledge but also explains its practical application. It has certainly helped me in understanding the Investment banking industry in a great way. Therefore, I would recommend this book to all who are trying to break in this Industry."

Gurpreet Sachdeva, Analec Securities

"...Apparently positioned as a quick and complete conceptual guide. However, those looking for something on the "practical aspects" of valuation and investment banking will be pleasantly surprised to have all under one roof. This book by Tapan Jindal imparts an unparalleled clarity and rationale in the inter-linkages between financial concepts, making valuation a logical rather than a mathematical exercise. The author made each component/concept fit like clockwork making the guiding principles absolutely clear, which deserves a second look..."

Jagadeesh Basina, Ernst & Young

"The book 'Investment Banking: The First Step' covers a very important aspect of investment banking - the linkage with practical concepts. It gives aspiring candidates a sneak peak into the lives of investment bankers and analysts. Through this book, the author has addressed a long felt need of every IB student. The contents have been chosen very judiciously and use of undesirable jargon is missing, which makes the reading very smooth and concepts easier to understand."

Ravi Gupta, Fidelity Investments

"Investment Banking: The First Step, is an appropriate book for MBA college students; they do not get such practical exposure; they may have heard the name 'investment banking' but no clues on what's the working. The book provides insights into the investment banking domain."

Saurabh Gupta, Moody's

"Looks excellent and it was interesting to read. I am sure it will fill a long pending void in the arena of books on investment banking."

Manish Chordia, Rescon Partners

"This book by Tapan Jindal guided me through structure, operations, research process and real time knowledge of investment banking, It helped me to relate my theoretical knowledge with practical experience. Unlike other books, the concepts are made understood in the easiest way that makes it more interesting and informative."

Chirag Bansal, Rescon Management Consulting LLP