Barclays Plc appears to be positioning itself for the record number of tech IPOs scheduled for take off this year.
Barclays Plc has hired Riaz Ladhabhoy, an investment banker from Deutsche Bank to be its co-head of internet banking in the Americas.
The development comes ahead of a wave of IPOs expected this year in this sector.
Barclays Plc stated, Ladhabhoy, will join as a managing director and will be based at Barclays’ Menlo Park, in California. He will start his work in spring.
Deutsche Bank declined to comment.
Ladhabhoy will report to Laurence Braham and Greg Dalvito, co-heads of Technology Banking. Brian Yick is the other co-head of the Internet group.
2019 is expected to be a record breaking year for internet IPOs, with ride sharing companies including, Lyft and Uber already filing confidentially for IPOs.
Pinterest has also hired banks for an IPO.
In 2018, Barclays had hired Ed Wehle, another banker from Deustche Bank, to focus on technology services deals. In January 2019, Barclays also brought in Mark Zanoli from UBS Group AG, and made him the vice chairman of its technology investment banking.
Incidentally, Barclays has been quite active in the technology space on numerous large deals, including that of KLA-Tencor Corp’s $3.4 billion acquisition of Orbotech Ltd, II-VI Inc’s $3.2 purchase of Finisar Corp, and Cisco Systems Inc’s $2.35 billion buyout of Duo Security.