Our Equity Capital Markets Group structures and executes public and private equity, equity linked offerings and corporate equity derivatives for our global client base. We are a leader in the placement of equity and equity-linked products with a range of institutional investors around the globe and retail investors across North America.

Areas of Expertise

Our highly-experienced ECM team partners closely with the firm’s investment banking professionals to advise corporations, governments, private companies and financial sponsors. We provide expertise on financing and monetization structures, execution frameworks and market receptivity to specific transactions and equity placements. Our close collaboration extends to our institutional equity sales team and our retail investor network, enabling us to provide clients with excellent market intelligence along superior execution and equity placement capabilities.

RBC’s equity structuring and placement group focuses on:

  • Initial public offerings
  • Follow-on primary and secondary issues
  • Convertible and other equity linked issues
  • Corporate Equity Derivatives
  • Private placements

Our Team

Kirby Gavelin is Vice Chairman and Global Co-Head of Equity Capital Markets. He chairs the Canadian Equity Commitment Committee. Mr. Gavelin holds a Bachelor of Commerce from the University of Calgary, an MBA from the Graduate School of Business of the University of Chicago, and is a Chartered Accountant.

Mr. Gavelin has been directly involved in many of the largest and most complex equity financings for Canadian issuers. He has led the firm’s execution team in the IPOs for Hydro One, Canada Goose, Jamieson Wellness, Spinmaster, Tim Horton’s, TeraNet, SunLife, Keyera, Aeroplan, Air Canada, Auto Canada, Dollarama, Hudson’s Bay and BRP as well as significant follow-on offerings for Enbridge, Trans Canada, Hydro One, Barrick Gold, Petro Canada, Telus and numerous others.

Mr. Gavelin has been a member of the Listings Advisory Committee of the Toronto Stock Exchange, Board of Governors of The Corporation of Massey Hall and Roy Thomson Hall and The Board of Directors of The Learning Partnership. He is a past Chairman of the Investment Industry Association of Canada (IIAC). Mr. Gavelin coached minor hockey in the Greater Toronto Hockey League for six years and is a member of the Board of the Trans Canada Trail Foundation.

Michael A. Goldberg is the Global Co-Head of Equity Capital Markets and the U.S. Head of Equity Capital Markets for RBC Capital Markets. Michael is also a member of RBC’s U.S. Global Investment Banking Management Committee.  Michael joined RBC Capital Markets in 2011 and has over 25 years of experience in capital markets and investment banking where he book-ran over $60 billion in equity and debt transactions for clients in various industries. Michael has an MBA from Columbia Business School.  Prior to joining RBC, he was a Managing Director and an Industry Vertical Head for multiple industries in the ECM Group at Barclays Capital. In this role, he was responsible for all aspects of Barclays’ equity origination and issuance activities within the Industrial, Consumer, Business Services and Retail sectors. Prior to that, Michael spent 12 years at Lehman Brothers as a Managing Director in the ECM and Leveraged Finance groups, leading origination and execution activities for various industry groups.

Darrell Uden is the Global Co-Head of Equity Capital Markets and the European Head of Equity Capital Markets for RBC. He is also the head of our Corporate Broking business which services our retained corporate clients in the UK, and chairs the European Equity Commitment Committee. Darrell joined RBC in 2013 and has over 30 years of experience in Investment Banking, the vast majority of that time being spent in Equity Capital Markets and Corporate Broking. During his career, Darrell has also held similar positions at JP Morgan, Citigroup and UBS and has had responsibility for bookrunning and executing over 200 IPOs across the UK, Europe and Asia across a wide range of industry sectors, as well as leading the origination and execution efforts on many other Equity and Equity-Linked transactions. In his role as Head of Corporate Broking, his largest clients include companies such as 3i Infrastructure, Greencoat UK Wind, and HICL Infrastructure.

Nitin Babbar is responsible for the Canadian Equity Capital Markets (ECM) business and team, as well as driving RBC’s strategy to extend its Canadian leadership position. He made significant contributions as a senior member of the Canadian ECM team in addition to the leadership roles he has played in building the global equity-linked business.

Prior to joining RBC, he previously spent a number of years on the buy-side investing in North American equity and equity-linked markets. Nitin started his post-graduate school career at RBC Capital Markets in 1995.

Justin Grimmond  is Head of Australia Equity Capital Markets at RBC and joined the team in March 2014. Prior to joining RBC, Justin was Head of Transaction Execution at Citi responsible for execution of all equity and debt transactions in Australia and New Zealand, and most recently Head of Equity Capital Markets at Nomura.

Some of Justin’s notable transaction experience includes Megaport’s A$70m placement and sell-down, Vintage Energy’s A$30m IPO, Evolution Mining’s A$401m rights issue, Spark Infrastructure’s A$405m rights issue and Westfield Retail Trust’s $2.0bn IPO. Other equity transactions include Rio Tinto’s A$400m Block Sale of its 14.9% stake in Lihir Gold, Woodside’s A$2.5bn rights issue and Santos’ A$2.5bn rights issue

Justin has a Bachelor of Business and Bachelor of Laws from the University of Technology.