Equity capital markets, or ECM, sits between investment banking coverage teams, product specialists, sales and trading, and institutional investors. ECM bankers advise companies on when, how, and at what valuation to issue equity-linked securities.
Know the main products: initial public offerings, follow-on offerings by already-public companies, block trades, rights offerings, and convertible securities. Keep the distinction between primary and secondary shares clear. Proceeds from primary shares go to the company, while proceeds from secondary shares go to existing shareholders.