The financial services powerhouse JPMorgan Chase has redrawn its organizational chart at the top of its technology equity capital markets division, elevating two seasoned veterans amid unprecedented market conditions and evolving client demands.
The bank named Edward Byun as global head of technology equity capital markets while simultaneously appointing Tegh Kapur to lead the same division for the Americas region, according to internal communications reviewed by Epochedge.com. Both executives will assume their new responsibilities effective January 15, 2025.
These appointments come at a pivotal moment for Wall Street’s technology financing landscape. Tech IPOs have rebounded dramatically in 2024, with total proceeds reaching $67.8 billion globally—a 142% increase from the prior year, according to data from Dealogic. The sector now accounts for nearly 37% of all equity capital markets activity.
Industry observers see JPMorgan’s leadership restructuring as a strategic response to heightened competition in the lucrative technology underwriting business. Goldman Sachs and Morgan Stanley have traditionally dominated the tech IPO market, together capturing approximately 43% market share over the past decade.
“JPMorgan is clearly positioning itself to capitalize on the next wave of technology listings,” said Maria Cantwell, senior equity markets analyst at Bernstein Research. “By appointing specialized leadership with deep sector expertise, they’re signaling to potential clients that tech isn’t just another vertical—it’s a core strategic priority.”
Byun brings considerable experience to his new global role, having spent 14 years at JPMorgan after earlier stints at Credit Suisse and Bank of America. He previously served as head of internet and digital media equity capital markets, where he helped steer high-profile transactions including Airbnb’s $3.5 billion IPO and several follow-on offerings for enterprise software companies.
The Federal Reserve’s recent pivot toward lower interest rates has created a more favorable environment for growth-oriented technology companies seeking public market capital. The tech-heavy Nasdaq Composite has gained 18.3% year-to-date, outpacing broader market indices and creating a more receptive backdrop for new issues.
In his Americas role, Kapur will oversee the bank’s technology equity underwriting business across North and South America—regions that together account for approximately 64% of global technology capital raising activity. He previously led JPMorgan’s software equity capital markets team after joining from Deutsche Bank in 2019.
“These appointments reflect our commitment to bringing specialized expertise to clients during a transformative period in technology financing,” said Rebecca Warren, JPMorgan’s head of global equity capital markets, in an internal memo. “Edward and Tegh have demonstrated exceptional client relationships and transaction execution capabilities throughout their careers.”
The changes follow a broader reorganization of JPMorgan’s investment banking division initiated last quarter by CEO Jamie Dimon. The bank has increasingly emphasized sector specialization across its advisory and underwriting businesses, moving away from the traditional geographic model that dominated Wall Street for decades.
Recent data from Greenwich Associates shows that corporate clients increasingly value sector expertise over geographic presence when selecting underwriters. Nearly 68% of technology CFOs cited “sector specialization” as a primary selection criterion for IPO underwriters, up from 47% five years ago.
The restructuring also reflects shifting dynamics in technology fundraising. Venture capital-backed companies are staying private longer, with the median time between founding and IPO now stretching to 12.4 years, according to PitchBook. This extended private runway means companies approaching public markets are typically larger and more complex.
“The days of the generalist banker running tech IPOs are largely over,” explained Thomas Zhang, professor of finance at Columbia Business School. “Today’s technology offerings—whether in AI, cybersecurity, or enterprise software—require specialized knowledge of comparable companies, growth metrics, and valuation methodologies specific to these subsectors.”
JPMorgan has steadily climbed the technology underwriting league tables in recent years. The bank ranked third in global technology equity underwriting for 2024, with an 18.7% market share, according to Refinitiv data. This represents a significant improvement from its sixth-place position in 2020.
Equity capital markets activities generate approximately $17 billion in annual fees for investment banks globally, with technology offerings comprising roughly one-third of this revenue pool, according to industry estimates.
Market participants will watch closely whether these leadership changes translate into increased market share for JPMorgan, particularly as several high-profile technology unicorns signal potential public debuts in 2025. Analysts project between 75 and 90 technology IPOs next year, which would represent the highest activity level since 2021.
As one Wall Street veteran put it to me off the record, “JPMorgan’s tech ECM reshuffling isn’t just an organizational tweak—it’s a declaration that they’re coming for Goldman’s and Morgan’s lunch in the tech underwriting space.”
For growing technology companies weighing their public market options, these leadership changes suggest that competition among elite underwriters remains fierce—potentially translating into more favorable terms and enhanced services as banks vie for mandates in the lucrative technology sector.
