The equity capital market (ECM) is a segment of the financial market where companies raise capital by issuing equity securities, such as stocks or shares, to investors in exchange for ownership stakes in the company. The ECM facilitates the initial public offerings (IPOs), secondary offerings, private placements, and other equity financing transactions. It provides businesses with access to capital for growth, expansion, acquisitions, or strategic initiatives, while offering investors opportunities for capital appreciation and dividends. The ECM plays a crucial role in capital formation, corporate governance, and investor protection, contributing to economic development and market efficiency. Equity capital markets operate through stock exchanges, investment banks, brokerage firms, and other financial intermediaries that facilitate the issuance, trading, and valuation of equity securities.