New Delhi, July 8 -- Investment banks pitching for equity capital market deals are facing a much longer wait to secure mandates. What was typically a six-to-eight-month journey from the first pitch to winning a mandate can now take up to a year, as companies adopt a more cautious approach to public listings amid volatile markets, according to industry executives.

Promoters are no longer treating the appointment of investment bankers as a routine step for an initial public offering (IPO). Instead, they are taking more time to prepare businesses for public markets and identify advisers with relevant sector expertise.

A combination of volatile global markets amid macro-uncertainty and unpredictable listing-day performance has altered their...