Top Law Firms Reign in India's IPO Sector in 2024-25: Trilegal, CAM, SAM, Khaitan, and JSA Lead the Pack
In the financial year 2024-25, India's capital markets witnessed a remarkable surge in Initial Public Offerings (IPOs), defying global volatility and setting a new record. Five leading law firms – Trilegal, Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, Khaitan & Co, and JSA – collectively accounted for 56% of all IPO mandates, maintaining their top positions compared to previous years.
These firms have advised on some of the year's largest IPOs, including HDB Financial, Swiggy, Vishal Mega Mart, Bajaj Housing Finance, and NTPC Green Energy's ₹10,000 crore IPO. Their success is attributed to institutional discipline and a solutions-oriented approach.
Among these, Trilegal led with 52 mandates, having an equal number of issuer-side and banker-side roles. JSA followed closely with 21 mandates, reflecting its reputation as one of the most trusted advisors to underwriters in India, with a banker-heavy profile.
Cyril Amarchand Mangaldas, with the largest dedicated team of 125 lawyers, handled 44 mandates, with 23 issuer-side and 21 banker-side roles. Shardul Amarchand Mangaldas, with 80 lawyers, recorded 31 mandates, with a majority of issuer-side roles. Khaitan & Co, with 99 lawyers in total, worked on 26 mandates, with a balance of 16 issuer-side and 10 banker-side roles.
Abhimanyu Bhattacharya, a partner at Khaitan & Co, emphasized the firm's ability to maintain strong positions with both promoters and underwriters. Madhurima Mukherjee Saha, a partner at JSA, noted an unintentional tilt toward bankers. Prashant Gupta, Head of Capital Markets at Shardul Amarchand Mangaldas, highlighted the firm's focus on technology companies, private equity-backed businesses, and multinational conglomerates.
Mid-tier players such as Crawford Bayley & Co (17 mandates), AZB & Partners (14), S&R Associates (14), Bharucha & Partners (12), and Vidhigya Associates (8) also contributed significantly to the IPO activities.
As India's capital markets continue to grow, these leading law firms are expected to play a crucial role in shaping the future of the industry, providing strategic advice and ensuring compliance with regulations.
