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Reshuffle in October IPO rankings, 2 new entrants


Luthra & Luthra, AZB & Partners and S&R Associates have pushed up the IPO league tables this October, as J Sagar Associates (JSA) and capital markets specialist firm JurisPrudent Consulting Partners make their entry into the rankings.

Five prospectuses were filed with the Securities and Exchange Board of India (SEBI) in October to date, bringing Amarchand Mangaldas Mumbai and Delhi two further mandates for Godrej Properties and Domino's Pizza franchisee Jubilant Foodworks respectively.

Amarchand has now widened its lead in the initial public offering (IPO) tables with 18 mandates this financial year so far.

Luthra & Luthra led for the lead managers IDFC – SSKI and Nomura on Godrej Properties, with Jones Day's Singapore office giving the international advice to the banks.

Luthra & Luthra is now in joint second place with Khaitan & Co in the IPO league table.

On Jubilant Foodworks AZB's Mumbai office picked up the advice for Kotak Mahindra Capital Company. White & Case advised the bank from Singapore.

AZB has been steadily climbing up the IPO ranks in the past months, pushing the firm to joint sixth place behind international capital markets stalwarts Dorsey & Whitney and Jones Day.

The trio firms of JSA, S&R Associates and Dorsey & Whitney advised Man Infraconstruction on its IPO, respectively acting for the company, and the banks domestically and globally. IDFC – SSKI and Edelweiss Capital were the lead managers.

The same three firms had already worked together in filing the prospectus for Pipavav Shipyard in September, making this JSA's second IPO filing this financial year and taking the firm in at the bottom of Legally India's IPO league table.

Rajani Associates advised Astec Lifesciences on its draft red herring prospectus, drawing the firm level with Crawford Bayley and Vaish Associates in eight place.

Another new entrant besides JSA this month was Delhi capital markets boutique JurisPrudent Consulting Partners.

The firm was the sole advisor in the IPO of Tara Health Foods in October with Atherstone Capital Markets as the lead manager. JurisPrudent also filed the prospectus for Midfield Industries in September.

The firm is around three years old and is led by sole partner Ajay Jain with five associates.

He said that there was space for smaller partner-led operators in the capital markets niche and that it was possible to attract smaller clients in the space. "I have been in the profession for the last 25 years," he explained, having acted on his first IPO as an in-house counsel in 1984.

Jain added: "I know people in the merchant banking and investment banking and that's how we get the mandates."

IPO legal adviser rankings 1 April - 29 October 2009

Firm Total mandates Company mandates Underwriter mandates
1 Amarchand Mangaldas 18 13 5
2= Luthra & Luthra 7 4 3
2= Khaitan & Co 7
4 3
4 Dorsey & Whitney 6
5 Jones Day 5
- 5
6= AZB & Partners 4 1 3
6= S&R Associates 4 1 3
8= Rajani Associates 3 3 -
8= Vaish Associates 3 3 -
10 Crawford Bayley 3 2 1
11= Clifford Chance 3 - 3
11= Linklaters 3 - 3
13= J Sagar Associates (JSA)
2 -
13= JurisPrudent Consulting Partners
2 -
13= Kanga & Co 2 2 -
Source: Legally India

Methodology: legal advisers to all draft prospectuses filed with SEBI in the period 1 April - 29 October 2009. Ranked by total mandates, followed by company mandates.

Click here for the rankings for the first half of the financial year.

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