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Who won the tough capital markets last year? Khaitan beats CAM to top spot, Luthra scores 3rd in IPO league table • CB got decimated

Is a capital markets practice unviable in the long run, as one partner predicts?Is a capital markets practice unviable in the long run, as one partner predicts?

Khaitan & Co has filed more IPO drafts than any other firm in 2017 just ahead of Cyril Amarchand Mangaldas, in a market where downward pricing pressures have made it tough across the board.

According to our analysis of nearly 60 draft red-herring prospectuses (DRHPs) uploaded to the Securities and Exchange Board of India (SEBI) website in the 2017 calendar year, Khaitan had roles for either the issuer or the banks on 18, followed by Cyril Amarchand Mangaldas (CAM) with 17 core IPO mandates.

Out of those two, CAM had a strong slant towards acting for company issuers (in 14 out of 17 of their instructions), whereas Khaitan’s work was split nearly half between work for issuers (10) and for the banks and managers (8).

Unsurprisingly, both of these firms are also the ones with the biggest teams: Khaitan & Co has 7 equity capital markets partners, with a total lawyer headcount of 31 in equity capital markets. Cyril Amarchand on the other hand, has 8 partners, but a total lawyer headcount of 54.

Correction: Khaitan’s brochure lists 12 partners in its capital markets practice, however we have been told that this figure also includes secondary capital, debt capital markets and securities litigation. Update: CAM has clarified that its total supplied headcount figure includes only equity capital markets (ECM) lawyers.

Luthra & Luthra, meanwhile, has a slightly leaner team at only 5 partners (and around 25 total lawyers), but has punched far above its weight into third place with 14 IPOs, with an exact even split in its work between issuers and banks.

Shardul Amarchand Mangaldas too has an equally lean team of 5 partners (and around 25 total lawyers), but has pulled in 10 IPO mandates (6 of which were for issuers).

AZB & Partners and S&R Associates are neck-and-neck in the tally at 8 and 7 IPOs respectively (but while AZB had a slight preference for bank mandates (at 5 out of 8), S&R was unusual compared to the others in having acted only for banks and lead managers in all 7 of its IPOs).

AZB has a team of 4 partners (and a total team of around 24 lawyers) in Delhi and Mumbai, and S&R too has 4 core capital markets partners (though associates do not specialise only in a single practice area).

We have reached out to capital markets partners at all these firms for comment.

Trilegal and Kanga & Co had more modest capital markets presences, with three mandates each, while Crawford Bayley tied with J Sagar Associates (JSA) with two mandates.

How times have changed

Mumbai-based old-school solicitors firm Crawford Bayley used to have a massive capital markets practice, at least in volumes and associate headcounts, headed by a single equity partner Sanjay Asher.

In our last published capital markets league of the 2010-11 financial year, Crawford Bayley had a whopping 14 IPO mandates (ranking it fourth behind Amarchand Mangaldas, Luthra & Luthra and AZB & Partners). With two mandates in 2017, this now seems to have fallen off a cliff.

Khaitan was in distant fifth position back then, with only 11 IPOs (compared to combined Amarchand’s 39).

The reversal of fortunes between Khaitan and Amarchand can be attributed to Khaitan’s massive investment in the area (as evidenced by its massive partner headcounts), which began with the 2013 hire of former Morgan Stanley managing director and non-lawyer Sudhir Bassi, to head its practice as director.

Luthra, meanwhile, has managed to hold on to its position post the Amarchand split and the ascent of Khaitan, and is now in third place under the stewardship of Manan Lahoty in Mumbai, following the departure of ex-Luthra-capital markets head Madhurima Mukherjee to AZB in 2014.

Topsies and turvies

Amidst all the movings and shakings, the market has not been an easy one, with a number of firms having reported heavy pricing pressure from other firms, making it hard to maintain margins.

The biggest ones to blame in all this are the public sector undertakings (PSU).

“Basically all private deals are profitable - degrees vary,” comments one partner bluntly, then adds: “And none of government and PSU deals are.”

Still, while PSU deals may not pay a lot, they do work in keeping large teams busy and can build expertise and credibility in the market. It will be no surprise that the top-two-ranked firms in the tables handled the majority of PSU IPOs.

Khaitan worked on Cochin Shipyard, Hindustan Aeronautics, SBI Life Insurance and GIC.

Cyril Amarchand was involved in all of Khaitan’s PSU mandates, and also handled the one of Indian Renewable Energy Development Agency (alongside J Sagar Associates (JSA)).

Luthra scored the Housing and Urban Development Corporation (HUDCO) mandate (alongside Trilegal), as well as work in The New India Assurance Company IPO (in which AZB was also involved).

SAM has not done any PSU IPOs in 2017 (in stark contrast to the days when SAM and CAM were still one firm, and the majority of non-PSU mandates at Amarchand Mangaldas were based in CAM’s Mumbai home, while Delhi often scored the PSU mandates in the capital).

“We remain focussed on maintaining good profitability in a challenging practice area, pricing wise,” comments SAM Delhi-based capital markets practice head Prashant Gupta, which did not act on any IPOs. “We maintain amongst the smaller sized teams in the market and stayed away from PSU mandates, but I think transaction activity and pipeline in general is quite good.”

AZB’s Mukherjee echoes that sentiment. “We only want to do deals at a sensible price, or our costs don’t work out,” she explains. “Unfortunately, pricing continues to be the pain factor in capital markets.

“Law firms continue to undercut, even on deals where clients are raising billions and the pricing just doesn’t justify the hours spent on the deal. This lack of perspective may make this difficult practice unviable in the long run.”

Shareholder mandates

In recent years it has become a trend for law firms to also get mentioned in prospectuses for selling shareholder mandates, though some firms such as Shardul Amarchand Mangaldas and S&R Associates do not include their name for that work even when they handle it.

For the purpose of the total mandates metrics and ranking, we have therefore excluded selling shareholder mandates, which are usually a fraction of the work (and fees) of an IPO mandate for an issuer or the banks (four firms that only did one seller shareholder mandate each, are listed at the bottom of the table).

These mandates could be for private equity funds or promoters, which law firms in any case will want to keep sweet, and fees can range from as little as several thousand Rupees to more than Rs 20,000.

It’s not necessarily cookie cutter work though: it could require partner-led negotiations on agreements with underwriters, rather than just a simple proofread.

If those mandates were included, then CAM would be top of the roost by far, with eight mentions as acting for seller shareholders (compared to Khaitan’s 2 recorded such mandates).

This story was first published exclusively for and shared with Legally India subscribers last week. If you’d like updates as soon as they happen, please subscribe below.

2017 capital markets IPO league table (click headings to sort)

FirmTotal IPOs

(excl. SH)

For Issuers For Banks For SHs IPO mandates

(excl. seller shareholders (SH))

Khaitan & Co 18 10 8 2 Gtpl Hathway Limited

Eris Lifesciences Limited

Bharat Road Network Limited

Cochin Shipyard Limited

Shalby Limited

Dixon Technologies (India) Limited

Newgen Software Technologies Limited

Amber Enterprises India Limited

Hindustan Aeronautics Limited

Cms Info Systems Limited

Khadim India Limited

Sbi Life Insurance Company Limited

Future Supply Chain Solutions Limited

Mahindra Logistics Limited

General Insurance Corporation Of India

Reliance General Insurance Company Limited

Srei Equipment Finance Limited

Sandhar Technologies Limited

Cyril Amarchand Mangaldas 17 14 3 8 Tejas Networks Limited

Cochin Shipyard Limited

Indian Energy Exchange Limited

Prataap Snacks Limited

Amber Enterprises India Limited

Hindustan Aeronautics Limited

Khadim India Limited

Godrej Agrovet Limited

Sbi Life Insurance Company Limited

Future Supply Chain Solutions Limited

Barbeque-Nation Hospitality Limited

Aster Dm Healthcare Limited

General Insurance Corporation Of India

Icici Lombard General Insurance Company Limited

Krishna Institute Of Medical Sciences Limited

Icici Securities Limited

Indian Renewable Energy Development Agency Limited

Luthra & Luthra Law Offices 14 7 7 2 Housing And Urban Development Corporation Limited

Mas Financial Services Limited

Matrimony.Com Limited

Lemon Tree Hotels Limited

Acme Solar Holdings Limited

Cms Info Systems Limited

Seven Islands Shipping Limited

Gandhar Oil Refinery (India) Limited

Godrej Agrovet Limited

Reliance Nippon Life Asset Management Limited

The New India Assurance Company Limited

Reliance General Insurance Company Limited

Prince Pipes And Fittings Limited

Krishna Institute Of Medical Sciences Limited

Shardul Amarchand Mangaldas & Co 10 6 4 0 Gtpl Hathway Limited

Au Financiers (India) Limited

Eris Lifesciences Limited

Nakshatra World Limited

Indian Energy Exchange Limited

H.G. Infra Engineering Limited

Newgen Software Technologies Limited

Lemon Tree Hotels Limited

Acme Solar Holdings Limited

Srei Equipment Finance Limited

AZB & Partners 8 3 5 5 Au Financiers (India) Limited

Capacit’E Infraprojects Limited

Prataap Snacks Limited

Hdfc Standard Life Insurance Company Limited

Galaxy Surfactants Limited

The New India Assurance Company Limited

Mahindra Logistics Limited

Prince Pipes And Fittings Limited

S&R Associates 7 0 7 0 Matrimony.Com Limited

Reliance Nippon Life Asset Management Limited

Hdfc Standard Life Insurance Company Limited

Barbeque-Nation Hospitality Limited

Aster Dm Healthcare Limited

Icici Lombard General Insurance Company Limited

Icici Securities Limited

Trilegal 3 1 2 2 Housing And Urban Development Corporation Limited

Tejas Networks Limited

Seven Islands Shipping Limited

Kanga & Co 3 3 0 0 Karda Consturctions Limited

Astron Paper & Board Mill Limited

Vishwaraj Sugar Industries Limited

Crawford Bayley & Co 2 2 0 1 Capacit’E Infraprojects Limited

Apollo Micro Systems Limited

J Sagar Associates 2 1 1 2 Galaxy Surfactants Limited

Indian Renewable Energy Development Agency Limited

Laurus Legal 1 1 0 0 Salasar Techno Engineering Limited
Bharucha & Partners 1 0 1 0 Bharat Road Network Limited
Narendra Tahilramani Advocate 1 1 0 0 Four Seasons Residency Limited
ALMT Legal 1 1 0 1 Apex Frozen Foods Limited
BMR Legal 1 0 1 0 Shalby Limited
Bathiya Legal 1 1 0 0 Gandhar Oil Refinery (India) Limited
Dhir & Dhir Associates 0 0 0 1
Nishith Desai Associates 0 0 0 1
Desai & Diwanji Advocates and Solicitors 0 0 0 1
Platinum Partners 0 0 0 1

Source: Legally India research, via IPO DHPs first published on SEBI’s website in 2017

Photo by rungtaadi

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1
Like +20 Object -0 Bank 09 Feb 18, 20:04  interesting  top rated
This was bound to happen (courtesy of the Shroffs). But good on Khaitan. Incredible team with strong resources where needed (not flooding the top).
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1.1
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Like +2 Object -2 hard working lawyer! 13 Feb 18, 17:30
Kian: B&B is busy reporting SAM deals one after other,.. but LI still stuck on this story.!! time to move on and get on with life
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1.1.1
Like +4 Object -0 SCAM 14 Feb 18, 01:42
Eh killjoy! Deals are boring, brickbats are fun! Kian, keep up the good work!
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1.2
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Like +0 Object -0 Intern 13 Feb 18, 23:10
Hey Folks, seems capital market lawyers are minting crazy money...

Any idea about salary bracket in the top five listed above for the following PPL
Partner
Associate Partner
Counsel(As top one has that designation as well)
Principal Associate
Senior Associate
and last not the least Associate.

Thanks much.
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1.3
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Like +0 Object -0 Sammy S 15 Feb 18, 00:05
Kian how come you are not reporting all the recent SAM deals? Clearly more of a roll on friday than thelawyer.com.
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1.4
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Like +1 Object -0 biased kian 15 Feb 18, 00:48
http://www.gnlu.ac.in/gnlunews/Arbitration%20Centre%20Leaflet.pdf
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2
Like +23 Object -0 Padman 09 Feb 18, 20:24  interesting  top rated
This is commendable for Khaitan. It actually has 7 Capital Markets. Rest are corporate partners doing some Securities Law and General Corporate work. I am an insider.
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2.1
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Like +19 Object -21 Merchant Banker 12 Feb 18, 23:33  controversial
Lest we forget that every brochure that they hand out to clients states that they have a team of 14 CM lawyers.

If you land mandates by lying and then delivering shoddy work, may god only save you.

Before everyone jumps up in support for Khaitan, ask any capital markets lawyer if incorrect pagination in an offer document is acceptable. That is the work product they deliver.
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2.1.1
Like +18 Object -5 Not a merchant banker 13 Feb 18, 00:19  interesting  top rated  controversial
Are you sure you are not confusing Khaitan with SAM?
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2.1.2
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Like +10 Object -8 Thomas More 13 Feb 18, 00:32  controversial
Some people will always find a reason to crib. Not sure what league of Merchant Banker you are because those who have worked with Khaitan would vouch for their superb execution capability. We all know what happened in one of the life insurance companies IPO recently and perhaps by your standards that would have been acceptable.
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2.1.2.1
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Like +5 Object -4 Merchant Banker 13 Feb 18, 01:25
Absolutely not. But then again that firm doesn’t hype the number of partners in a practice area.
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2.1.2.1...
Like +13 Object -3 Vladimir Sviatoslavich 13 Feb 18, 15:40  interesting
Not sure if Khaitan has actually hyped about the numbers. Their flyer is of securities, capital markets and corporate practice. Also, their flyer mentions which partners does capital markets. Appears you only look at the formatting of offer documents and don't read the fine print. God save issuers with such Merchant Banker.
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2.1.2.1...
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Like +3 Object -4 Merchant Banker 13 Feb 18, 20:28
sure whatever keeps you happy at night.
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2.1.2.2
Like +6 Object -0 Thomas Rock 13 Feb 18, 14:10  interesting
Agree Thomas More. More Thomas on Kco deals.
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2.1.3
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Like +8 Object -5 Seneca 13 Feb 18, 00:52  controversial
Yikes Merchant Banker, its not a problem of sour grapes for you, it seems you don’t any grapes to pout about! Grow a pair, you are killing us with your careless whispers brother!
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2.1.3.3
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Like +6 Object -8 Merchant Banker 13 Feb 18, 01:27  controversial
How about you (khaitan) stop telling lies and we shall stop telling the truth about you.
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2.1.3.3...
Like +9 Object -3 Seneca 13 Feb 18, 07:47  interesting
Where did you pick up your dialogue skills mate? Better make sure no one lets you around any offer document, better still a real bank!
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2.1.4
Like +12 Object -4 MerchantBankerkaBaap 13 Feb 18, 10:06  interesting
Beta, Khaitan's brochure in question is the one on their securities and corporate practice - capital markets being a part of it.

Brochure clearly identifies which partner does capital markets.
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2.1.4.4
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Like +4 Object -7 Merchant Banker 13 Feb 18, 12:56
Arre my baap, you hand it out saying this is our capital markets practice brochure. And unless you are saying that the entire securities and corporate practice of khaitan comprises only 14 partners, you should really accept the intention behind it.
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2.1.4.5
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Like +1 Object -2 Not a merchant banker 13 Feb 18, 13:57
Probably read the correction given by Kian again? 7 ECM partners vs. 12 capital markets partners.
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2.1.5
Like +14 Object -4 Not Merchant Banker 13 Feb 18, 10:51  interesting
Strange that a "merchant banker" is going all the way to defend CAM, particularly after how condescending the folks at CAM can be while dealing with a banker's legal and business acumen. If you are truly a merchant banker, have you read one of CAM's drafts? CAM lacks the patience to even cross reference the table of contents to relevant sections of the document! Wonder what distinct qualities are giving you these kicks. Please highlight.
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2.1.5.6
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Like +3 Object -6 Merchant Banker 13 Feb 18, 12:53
Clearly you haven’t worked with CAM.
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2.1.5.7
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Like +4 Object -3 Rambo Singh 13 Feb 18, 14:52
Very honestly, even chambers and partners haven't ever considered KCo as a band 1 firm. Go check records :p
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2.1.6
Like +20 Object -9 Rab Rakha 13 Feb 18, 12:01  interesting  controversial
I have also seen incorrect pagination in Khaitan docs...
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3
Like +38 Object -3 Beardman 10 Feb 18, 01:08  interesting  top rated
Bhatta's beard has saved the day yet again.
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3.1
Like +10 Object -0 Merchant Banker 13 Feb 18, 01:38  interesting
Not only his beard but his foresight to not run after failing products such as RIets and invits.

If an entire vertical spends one year doing two invits of which only one sees the light of day, such losses are bound to happen.

Then again, if CAM didn’t run after invits, how would km have been promoted.
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4
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Like +4 Object -6 Beeee 10 Feb 18, 11:33
Without including qualified institutions placements and/or rights issues, this analysis may need a new yardstick.

Kian - it’s publicy available information - please add.
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4.1
Like +17 Object -0 Sour and how? 10 Feb 18, 13:26  interesting  top rated
How convenient to ask for a new yardstick when one is not at the top. Grapes anyone?
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5
Like +16 Object -2 janta ka lawyer 11 Feb 18, 10:51  interesting  top rated
by adding QIP and Rights, the Khaitan's position will consolidate further and the gap between No 1 (Khaitan) and no 2 will widen further. If you add public issue of NCD also, than Khaitan will maintain its leadership with huge margin.
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5.1
Like +20 Object -3 Really? 12 Feb 18, 18:01  interesting  top rated
Are you saying KCO has beaten CAM in QIP and Rights Issue counts as well??

Oh man! Yash won't be feeling too good.
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6
Like +50 Object -2 Outside observer 12 Feb 18, 05:34  interesting  top rated
You lawyers need to go get laid or something. Stop taking yourself so seriously, nobody irl cares.
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6.1
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Like +3 Object -0 Name and Alias 12 Feb 18, 19:29
This is my favourite comment
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7
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Like +0 Object -0 DV 12 Feb 18, 17:00
Luthra actually has only 16 associates.
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7.1
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Like +2 Object -0 Friend of DV 12 Feb 18, 17:14
Correction number 2? From slightly leaner to much leaner.
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7.1.1
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Like +2 Object -0 kianganz 12 Feb 18, 17:17
That's some impressive DV skills!

Had changed the paragraph re Luthra's team size to say "slightly" leaner, since Khaitan had issued a correction regarding its nearly as lean team-size :)
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7.1.1.1
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Like +0 Object -0 DV 12 Feb 18, 17:56
Its 25 v 45, if not 21 vs. 45.
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8
Like +7 Object -1 Gopu 12 Feb 18, 17:29  interesting
It is beyond me that JSA is even considered part of Big 6?
Big clients - Not really (?)
Deal no. - Definitely No
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9
Like +19 Object -3 Old friend 12 Feb 18, 17:32  interesting  top rated
Congratulations, Bhatta! (Abhimanyu Bhattacharya/KCO) Your old colleagues are proud of you!
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9.1
Like +17 Object -0 Guest 12 Feb 18, 18:13  interesting  top rated
Yash says hi..
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9.2
Like +11 Object -2 Fan 12 Feb 18, 18:28  interesting
absolute redemption! great to see KCO killing it. all the best guys.

Bhatta, awesome stuff.
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10
Like +14 Object -4 Woah 12 Feb 18, 17:47  interesting
That's a stellar performance by KCO. Looks like their decision to invest in the practice has started paying back.

Hope Cyril is feeling fine after losing the top spot.
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10.1
Like +18 Object -8 Merchant Banker 12 Feb 18, 23:28  interesting  controversial
Please clarify the investment. Every mandate that khaitan has ever gotten, whether PSU or not is by severely undercutting the market rates.

Every capital markets lawyer worth their salt in India knows that the downward pressure in the mandates is due to khaitan and their peanut mandates.

An iPo for 45 lacs for a non PSU company is ridiculous. Let’s see if khaitan can now find the wisdom to come up to the big leagues and start charging sustainable rates and whether they will continue this after charging market rates.

Unless they don’t believe that the big boy rates will be justifiable for their shoddy work product.
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10.1.1
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Like +7 Object -4 Seneca 13 Feb 18, 07:54
Oye Merchant Banker you are back again! I hope you are getting paid for this by someone, otherwise its just plain sad! Given your choice of alias, its probably true but dont worry there will redemption for you hopefully in picking up after R at the good old Peninsula Chambers! Hoo Yah!
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10.1.1.1
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Like +3 Object -3 Merchant Banker 13 Feb 18, 12:51
Let’s just say that unlike Kian, I don’t need to be paid to speak the truth. Then again you really wouldn’t understand the need to be truthful.
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10.1.1.1...
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Like +5 Object -2 Seneca 13 Feb 18, 18:16
Allo Allo! Public servant in the house y'all! Why don't you donate your monthly from CAM to charity my sanctimonious friend. Read up OED if you didn't get the comment. Get an education and a life while you are at it.
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10.1.2
Like +7 Object -1 MerchantBankerkaBaap 13 Feb 18, 10:19  interesting
Beta, if it was for undercutting SAM would have been rank 1.

CAM doesn't know the meaning of undercutting, because for them, it is called 'strategy':

https://www.legallyindia.com/home/cyril-amarchand-undercuts-sam-luthra-by-5-12x-to-win-complex-air-india-sale-mandate-for-only-rs-29-9-lakh-20171030-8851
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10.1.2.2
Like +9 Object -2 Undercut 13 Feb 18, 11:14  interesting
All talk about undercutting is trash.

CAM has been undercutting (quoting even below hourly salary costs!) last few years, just to keep lawyers busy. Anyone in the market for 3-4 years has seen and knows this. So lets please stop pretending.
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10.1.2.2...
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Like +2 Object -1 Merchant Banker 13 Feb 18, 12:49
We are talking about the capital markets practice right?
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10.1.2.3
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Like +2 Object -1 Merchant Banker 13 Feb 18, 12:50
My baap, please read the comment properly. Undercutting for private sector mandates is what causes the downward pressure. Guess you won’t understand.
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10.1.2.3...
Like +8 Object -1 Fannie 13 Feb 18, 16:43  interesting
My beta, which private sector mandate under CAM's list is a blue-chip name? PSU/ insurance folks all went with L1 (among top 4 firms), given how commoditized the process is.

Name one client from CAM's IPO list which has been a client of theirs for more than 2 years (not even the I-bank names, despite incorporating it in '66!)? got all mandates only bcoz they quoted lowest for them

My Bubba, this is a real merchant banker talking...
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10.1.2.3...
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Like +1 Object -2 Merchant Banker 13 Feb 18, 20:24
Please check your facts. CAM has acted for all I-Bank deals and none of them were due to lowest bids, rather, I believe CAM has quoted the highest for these deals.
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10.1.2.3...
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Like +0 Object -0 MB Cat-1 15 Feb 18, 00:11
Who can dispute this now! Isn't this entire thread running on "I believe" when the people commenting have never seen/ been part of IPO bidding/mandate process!!! ..

Printing final EL on letterhead copy doesn't tell you the behind the scenes action, now does it? ;)
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10.1.2.3...
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Like +0 Object -0 Aha moment! 15 Feb 18, 00:17
Can you give one example with quotes from other firms (as per your "facts"), and let others confirm the nos.?

"" I believe ""!! Amusing how 'factual' that makes your argument betajaan.
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11
Like +13 Object -2 CAM Struggling? 12 Feb 18, 17:55  interesting
CAM with 54 lawyers has done lesser deals than KCO who has 31 lawyers!

Another reason for low bonuses this year. :(
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11.1
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Like +3 Object -8 How? 12 Feb 18, 18:27
Cyril firm does more big deals than kaitan. Kaitan does small deals for clients with preference of budget to quality. Cyril takes drafting mandates.
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11.1.1
Like +7 Object -2 Oh Really? 12 Feb 18, 19:14  interesting
CAM has 14 drafting mandates against Khaitan's 10. 4 extra drafting mandates by a team that's almost as double in size - not a great argument to make!

Big deal size doesn't mean more fees. We're talking about lawyers'fee here - not bankers'.
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11.1.1.1
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Like +5 Object -4 How? 12 Feb 18, 20:08
Bigger deals and quality work needs more hands/brains. You wouldn't know that!
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11.1.1.1...
Like +19 Object -6 CAMmie 12 Feb 18, 20:32  interesting  top rated  controversial
Four of KCO's capital markets deals in the list of deals of the year reported by International Business Law Journal. I guess that speaks for size and quality. Begrudging respect.
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11.1.1.1...
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Like +5 Object -3 Who? 12 Feb 18, 21:55
you mean all PSU transactions won on lowest bids!!
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11.1.1.1...
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Like +2 Object -1 Merchant Banker 13 Feb 18, 01:31
Kian - why don’t you publish my previous comment. You have removed a similar comment from one of your previous articles in relation to the comment. Something really smells fishy between you and the partner being referred to.
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11.1.1.1...
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Like +2 Object -1 Merchant Banker 13 Feb 18, 12:48
Wow Kian. Has anyone seen a more brazen acceptance of nexus than this.
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11.1.1.1...
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Like +4 Object -2 kianganz 13 Feb 18, 15:02
We don't generally (knowingly) allow negative comments against individual lawyers (unless they're senior partners), and the implication of your comment was not certain: were you implying x was sleeping with y, they are related, or one bribed the other?

In any case, it violated our guidelines, sorry :)
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11.1.1.1...
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Like +0 Object -0 Jodhpur 15 Feb 18, 13:26
Unless they're senior partners? What's the logic, please do explain?
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11.1.1.1...
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Like +0 Object -0 One tip one hand 13 Feb 18, 10:00
Well if you would have noticed CAM has serviced 1 PSU mandate more than KCO.. Justice saying..
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11.1.1.1...
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Like +3 Object -0 Guest 12 Feb 18, 22:32
Yes sir. - Bottomline being CAM needs more hands and brains to do deals. That talks a lot about each hand and brain.
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12
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Like +7 Object -4 Flypside 12 Feb 18, 18:58
Hey yo, does it really take 54 lawyers to do 17 IPOs? Learn from SAM, they had so much attrition, but still managed to file 10!
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12.1
Like +19 Object -0 Alias 12 Feb 18, 19:47  interesting  top rated
In a healthy workplace, it does.
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12.1.1
Like +27 Object -1 Thank Goodness 12 Feb 18, 21:28  interesting  top rated
Yes, hoping never to see emails at 4:00 AM from one of those healthy 54 lawyers in the near future.
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12.1.1.1
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Like +3 Object -0 CAMster 12 Feb 18, 23:28
Okay. This is officially my most favorite LI comment even. 4:00 AM :D
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13
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Like +10 Object -37 Introspection 12 Feb 18, 19:01  troll?  controversial
Well done to Luthra. This also goes on to show what a professionally run team can actually achieve, despite being in a firm as disorganised as Luthra. Capital Market under Manan is one of the only professionally teams in Luthra where there is emphasis on punctuality and adherence to the rules. Most other teams there run like the personal fiefdom of the respective partners, who come and go as they please without any respect or regard for the rules. As someone who has worked in the past, Manan is a great boss to have.
He treats everyone in the team with respect and is not the short tempered and arrogant beast like some of the other corporate partners. He lets people run their show, stepping in only when required without the insecurities that haunt most others there.

Sigh! If only there were more like him in Luthra, they would have had it much better.
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13.1
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Like +2 Object -0 Das ka dum 12 Feb 18, 20:13
Lol
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13.2
Like +18 Object -0 Rambo 12 Feb 18, 20:19  interesting  top rated
Sounds like a press release from Luthra.
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13.3
Like +35 Object -7 Inside job 12 Feb 18, 21:09  interesting  top rated  controversial
Take it from a current capital markets associate, my friend - it isn't nearly as hunky dory as you're making it out to be. It's not fun to be one of the 16 non partners (among whom certain 'seniors' get barely any work done) doing work done by 45-50 people in other firms. It's us who truly sweat it out spending multiple sleepless nights in office while the management you admire so much flat out refuses to hire anyone. Why, you ask? Because loosening their purse strings is too much for a bunch obsessed with their own greatness (oh they never stop telling us that!). Easy to sit on the sidelines and scream adulation. What these numbers truly show is the scant disregard shown by ML, MS and the other higher ups to one the well being of the last remaining band 1 team in Luthra.
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13.3.1
Like +8 Object -3 Also CM 12 Feb 18, 21:51  interesting
Abey yaar! Bonus to aane deta? Increment to abhi mila... :-(
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13.3.2
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Like +4 Object -9 Pocket Papers 12 Feb 18, 22:01
'Inside job' is not someone from Luthra for sure. Luthra hater for sure.
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13.4
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Like +13 Object -18 Crusader 13 Feb 18, 01:30  controversial
While Manan and his team deserve all accolades coming their way, I find it extremely disappointing that somehow in every story there are disparaging comments about Luthra. I mean if the place was as bad as it is made out to be, I wonder why people are still sticking around. Given that from the comments it appears that all other Firms are so much better, and they are the Eden gardens of great work and better life, why would people want to stick to this ‘sinking ship’. From a pure objective perspective, every Firm has its disgruntled current and ex employees who do not have nice things to say. People who have done well in the Firm have been suitably rewarded. From what I understand the increments have been matching up to the standards of the other firms if not more for the last few years. If it was so terrible as it’s being made out to, surely that would not have been the case!
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13.4.3
Like +16 Object -7 Kendriya vidyalaya 13 Feb 18, 02:06  interesting  controversial
Increments in luthra matching industry standards is a joke. The firm from what I've heard is now half the size it claims. Also, every young smart lawyer leaves luthra at the first opportunity. MS is the most underwhelming senior partner I've ever met. His legal argumentation capabikities are laughable.
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14
Like +51 Object -1 emilyratajkowski1 12 Feb 18, 21:56  interesting  top rated
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15
Like +16 Object -0 Dil ki tamanna 12 Feb 18, 22:52  interesting  top rated
What about that one great equity deal closed by Narediji?
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15.1
Like +8 Object -0 Murabhi 13 Feb 18, 01:13  interesting
That deal was nicely done
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15.2
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Like +0 Object -0 Merchant Banker 13 Feb 18, 01:40
Tell us more about this one deal.
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15.2.1
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Like +3 Object -0 Hooters 13 Feb 18, 17:51
many sleepless nights
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15.2.1.1
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Like +0 Object -0 Curious Catt 15 Feb 18, 00:21
Was there listing at the end of it? Was it primary or seconndary? Heard the MB got hauled up for improper disclosures ;)
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16
Like +10 Object -5 MD&A 13 Feb 18, 00:20  interesting  controversial
Does CAM have anything left? We all know their M&A practice is definitely not top tier anymore. They don't have a market leading capital markets practice anymore.Can only projects save the day? I am sure CAM is heading the Luthra way
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16.1
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Like +10 Object -7 Top slot 13 Feb 18, 11:18  controversial
PCP, its their no. 1 practice now.

Rishabh and team have done a great job in creating and nurturing the practice, will be bigger than Cam's ECM practice in under a few years. Already employs 10-12fee earners, and growing at a healthy clip.

With Rishabh, the place is in safe hands. No succession worries at this firm
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16.1.1
Like +8 Object -0 Hooters 13 Feb 18, 17:52  interesting
atleast follow it up with #sarcasm
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16.1.2
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Like +3 Object -0 PCP wala 13 Feb 18, 21:40
Psstt.. dont tell anyone just how the supposed PCP head really runs the practice.. thw CM bitching gossip session will turn into a "I love my life since i am not in CAM PCP session" :)
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17
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Like +1 Object -13 Rats Ass 13 Feb 18, 11:39
Yuck, who cares about third-rate firms winning the deal count game - where's the deal value story, Kian?
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17.1
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Like +3 Object -0 kianganz 13 Feb 18, 12:06
Good question. There are a few issues with deal values in CM.

1. It's difficult and time-consuming for us to link values to DHRPs.
2. Since we're just looking at DHRPs, values may not be available necessarily since some have not listed.
3. To some extent, even smaller IPOs are a lot of work and can require expertise, so size doesn't always matter (though I admit it does, sometimes).
4. If we include values, then PSU mandates would begin to dwarf others and skew the table (even though the fees on PSU work are very low, so it doesn't necessarily give any indication of the profitability of a practice).

In short, this is not intended to be a completely comprehensive CM analysis, but it's intended to give a good indication of strength and busyness of practices.

We hope to do QIPs and other CM stuff soon though.
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17.1.1
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Like +1 Object -3 Merchant Banker 13 Feb 18, 12:45
Bloomberg has published a comprehensive analysis of capital markets in Asia and in India, Kian doesn’t agree with their analysis as its not skewed towards the benefactors of this story.
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17.1.1.1
Like +5 Object -0 kianganz 13 Feb 18, 15:08  interesting
I am interested, at the risk of engaging your trolling, how exactly would this 'benefaction' work in your opinion? Are you saying one firm has paid us money to decide on this methodology, in order for them to perform better?

Did that firm also pay us 8 or so years ago, when we did our first IPO league tables for several years in a row with basically identical methodology?

We went with publicly available information and a computer algorithm analysed it, the outcome was out of our hands (and the accuracy does not seem to be disputed).

In the interest of full disclosure, the only potential 'discretion' we exercised here, was excluding seller shareholder mandates from the total tally, but I think that's a reasonable call considering the different work involved, the fact that some firms don't even list them, plus that it's a pretty recent phenomenon even mentioning them in the first place.

The other decision we made was excluding deal values, but that's mostly a practical consideration, though it doesn't mean we can't consider these in future.

I haven't actually seen the Bloomberg CM tables in a while - are they available for free or do they require subscriptions?

The idea with rolling our own CM table (and hopefully others), will be to introduce a new data-driven level of transparency into these, where anyone can reproduce and interpret the data.
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17.1.1.1...
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Like +0 Object -1 Guest 15 Feb 18, 09:46
GO KIAN!
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17.1.2
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Like +2 Object -1 Rats Ass 13 Feb 18, 13:17
Minor correction needed in your story Kian - it is DRHP not DHRP.
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17.1.2.2
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Like +2 Object -0 kianganz 14 Feb 18, 17:53
Thanks, corrected. I clearly made a very bad CM lawyer back in my day... :)
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17.1.3
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Like +4 Object -3 Rats Ass 13 Feb 18, 13:32
1. No IPO league table globally (whether for law firms or merchant bankers) is based on DRHPs. A deal is only worth counting/reporting if it has closed - in this case, upon the allotment and listing of the equity shares.

2. The issue/offer size will only be available in a red herring/prospectus.

3. Value matters because firms that are more selective about their mandates will prefer to work on high value offerings that typically have more international marketing - i.e. issuers that are raising more money and can pay foreign bankers fees tend to care about quality and will pay law firms better.

4. The current league table doesn't give any indication of profitability either - only which firms value their work on par with law firms and which firms value their work on par with the printers. The real story that you need to break is pricing.
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17.1.3.3
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Like +1 Object -3 El Chapo 13 Feb 18, 15:43
Very well put Rats Ass!
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17.1.3.3...
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Like +1 Object -1 El original 13 Feb 18, 17:00
Cabron!!
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17.1.3.4
Like +6 Object -2 Seneca 13 Feb 18, 15:49
@ratsass - I do hope you are a partner?
If not, the time you have spent with your eloquent contribution will make that deliverable of yours late again and a bonus which will be truly then rats ass. If you are Cyril's partner you are screwed either way and six ways on Sundays, so do please carry on with the comments!
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17.1.3.5
Like +8 Object -2 El Chapo 13 Feb 18, 16:07  interesting
I like how each firm has CM partners and the CM PARTNER.

Does anyone have a view on the partners that this practice has built as opposed to the partners building the practice.

These guys are the ones who usually work the least and bill the highest. They have a loyal entourage constantly at their beck and call. The iPad is their preferred weapon. If they happen to be on an update call the bankers better sit up and listen. Their word is final and if you happen to make them happy (with your work off course), rest assured you take home a Hibiki or a Dom Perignon! They holiday round the year... in all exotic locations (off course) and yet manage to keep a close watch on their competition. When in town they don't miss a chance to sleep with their biggest enemy - the bankers (P.S. - this is not SH okay...just a metaphor)). they are the cool guys. i want to be a cool guy. i want to be a PARTNER and not just a partner.

SAM - monal and nikhil (partners); PRASHANT GUPTA (PARTNER);
CAM - gaurav gupte; YASH ASHAR;
AZB - madhurima and agnik; VAROON CHANDRA;
KCO - bassi, subhayu and thomas; ABHIMANYU BHATTA;
S&R - juhi chawla and jabarti chandra; SANDIP BHAGAT;
L&L - mohit saraf; MANAN LAHOTY;
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17.1.3.5...
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Like +1 Object -0 Curious Cat 14 Feb 18, 14:23
Interesting analysis... out of curiosity wonder who will stand out in the mid-senior level of each of these firms... considering how many capital markets lawyers this country has!!!
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17.1.3.5...
Like +5 Object -0 Why? 14 Feb 18, 20:39  interesting
Poacher saala.. It is best when the Golden Goose isn't named!
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17.1.4
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Like +0 Object -0 Rab Rakha 14 Feb 18, 09:47
Hey Kian...in addition to main board I think you should also come with an article on listing on BSE SME and NSE EMERGE.

A lot of SME listings are happening.
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17.1.4.6
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Like +0 Object -0 kianganz 14 Feb 18, 10:00
Thanks, that's a great idea! Do those always list legal advisers also? Are there ever any of the big firms on there, or does it tend to be smaller and local advisers? And what are the legal fees generally like for the SME lists?
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17.1.4.6...
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Like +0 Object -0 Rab Rakha 14 Feb 18, 16:23
Kian you can find all the information on the advisors involved in the DRHP under chapter General Information. The ticket size is usually small but lot of under cutting in fee quote is happening in SME Segment also.

You can find all law firms advising SME Companies.
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17.1.5
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Like +0 Object -0 Guest 14 Feb 18, 11:32
DRHPs*
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17.2
Like +7 Object -1 Replying to Rats Ass 13 Feb 18, 13:16  interesting
Very classy “Rats Ass”.

Which firm are you referring to here. As far as the information in the public domain goes, CAM and Khaitan were on some of the big deals here. If CAM and Khaitan both are “third rate” firms, I wonder what you consider top grade.

Either you are ignorant or just acting up, either way most of the readers don’t care unless you come up with some intelligent arguments.

Come up with something better if you need attention.
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18
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Like +0 Object -0 [...] 13 Feb 18, 13:04
[...]
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18.1
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Like +0 Object -1 Rats Ass 13 Feb 18, 15:11
@Kian, unfortunate that you don't moderate sexual harassment on your platform.
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18.1.1
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Like +1 Object -0 kianganz 13 Feb 18, 15:22
We do, usually - can you please click 'report to LI' on a comment that is SH, we'll definitely remove it. Sometimes something slips by, like the above... Am moderating
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19
Like +9 Object -2 El Chapo 13 Feb 18, 13:41  interesting
KCO has reached the top spot - noted and congratulations to Bhatta and team. What is to be seen now is how long it can retain this pole position.

SAM is in safe hands of Mr. Gupta, who has been successful in calling the shots from the capital, and been able to keep the practice the most profitable (evident in the salaries and bonuses the team takes home).

AZB is the firm to keep a close eye at. It rises like the phoenix from the ashes. Mr. Chandra has done it in the past and is in the process of creating the most formidable team yet again. Probably the only partner with a good number of equity and debt deals under his hat.

S&R have been top of their game and as a firm policy never do company mandates. Mr. Bhagat is living legend of capital markets.

Never worked with Luthra so no comments.

This year should be interesting to see if players on the bench (Trilegal, JSA, NDA) are able to come out and perform on the field.
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20
Like +11 Object -0 El Chapo 13 Feb 18, 13:55  interesting
Also, since all the merchant bankers and their baaps are on this thread, could someone please enlighten me when will this cycle end?

When i joined this practice i was told it is cyclical and there will be days you will be going home at 5. It's been more than a year now, and yes i have always left at 5...right in time for the sunrise and not the sunset as promised. Achche din kab aayenge?
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20.1
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Like +0 Object -0 Maaaa 13 Feb 18, 16:32
Aayenge .. just like [...] aayenge.. Once this bubble bursts and markets go tumbling like Jack and Jill.
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21
Like +4 Object -0 Good question 13 Feb 18, 14:00
Is there a league table for banks as well? So these stalwarts know whos ***** to lick?
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22
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Like +2 Object -0 EL Chapo || 13 Feb 18, 16:37
Echo your sentiments
Hope there is a lull period of six months in the new financial year (after declaration of bonuses)
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22.1
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Like +0 Object -0 El Chapo 13 Feb 18, 17:21
If you work at AZB you will get one soon! Isnt the annual offsite in Feb every year?

They sure know how to party...so what if its Goa every year...no boring seminars, free flowing booze and ability to indulge in other wonderful things which cannot be mentioned in this forum make it the best 4 days of their lives.
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23
Like +4 Object -0 El Chapo 13 Feb 18, 16:50


I am the PARTNER
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24
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Like +0 Object -0 El Chacko 13 Feb 18, 17:29
Agreed!
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25
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Like +2 Object -0 LION 14 Feb 18, 17:45
Why not include the international counsels? Not comparing them with domestic firms but vis a vis other foreign firms to know which international counsels get mandates from India.
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25.1
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Like +1 Object -0 kianganz 15 Feb 18, 10:28
Yep, it's in the pipeline, will be out shortly :)
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26
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Like +5 Object -4 Modu 15 Feb 18, 14:58
Manan trained by Madhurima has overtaken her!
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Like +8 Object -0 Kinks 19 Feb 18, 14:21  interesting
Good going KCO!

The comments here justify the saying:

“Respect can be bought. Envy has to be earned.”
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