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Newsletter: Equitable markets

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After a near-hiatus for almost one year the IPO pipeline has finally filled up this July. No company wants to be left behind by the cheap cash-for-equity gravy train, the gold rush now appears to be self-sustaining – at least for the time being.

The distribution of spoils among Indian law firms is likely to be less even-handed.

Amarchand had a key role on almost all of the many monster IPOs and fundraisings LegallyIndia.com has covered in recent weeks, such as Adani Power, Indiabulls, Tata Steel, Mahindra Holidays and the Government's divestment of NHPC and Oil India.

Although a few mega-mandates managed to pass Amarchand by - witness Luthra & Luthra and S&R Associates' Sterlite equity issue - Amarchand's relationships with banks and corporates in this space are strongly institutionalised and hard to crack.

In Amarchand's case, the Shroff family itself is the institution, boasting close ties to the movers and shakers and memberships in dozens of the boardrooms that matter in corporate India.

By contrast, the dynamic in Bangalore is very different and everything appears to still be up for grabs. Following J Sagar Associates (JSA) doubling in size there in June, AZB & Partners pulled the same trick on Monday and bolted on the practice of well-known local lawyer Anup Shah, who will become the office's managing partner.

Luthra & Luthra too is pitching into the Bangalore fray, recruiting heavily in the city.

Judging by readers' comments, gloves and bets are off as to who will emerge as Bangalore's winner in the coming years.

And although the Bombay battle at large is certainly not over, Amarchand's dominance in the capital markets will be tough to challenge.

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