Adani Power

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 Mangaldas, Khaitan & Co and Jones Day have advised on India's largest initial public offer (IPO) in 18 months for Adani Power's issue, which has so far seen four-fold oversubscription and is hoped to raise between Rs 2,700 and 3,000 crore ($558m to $620m).