In the Indian legal market, the last few days have certainly come out of the blue for a few law firms and have simultaneously been a windfall for a few law firms. The grief and joy of this movement were felt highly in the Capital Markets practice.
In a significant shake-up within the legal industry, July saw Cyril Amarchand Mangaldas (CAM) bid farewell to two of its key capital market partners, Vijay Parthasarathi, Vinay Sirohia, and Abhinav Kumar who made the move to Trilegal and Talwar Thakore & Associates. However, August brought a dramatic turn of events, as CAM turned the tables and made a power move of its own.
In the last week of July, CAM successfully onboarded a formidable team of approximately 50 lawyers from IndusLaw, led by Partner Manan Lahoty. This team, which includes partners Abhiroop Lahiri, Abhyuday Bhotika, Anshul Roy, Manshoor Nazk, Priyadarshini Rao, Puneet Passi, Ravi Dubey, and Vishal Yaduvanshi, is set to enhance CAM’s already strong position in the capital markets sector. This strategic acquisition is expected to further solidify CAM’s reputation as a key player in the industry. Notably, last month, the IndusLaw Capital Markets team, under Manan Lahoty’s leadership, advised the book-running managers on the USD 180 million IPO of Allied Blenders & Distillers on the NSE and BSE.
This month, Geeta Dhania, previously a Capital Market Partner at Luthra and Luthra, bid farewell to the firm and joined ELP along with her team to launch its Capital Market practice.
Additionally, Mathew Thomas, Capital Market Partner at JSA who joined the firm last year after serving as President (Financial Services) at AK Capital Services, has transitioned to Saraf & Partners. However, it remains unconfirmed whether his team will be joining him.
India’s Capital markets have gained significant momentum. In the first half of 2024 alone, there were around 35 mainboard IPOs, and in just the first two weeks of August, more than 19 companies have raised funds from the primary market.
According to a report published by Mint, several factors have driven the surge in India’s primary market. The country’s strong macroeconomic environment has bolstered investor confidence, while the successful performance of new stocks over the past one to two years has drawn more investors to IPOs, anticipating similar returns. Additionally, the government’s substantial investments in infrastructure have sparked private sector interest in India’s growth story. Abundant liquidity, regulatory reforms, and enhanced financial inclusion have also played a role in this boom.
Furthermore, the dynamic activity in the legal capital market reflects the vibrant and promising capital market landscape. Major firms are keenly eyeing this growth, indicating the significant opportunities that lie ahead in India’s capital markets.
In August, CAM represented Ola Electric in its first and India’s largest IPO listing, with SAM advising the book-running lead managers on the IPO. SAM also acted for Akums Drugs & Pharmaceutical Limited in its IPO listing, while Trilegal advised the book-running lead managers on the IPO by Ceigall India Limited.
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