India’s IPO market in FY 2024–25 roared ahead despite global tremors, and at the heart of the frenzy were a handful of law firms that shaped the deals, calmed the regulators, and guided the money in. Five firms—Trilegal, Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas, Khaitan & Co, and JSA—stood above the rest, cornering more than half the year’s mandates and cementing their dominance in a market defined by speed and scrutiny.
Trilegal: The Even-Handed Power Broker
With 52 mandates neatly split between issuers (27) and bankers (25), Trilegal’s strategy was clear—play both sides, and play them well. From old-school industrials to fast-scaling tech companies, the firm has managed to balance credibility with promoters and underwriters alike. Leadership credited the performance to institutional discipline and a systems-driven approach that keeps both investors and banks at ease.
Cyril Amarchand Mangaldas: The Evergreen Giant
CAM racked up 44 mandates—again nearly split down the middle—building on decades of dominance. The firm’s fingerprints were on some of the year’s biggest IPOs: HDB Financial, Swiggy, Vishal Mega Mart, and Bajaj Housing Finance. Its pitch is not just about size, but legacy—having steered landmark offerings from the TCS IPO to LIC and Hyundai.
Shardul Amarchand Mangaldas: The Issuer’s Ally
SAM went issuer-heavy with 22 of its 31 mandates tied to companies raising funds. Tech-first startups, PE-backed ventures, and global conglomerates navigating India’s evolving disclosure regime have made SAM their go-to shop. Its capital markets head stressed that these complex, high-stakes deals are precisely where the firm thrives, keeping partner-level attention firmly in play.
Khaitan & Co: The Balancer
Clocking 26 mandates, Khaitan spread itself across 16 issuers and 10 banker-side roles. From fintech and e-commerce to traditional heavy industries, Khaitan’s versatility kept it relevant across the board. The firm also prides itself on being a rare name with equal credibility among promoters and investment banks, maintaining a delicate but valuable equilibrium.
JSA: The Banker’s Favorite
JSA’s 21 mandates leaned heavily toward underwriters—18 of them, in fact. While it wasn’t a conscious tilt, the numbers confirm JSA’s stature as a banker’s counsel of choice, particularly on diligence-heavy and liability-sensitive mandates. Still, its issuer-side work wasn’t negligible, with NTPC Green Energy’s massive ₹10,000 crore IPO under its belt.
The Numbers Behind the Firms
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CAM: 20 partners, 105 associates, 125 lawyers
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Khaitan: 16 partners, 83 associates, 99 lawyers
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SAM: 11 partners, 69 associates, 80 lawyers
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Trilegal: 8 partners, 52 associates, 60 lawyers
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JSA: 8 partners, 47 associates, 55 lawyers
Beyond the “Big Five,” mid-tier challengers quietly carved their niches. Crawford Bayley notched 17 mandates, AZB & Partners and S&R Associates tied at 14, Bharucha & Partners followed with 12, and Vidhigya Associates with 8—all reminders that specialisation can still punch above weight in India’s crowded IPO advisory scene.
The rankings were built on filings from April 2024 to March 2025, covering both company-side and banker-side roles. Each counted mandate reflects the quiet but decisive work of legal teams who translated boardroom ambition into public capital—sometimes in a matter of weeks.
