2010-2011 Capital Markets Practice – Indian Law Firm Rankings IPO and QIP

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Bar & Bench brings IPO – QIP rankings for the financial year 2010-2011. The report carries interviews of Cyril Shroff, Sandip Bhagat, Ajay Vaidya, Madhurima Mukherjee, Raj Rani Bhalla, Arun Balasubramanian and Pooja Sinha along with Indian law firm rankings. 
Bombay Stock Exchange’s (BSE) Sensitive Index (Sensex) has been range bound this year hovering around 17,000 – 20,000. However, 2010- 11 has been another record year for the Indian capital markets with 124 IPOs (Initial Public Offerings) and FPOs (Follow on Public Offerings) and 41 QIPs (Qualified Institutional Placements).
 
According to Bloomberg data, proceeds from fresh issues (IPOs) by Indian companies in 2010 surpassed even the levels reached in 2007. The Government made a strong mark on the markets, raising significant capital with string of IPOs and FPOs. Till March 2011, 124 IPOs had accounted for Rs. 51,000 crore (US$11.3 billion) in capital raised, averaging close to a billion dollar every month. This along with 41 QIPs that raised nearly Rs. 19,722 crore (US$4.3 billion) meant that Indian companies raised more than Rs. 70,000 crore (US$15.5 billion) in the 2010-2011 financial year.
 
Khaitan & Co., Managing Partner, Rabindra Jhunjhunwala speaking on the markets said, “The Indian markets have shown shades of recovery post the global recession. Indian companies have taken advantage of the pockets of recovery in the domestic markets”.
 
Apart from the Government companies and the engineering and real estate sectors, this year saw the emergence of other sectors in fund raising. Gold and fashion are the new sectors to watch out in 2011 with companies like Joyalukkas, TBZ, Ratanchand, Tara Jewels and fashion salon company promoted by Jawed Habib planning to raise capital. Gold loan company Muthoot Finance also joined the capital-raising spree with its Rs. 1,400 crore IPO (US$311 million).
 
Law Firm Rankings
 
Once again, Amarchand recorded the highest number of capital market mandates amongst Indian law firms, acting as legal advisor in 43 IPO / QIP transactions as compared to 67 transactions last year.
 
The primary driver of decline in mandates handled by Amarchand was the QIP market, as the number of QIP mandates decreased from 31 to 15. Overall, Amarchand continued to be the “go to” Indian firm for the issuers and the investment banks.
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*Link Legal merged with Zenith India in 2011
 
Bar & Bench spoke to the Capital Markets team at Amarchand’s Mumbai &