Indian IPO Frenzy: CAM, SAM, and Latham Dominate Issuer Counsel as $5B Pipeline Ignites Market Share Battle
As India’s stock exchanges pulse with the promise of record-breaking listings, three legal powerhouses are carving up the pie in a gold rush that’s luring global investors. Cyril Amarchand Mangaldas (CAM), Shardul Amarchand Mangaldas (SAM), and Latham & Watkins are surging ahead in the Indian IPO boom, issuer counsel market, capital markets India dominance, and equity capital market surge, snagging mandates on mega-deals that could redefine cross-border finance.
The Indian IPO market in 2025 has shifted into overdrive after a sluggish start, with Bloomberg forecasting over $5 billion raised through initial public offerings this October alone—capping a year of explosive growth. CAM leads the charge, advising on eight of the 13 pipeline deals targeting more than $300 million each, from electric vehicle upstarts to consumer giants. SAM, meanwhile, tops the charts with 18 IPOs under its belt so far, boasting an average deal size 30% larger than rivals, thanks to high-profile wins like Premier Energies and Ola Electric. Latham & Watkins, the U.S.-based heavyweight, rounds out the trio with seamless cross-border expertise, handling everything from Hyundai Motor India’s $3.3 billion blockbuster to Swiggy’s $1.35 billion debut.
This sweep isn’t luck—it’s strategy in a market where FY 2024-25 shattered records, with law firms steering issuers and bankers through 100+ mandates amid global volatility. Take the latest stunner: LG Electronics India’s $1.3 billion IPO, where SAM and Latham teamed up for the issuer, offloading a 15% stake in the South Korean tech arm’s Indian powerhouse. Cyril Amarchand Mangaldas jumped in for the bookrunners—Morgan Stanley, J.P. Morgan, Axis Capital, BofA Securities, and Citigroup—tackling due diligence and promoter ties. The deal, aggregating equity shares for massive liquidity, underscores the Korean influx, following Hyundai’s own $3.3 billion listing last year.
Electric mobility’s hot too: SAM guided Ather Energy’s $536 million IPO, with CAM and Latham on the underwriters’ side (Axis Capital, HSBC, JM Financial, Nomura). Ventive Hospitality’s $187 million debut earlier this year saw the same trio in action, blending hospitality revival with investor hunger. “We’ve been clear leaders in capital markets for nearly 30 years,” boasts CAM Managing Partner Cyril Shroff, citing icons like the TCS and LIC IPOs alongside Hyundai’s game-changer. SAM’s Prashant Gupta, national practice head, highlights their 16-17 pipeline mandates, including the colossal $3 billion Hyundai Motor India follow-up, positioning them as the go-to for scale.
Social media’s abuzz with dealmakers’ envy and investor glee. LinkedIn posts from Law.com racked up shares, with one capital markets vet commenting, “CAM and SAM’s duopoly on big-ticket IPOs is no fluke—it’s execution in a regulatory maze.” X threads under #IndianIPO2025 buzz with “Latham’s edge in U.S.-India bridges,” as traders eye the 103x oversubscription of Urban Company’s $227 million home services IPO—another SAM-CAM smash hit that debuted September 17. Experts like those at Bar & Bench note the trio’s adaptability, outpacing Trilegal, Khaitan, and JSA in issuer roles, per DRHP filings and RoC data.
For U.S. readers, this Indian IPO goldmine pulses with direct stakes. American investors, via funds like BlackRock and Vanguard, poured $10 billion into Indian equities YTD, drawn by 15%+ returns outpacing Wall Street amid Fed rate jitters. Latham’s involvement signals safe harbors for cross-border flows—think U.S. VCs cashing out on Swiggy or Ather amid a $1 trillion startup ecosystem. Economically, it bolsters global supply chains: LG and Hyundai listings fund India plants, easing U.S. inflation via cheaper electronics imports. Lifestyle tie-in? As remote work booms, apps like Urban Company (now public) streamline expat life in Mumbai, while EV IPOs like Ather greenlight affordable rides for urban millennials. Politically, it spotlights U.S.-India pacts like iCET, funneling tech talent and deals stateside.
User intent for deal pros and investors? Searches spike for “Indian IPO advisory firms” seeking vetted counsel amid SEBI’s fast-track nods—SAM’s pipeline offers a roadmap, with tips like early DRHP prep slashing timelines by months. Management angle: Firms eyeing India should benchmark Latham’s hybrid teams (Singapore-led for Asia-Pacific) to navigate English-law wrappers on rupee deals, avoiding pitfalls in promoter locks or QIB quotas.
The momentum builds: With Aye Finance’s $165 million IPO greenlit and boAt’s consumer electronics play in queue, October’s $5 billion haul could propel India’s ECM to $20 billion annually. As startups like Meesho eye $1 billion raises, CAM, SAM, and Latham’s stranglehold hints at a maturing market where speed and sophistication win—potentially drawing more U.S. anchors for the next wave of unicorns.
By Sam Michael
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