Foreign Law Firms in Indian IPOs: Hogan Lovells, Sidley, Latham, Linklaters, White & Case lead

The financial year 2024–25 saw foreign law firms play an increasingly crucial role in Indian equity offerings, particularly in large IPOs that attracted deep cross-border investor interest.

Unlike domestic firms that often advised both issuers and underwriters, international counsel tended to take more defined positions in the market. Some firms emerged as the banker’s preferred advisers, while others built a reputation for versatility by representing both companies and banks in equal measure.

London-based Hogan Lovells emerged as the leading foreign law firm with 29 mandates, all of them on the banker side. Its portfolio included marquee offerings such as Aegis Vopak, Concord Enviro, Inventurus Knowledge Solution, and Hero Motors.

Partner Biswajit Chatterjee said the firm’s strength lies in combining global scale with local partnerships:

"With over 2,800 lawyers spanning five continents, Hogan Lovells brings global reach and local insight to every matter, which gives our clients a unique perspective and confidence while dealing with complex multijurisdictional and cross-border transactions."

Chicago-headquartered Sidley Austin also secured a significant presence with 13 mandates. Known for its focus on cross-border compliance, the firm has been particularly active in deals requiring international investor participation.

Partner Manoj Bhargava explained:

"The need for foreign legal counsel typically arises when an offering is made to institutional investors outside India. Sidley plays a crucial role in ensuring compliance with overseas regulations and addressing the expectations of global investors."

Its notable matters included Vishal Mega Mart’s ₹8,000 crore IPO, where it worked with IndusLaw, and Afcons Infrastructure’s ₹5,430 crore offering, advising bankers.

US-based Latham & Watkins closed 12 mandates, evenly split between issuers and bankers.

The firm advised on some of the year’s standout deals, including Swiggy’s ₹11,327 crore IPO, Hero Fincorp, and Travel Food Services. It also co-advised on Hyundai Motors’ record ₹27,870 crore IPO with Shardul Amarchand Mangaldas (SAM) and Hexaware’s ₹8,750 crore issue alongside SAM.

Partner Rajiv Gupta highlighted the firm’s role in shaping disclosures for global investors:

"We’ve built playbooks that anticipate regulatory asks and streamline the drafting process, so clients can focus on telling their story, not decoding rulebooks."

Both Linklaters and White & Case handled a steady flow of mandates, predominantly for underwriters. The firms acted on 9 mandates each all on banker's side.

At Linklaters, Partner Amit Singh said:

"We leverage our experience across more than 30 offices to help ensure Indian transactions are meeting global best practices, particularly with regard to diligence review and disclosure drafting."

A&O Shearman focused its smaller but strategic portfolio on 6 high-value mandates such as Hexaware Technologies and Zinka Logistics Solutions.

Partner Pallavi Gopinath Aney stressed the importance of collaboration with domestic firms:

"Our role goes far beyond technical execution. We provide commercially grounded, solution-oriented advice that helps clients navigate unexpected challenges with confidence."

Foreign Law Firms for Bankers in ₹1000+ Crore IPO:

Foreign law firms mostly enter the picture primarily when the IPO issue size exceeds ₹1,000 crore (Approx USD 115 Million).

During the financial year 2024–25, 55 IPOs raised more than ₹1,000+ crore. Only 3 out of the 55 companies listed last year did not have a foreign law firm involved in the IPO. This means 51 Companies engaged with foreign law firms when the issue size is above 1,000+ Crore.

32 Companies raised around Rs. 500-1,000 Crore ($57 million to $115 million). Out of this only 7 Companies engaged a foreign law firm. 

30 Companies raised around Rs. 28 - 500 Crore ($3.1 million to $57 million). Only 1 company in the 28-500 crore issue size, engaged a foreign law firm.

Download the full IPO Report on Law firms FOR THE ISSUER AND BANKERS IN 2024-25 here.