IPO Report: Which firms dominated the ₹1,000+ crore segment?

Cyril Amarchand Mangaldas (CAM) and Shardul Amarchand Mangaldas (SAM) emerged as the leading legal advisors in India’s largest initial public offerings (IPOs) during financial year 2024–25.

As per data gathered from media reports and final offer documents filed before the Registrar of Companies (ROC), during this period, 55 IPOs raised more than ₹1,000+ crore.

According to the Economic Survey of India 2025, India-led global IPO activity in 2024 contributed to 30% of global listings, up from 17% in 2023. The amount raised almost tripled from ₹53,023 crore to ₹1,53,987 crore in the same period.

An analysis of the data reveals that few law firms prioritise high value-low volume representations, while others prioritise value agnostic-high volume representations.

Indian Law Firms that dominated 1,000+ crore IPOs on the issuer side

Indian Law Firms that dominated 1,000+ crore IPOs on the Banker side

Ten IPOs approved by the Securities and Exchange Board of India (SEBI) raised over ₹1,00,000 crore. In the ₹5,000+ crore segment too, CAM and SAM dominated, advising on 8 of the 10 offerings.

Law Firms on 5,000+ crore IPOs

Ten Large IPOs of 2024-25

Download the full IPO Report on Law firms 2024-25 here.