After a near-hiatus for almost one year the IPO pipeline has finally filled up this July. No company wants to be left behind by the cheap cash-for-equity gravy train, the gold rush now appears to be self-sustaining – at least for the time being.

The distribution of spoils among Indian law firms is likely to be less even-handed.

Clifford Chance’s lateral Amarchand Mangaldas hire has reaped rewards, as Rahul Guptan brought the firm the third Indiabulls Group mandate this year, acting for its underwriting bank.