Khaitan & Co has filed more IPO drafts than any other firm in 2017 just ahead of Cyril Amarchand Mangaldas, in a market where downward pricing pressures have made it tough across the board.

The winner doesn’t take it all anymore in the capital markets field. Read Legally India’s full analysis of the main players and contenders in the equity and debt capital markets.

Exclusive: Amarchand Mangaldas has lost ground in its lead over Luthra & Luthra and surprise performer AZB & Partners in the initial public offering (IPO) league tables for the 2010-11 financial year, while DLA Piper came from nowhere to top the rankings of foreign firms ahead of Dorsey & Whitney and Jones Day.

Amarchand Mangaldas was the busiest IPO law firm in Legally India’s 2009-10 financial year (FY) league table by far but the newer practices Luthra & Luthra, S&R Associates, AZB & Partners and Khaitan & Co have managed to keep pace in bank advisory work bagging nearly as many instructions.

Legally India research has revealed Amarchand Mangaldas as the top IPO dealmaker of this financial year so far, while Khaitan & Co and Luthra & Luthra are in close contest for the runner-up spot. International and domestic firms are competing in a tightly bunched mid-field of the ranking.

Amarchand Mangaldas has acted on 70 per cent of qualified institutional placements (QIPs) in the first half of this financial year, with international firms, AZB & Partners, J Sagar Associates (JSA), Luthra & Luthra, S & R Associates and Crawford Bayley mopping up the rest.