Saraf and Partners is the latest Indian law firm to add capital markets capabilities to its ranks, hiring partner Mathew Thomas from JSA Advocates & Solicitors in New Delhi.

Thomas advises domestic and international clients on initial public offerings, rights offerings, qualified institutions placements, and public offerings of units and debt securities by Real Estate Investment Trusts and Infrastructure Investment Trusts.

Thomas’ addition “underscores the firm’s commitment to expanding its capital markets practice and providing clients with top-tier legal expertise. His extensive experience and proven track record will further strengthen the firm’s capabilities in advising clients on complex capital markets transactions,” Mohit Saraf, the firm’s managing partner said in a statement.

The country’s capital markets have been one of the lucrative practice areas for Indian law firms in the last two years, as more companies than ever look to access public finance, given strong returns, comparative stability and an ongoing private capital funding winter.

This has created a strong demand for capital markets legal talent, as top partners look for the most attractive opportunities and law firms look to hire the best books in the market.

Last week, Economic Laws Practice launched a capital markets practice with the addition of Luthra and Luthra partner Geeta Dhania, along with a team of six lawyers.

Shardul Amarchand Mangaldas & Co added capital markets partner Rohit Tiwari from Cyril Amarchand Mangaldas and Devi Prasad Patel from Khaitan & Co earlier this year. CAM also lost two big capital markets partners, Vijay Parthasarathi and Vinay Sirohia to Trilegal in July. Abhinav Kumar, who led CAM’s capital markets practice in the western region, moved to Talwar Thakore & Associates in the same month.

CAM then rebuilt its capabilities with the addition of a 50-plus lawyer team led by capital markets partner Manan Lahoty from IndusLaw.

Even smaller firms are getting into the act, as Fox & Mandal added Shantanu Mitra to head and build its capital markets practice.

This year has seen records broken in both number and size of public funding deals, with a host of law firms, domestic and international, benefitting from the fast-growing market.

SAM and Latham & Watkins are advising Hyundai Motor’s India unit’s upcoming IPO, which could raise up to $3 billion – India’s biggest IPO to date.

CAM, AZB, S&R Associates and Sidley Austin guided Vodafone Idea’s $2.15 billion further public offering, the largest successful Indian FPO and the third-largest offering of public equity shares in India.

CAM, Khaitan and Linklaters advised on Vedanta’s $1 billion qualified institutions placement, the largest QIP this year and the largest equity raise through a QIP route in India’s metals and mining sector.