Sidley acted as international counsel to lead managers Kotak Mahindra Capital Company Limited, Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, and J.P. Morgan India Private Limited in connection with the INR43 billion (approximately US$530 million) initial public offering (IPO) of equity shares of Mankind Pharma Limited pursuant to Section 4(a) and Regulation S of the U.S. Securities Act of 1933.
This is India’s largest IPO in 2023 to date.
Mankind Pharma Limited is one of the largest pharmaceutical companies in India, and is engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical and consumer healthcare products. In its pharmaceuticals business, it is a market leader across acute and chronic therapeutic areas in India, including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/central nervous system, vitamins/minerals/nutrients, and respiratory. In its consumer healthcare business, it has several market leading brands in the condoms, pregnancy detection, emergency contraceptives, antacid powders, vitamin and mineral supplements, and anti-acne preparations categories.
The Sidley team was led by partner Manoj Bhargava and comprised counsel Shashwat Tewary, managing associate Klara Thamrin, and associates Jayant Bhardwaj and Caulyn Bong (all based in Singapore); partners Daniel O’Shea, Robert M. Kreitman, Nicholas R. Brown, and Carla G. Teodoro, managing associate Alvin Wang, and associate John Jee (all based in New York); partner Andrew W. Shoyer (based in Washington, D.C.); and managing associate Christian D. Barraza (based in Miami).
Sidley is one of the most experienced international law firms executing capital markets transactions in India and other Asian markets. The India Business Law Journal has ranked Sidley a “Top Foreign Law Firm” for India work for five consecutive years. Sidley is also ranked the leading legal adviser globally for India equity offerings in 2022 for manager counsel and by overall deal count in Bloomberg Global Legal Adviser League Tables FY 2022, and was credited for advising on 12 India equity offerings in 2022, more than any other law firm.