A Sidley team, led by partner Manoj Bhargava, advised on nine India IPOs as underwriters’ counsel in the last three months, aggregating more than US$3 billion in capital raised. These offerings were in a variety of industries such as technology, consumer products and food, life sciences, fintech, financial services, chemicals, and manufacturing. Some of the IPOs include:
US$715 million IPO of FSN E-Commerce Ventures Limited (Nykaa)
Sidley represented Kotak Mahindra, Morgan Stanley, BofA Securities, Citigroup, ICICI Securities, and JM Financial in connection with the US$715 million initial public offering of equity shares of FSN E-Commerce Ventures Limited (Nykaa), a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers with a diverse portfolio of beauty, personal care, and fashion products. Nykaa’s IPO was oversubscribed by 81.7 times with market capitalization of US$14 billion. Its founder is now India’s richest self-made businesswoman, and its high market capitalization makes it one of India’s top 100 most highly valued listed companies.
US$405 million IPO of CarTrade Tech Limited
Sidley represented Axis Capital, Citigroup, Kotak Mahindra, and Nomura in connection with the US$405 million initial public offering of equity shares of CarTrade Tech Limited, a multichannel auto platform with coverage and presence across vehicle types and value-added services.
US$375 million IPO of Aptus Value Housing Finance India Limited
Sidley represented ICICI Securities, Citigroup, Edelweiss, and Kotak Mahindra in connection with the US$375 million initial public offering of equity shares of Aptus Value Housing Finance India Limited, a retail-focused housing finance company primarily serving low- and middle-income self-employed customers in the rural and semiurban markets of India and one of the largest housing finance companies in South India in terms of Assets Under Management.
US$370 million IPO of Aditya Birla Sun Life AMC Limited
Sidley represented Kotak Mahindra, BofA Securities, Citigroup, Axis Capital, HDFC Bank, ICICI Securities, IIFL, JM Financial, Motilal Oswal, SBI Capital, and YES Securities in connection with the US$370 million initial public offering of equity shares of Aditya Birla Sun Life AMC Limited, the largest non-bank affiliated AMC in India by QAAUM since March 31, 2018, and among the four largest AMCs in India by QAAUM since September 30, 2011.
US$280 million IPO of Sapphire Foods India Limited
Sidley represented JM Financial, BofA Securities, ICICI Securities, and IIFL in connection with the US$280 million initial public offering of equity shares of Sapphire Foods India Limited, one of YUM’s largest franchisee operators in the Indian subcontinent and Sri Lanka’s largest international QSR chain in terms of revenue for the financial year 2021. Sapphire Foods has a track record of successfully operating more than 480 KFC, Pizza Hut, and Taco Bell restaurants across India, Sri Lanka, and the Maldives.
US$260 million IPO of Vijaya Diagnostic Centre Limited
Sidley represented ICICI Securities, Edelweiss, and Kotak Mahindra in connection with the US$260 million initial public offering of equity shares of Vijaya Diagnostic Centre Limited, the largest integrated diagnostic chain in southern India, by operating revenue, and also one of the fastest-growing diagnostic chain by revenue for fiscal year 2020.
US$205 million IPO of Glenmark Life Sciences Limited
Sidley represented Kotak Mahindra, BofA Securities, Goldman Sachs, DAM Capital Advisors, BOB Capital Markets, and SBI Capital in connection with the US$205 million initial public offering of equity shares of Glenmark Life Sciences Limited, a leading developer and manufacturer of select high value, noncommoditized active pharmaceutical ingredients in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management, and diabetes.
US$160 million IPO of Fino Payments Bank Limited
Sidley represented Axis Capital, CLSA, ICICI Securities, and Nomura in connection with the US$160 million initial public offering of equity shares of Fino Payments Bank Limited, a growing fintech company offering a diverse range of financial products and services that are primarily digital and have a payments focus.
The Sidley team also included partners Nicholas R. Brown (New York), Craig E. Chapman (New York), Ankit Kashyap (alumni), Kirk Lipsey (New York), Matthew Sheridan (Singapore), and Andrew W. Shoyer (Washington, D.C.); senior counsel Brian M. Kaplowitz (New York); counsel Alexius Chong (Singapore), Carla G. Teodoro (New York), Shashwat Tewary (Singapore), and Jeremy Wang (Singapore); senior associate Varun Jetly (alumni); associates Harekrishna J. Ashar (London), Jian Wei Aw (Singapore), Tyler J. Combest (New York), Aaron K. Massingham (Sydney), Christian D. Molander-Barraza (New York), Brendan C. Smith (Washington D.C.), Klara Thamrin (Singapore), Gmeleen Tomboc (alumni), and Alvin Y. Wang (New York); registered foreign lawyers Jia Li (Singapore) and Ariel Lin (Hong Kong); senior legal assistant Daniel Ang (Singapore); and legal assistant Stefanie Chan (Hong Kong); and paralegal Denise Gomes (Sydney).
Sidley is consistently ranked as one of the top international law firms for IPOs, handling IPOs for both issuer and underwriter clients. For more information about Sidley’s India-related practice, click here.