Sidley acted as international counsel to lead managers JM Financial Limited and Kotak Mahindra Capital Company Limited in connection with the INR13.7 billion (approximately US$165 million) initial public offering (IPO) of equity shares of SAMHI Hotels Limited (SAMHI) pursuant to Regulation S of the U.S. Securities Act of 1933.
SAMHI is one of India’s leading hotel owners and asset managers. It operates the Marriott, Hyatt, and IHG brand of hotels in India and has a portfolio of 31 operating hotels in 14 cities across India.
SAMHI’s shares were listed at a premium, and the IPO was oversubscribed by over five times on the final day, inviting bids worth INR42 billion (approximately US$505 million).
The Sidley team was led by partner Manoj Bhargava and comprised counsel Shashwat Tewary, managing associate Klara Thamrin, and associates Jayant Bhardwaj, Sarangan Rajesh Kumar, and Caulyn Bong (all based in Singapore) as well as partner Daniel A. O’Shea (New York) and managing associate Carys Golesworthy (Washington, D.C.).
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 six 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.