Sidley acted as international counsel to lead managers ICICI Securities Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited, and Ambit Private Limited in connection with the INR12 billion (approximately US$145 million) initial public offering (IPO) of equity shares of India Shelter Finance Corporation Limited (India Shelter) pursuant to Section 4(a) and Regulation S of the U.S. Securities Act of 1933.
India Shelter is a retail-focused affordable housing finance company with an extensive distribution network operating 203 branches across India and having a scalable technology infrastructure across its business operations and throughout the loan life cycle. It offers home loans and loans against property to customers in the low- and middle-income segments in India.
The Sidley team was led by partner Manoj Bhargava and comprised partners Robert M. Kreitman, Nicholas R. Brown, and Carla G. Teodoro; counsel Shashwat Tewary; managing associates Harekrishna J. Ashar, Andy J. Lau, and Alvin Wang; and associates Jayant Bhardwaj and Sarangan Rajesh Kumar.
Sidley is one of the most experienced international law firms executing capital markets transactions in India and other Asian markets. The firm is ranked a “Top Foreign Law Firm” for India work by the India Business Law Journal, and Bloomberg identified Sidley as the No. 1 “legal adviser globally for India equity offerings for manager counsel and by overall deal count” for FY2022 and 1H2023 offerings.
Highlighting Sidley’s excellence in the India equity markets sphere, two of our deals were honored at FinanceAsia Achievement Awards 2023 with
- “Best Equity Deal: South Asia” for PNB Housing Finance Limited’s INR25 billion rights issue
- “Best IPO: South Asia” for Mankind Pharma Limited’s INR43.264 billion IPO