Sidley acted as international counsel to lead managers ICICI Securities Limited, Axis Capital Limited, JM Financial Limited, and SBI Capital Markets Limited in connection with the INR 9.6 billion (approximately US$115 million) initial public offering (IPO) of equity shares of Muthoot Microfin Limited (Muthoot Microfin) pursuant to Section 4(a) and Regulation S of the U.S. Securities Act of 1933.
Muthoot Microfin, which provides microloans to women (primarily for income generation) with a focus on rural regions of India, is the fifth-largest microfinance company in India in terms of gross loan portfolio as of March 31, 2023.
The Sidley team was led by partner Manoj Bhargava and comprised counsel Shashwat Tewary and associate Edward Lee (all based in Singapore); managing associate Harekrishna Ashar (based in London); partners Robert M. Kreitman, Nicholas R. Brown, Carla G. Teodoro, and managing associate Alvin Wang (all based in New York); and senior managing associate John M. Ekblad (based in Chicago).
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.
The firm has continued this market-leading trend in 2023 and has completed eight IPOs and nine other equity offerings in India alone.
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
