Sidley acted as sole international counsel in the US$250 million initial public offering (IPO) of Belrise Industries Limited, which was underwritten by Axis Capital, HSBC, Jefferies, and SBI Capital Markets.
The offering consisted of a fresh issue of equity shares by the company. The equity shares are listed on the BSE and NSE. The IPO received an overwhelming response with an overall subscription of 43 times.
Belrise is an Indian automotive component manufacturer providing safety-critical systems and engineering solutions across two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri-vehicles. With capabilities in precision sheet metal pressing and fabrication, the company serves both electric and internal combustion engine platforms and holds a significant market share in India’s two-wheeler metal components segment.
Manoj Bhargava led the Sidley team, which included Harekrishna J. Ashar, Edward Lee, Dhanush Dinesh, and legal assistant Sanketh Hareesh Kumar, with support from Carla G. Teodoro, Nicholas R. Brown, Prabhat K. Mehta, Robert M. Kreitman, and Alvin Wang.
Over the past 12 months, Sidley’s India capital markets team has advised on 16 successful offerings, including IPOs by Dr. Agarwal’s Health Care Limited, Ajax Engineering Limited, Vishal Mega Mart Limited, Sagility India Limited, Afcons Infrastructure Limited, Brainbees Solutions Limited, Akums Drugs and Pharmaceuticals Limited, Unicommerce eSolutions Limited, Emcure Pharmaceuticals Limited, and Indegene Limited as well as qualified institutions placements/rights offerings by Fusion Finance Limited, Home First Finance Company India Limited, Brookfield India Real Estate Trust, Torrent Power Limited, Godrej Properties Limited, and Mankind Pharma Limited.
Sidley’s India practice is widely recognized for its deep market knowledge, strong transactional track record, and seamless cross-border execution. With a team spanning key financial centers in Asia, the U.S., and Europe, Sidley regularly advises on some of the most high-profile and complex India-related matters. The practice is consistently ranked among the top international legal advisers for India work by leading directories and league tables.
