Sidley advised the book running lead managers ICICI Securities, JM Financial, and Nomura in the approximately US$185 million initial public offering (IPO) of equity shares of Kalpataru Limited (Kalpataru), listed on the BSE and NSE, India’s leading stock exchanges.
Kalpataru is a prominent, integrated real estate development company specializing in luxury, premium, and mid-income residential, commercial, and retail developments, with a strong presence across all micromarkets in the Mumbai Metropolitan Region (MMR) and Pune, with a portfolio of 120 completed projects aggregating over 25.87 MSF in India, along with a pipeline of 36 projects aggregating over 48.97 MSF as of December 31, 2024. It is the fifth-largest developer in the MCGM region in Mumbai in terms of units supplied in the calendar years 2019 to 2024.
Manoj Bhargava (Singapore) led the Sidley team, which included partner Samir A. Gandhi (New York/London), associate Dhanush Dinesh, and legal assistant Sanketh Hareesh Kumar (both Singapore) with support from partner Daniel O’Shea (New York).
Over the past 12 months, Sidley’s India Capital Markets team has advised on 18 successful offerings, including IPOs by Schloss Bangalore Limited (The Leela hotels), Belrise Industries Limited, 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 many of the most high-profile and complex India-related matters. Sidley is consistently ranked among the top international legal advisers for India work by leading directories and league tables.
