Manoj Bhargava

MANOJ BHARGAVA is co-managing partner of Sidley’s Singapore office and co-leader of the firm’s India practice. Manoj focuses on international capital markets matters, with particular emphasis on India and Southeast Asia. He has over 25 years of experience and has advised on more than 260 equity and debt capital markets offerings, helping raise around US$65 billion for Indian companies.

Manoj has built a substantial practice advising clients on initial public offerings, follow-on offerings, and private placements, including U.S. Securities and Exchange Commission-registered offerings, SPAC transactions, and listings on the New York Stock Exchange, NASDAQ, and the stock exchanges of Mumbai, London, Singapore, and Luxembourg. Additionally, he has represented corporations, issuers, investment banks, and investors, and has advised on mergers and acquisitions, private equity investments, and dispositions. Manoj also has experience working on transactions in China, Australia, Europe, and the United States.

Manoj is recognized by the India Business Law Journal in its “International A-List” 2019-2025, as being among the top India-focused lawyers at international law firms based on the collective views of private practice lawyers in India and in-house counsel around the world. In 2023 research commentary, clients remarked that Manoj is “absolutely prolific on India IPOs,” and commend Manoj for being “clear, candid” and for “providing solutions in complicated situations.”

Manoj’s standing has also earned him consistent recognition from Chambers Asia-Pacific (2012-2025) as a leading legal adviser for India capital markets matters. In the 2025 edition of the guide, client praise included that “Manoj is known for giving personal attention and his quality of work is outstanding,” that he has “very strong commercial acumen and problem solving capability,” and described him as a “super lawyer who is extremely calm, poised and delivers to the letter.” Clients also shared that they were “extremely impressed by the way he carried out the work with practical and sound advice,” and that “his knowledge of products is strong,” and he “knows regulatory requirements well too”. In previous editions, clients have described Manoj as “a highly professional and detail-oriented lawyer” who “always goes out of his way to assist us in complex matters,” who “adds value in commercial and strategic decisions, given his depth of work in prior capital raises, both in India and globally” (2024), and commended that “working with him is like working with an in-house team counsel as he thoroughly understands our business and is very efficient in his deliveries” (2023).

Manoj also received recognition in The Legal 500, in which clients describe Manoj as a “a stand-out professional” who is “a cut above the rest of the competition” (2024), highlighting that “regulatory knowledge and vast experience of capital market deals puts [Manoj and his team] ahead of other legal firms,” and praised “Manoj has been amazing with his services” (2023).

Select representative experience includes the following*:

• Tata Capital Limited
  US$1.75 billion initial public offering of equity shares underwritten by Kotak Mahindra, Axis Capital, BNP Paribas, Citigroup, HDFC Bank, HSBC, ICICI Securities, IIFL Capital, J.P. Morgan, and SBI Capital Markets. This is the largest IPO in India in 2025, fourth-largest IPO in Indian history and the largest-ever public offering by a non-banking financial company (NBFC) in India.
• National Securities Depository Limited (NSDL)
  US$460 million initial public offering of equity shares underwritten by ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal, and SBI Capital Markets. This is the largest IPO of a market infrastructure institution in India and marks the public debut of a key pillar of India’s capital markets ecosystem.
• Kalpataru Limited
  US$185 million initial public offering of equity shares underwritten by ICICI Securities, JM Financial and Nomura. Kalpataru Limited is a prominent, integrated real estate development company with a presence across the Mumbai Metropolitan Region and Pune in India.
• Schloss Bangalore Limited (“The Leela” hotels)
  US$410 million initial public offering of equity shares underwritten by JM Financial, BofA Securities, Morgan Stanley, J.P. Morgan, Kotak Mahindra, Axis Capital, Citigroup, IIFL Capital, ICICI Securities, Motilal Oswal, and SBI Capital Markets. This marks the largest IPO in the Indian hospitality sector to date.
• Belrise Industries Limited
  US$250 million initial public offering of equity shares underwritten by Axis Capital, HSBC, Jefferies and SBI Capital Markets. The IPO received an overwhelming response, with an overall subscription of 43.14 times.
• Ajax Engineering Limited
  US$150 million initial public offering of equity shares underwritten by ICICI Securities, Citigroup, JM Financial, Nuvama, and SBI Capital Markets.
• Dr. Agarwal’s Health Care Limited
  US$350 million initial public offering of equity shares underwritten by Kotak Mahindra, Morgan Stanley, Jefferies, and Motilal Oswal.
• Mankind Pharma Limited
  US$350 million qualified institutions placement of equity shares underwritten by Kotak Mahindra, and IIFL Capital.
• Vishal Mega Mart Limited
  US$945 million initial public offering of equity shares underwritten by Kotak Mahindra, ICICI Securities, Jefferies, J.P. Morgan, Morgan Stanley, and Intensive Fiscal Services. Named “Deal of the Year” 2024 by India Business Law Journal.
• Brookfield India Real Estate Trust
  US$415 million qualified institutions placement of equity shares underwritten by Kotak Mahindra, Avendus Capital and Elara Capital. This is the only QIP by an Indian REIT in 2024, and it marks the first REIT investment in India from the World Bank member International Finance Corporation and the Life Insurance Corporation of India.
• Torrent Power Limited
  US$410 million qualified institutions placement of equity shares underwritten by Kotak Mahindra, Jefferies, and JM Financial.
• Godrej Properties Limited
  US$710 million qualified institutions placement of equity shares underwritten by Kotak Mahindra, BofA Securities, Jefferies, and Morgan Stanley. This is the largest QIP fundraise by a real estate company in India.
• Sagility India Limited
  US$250 million initial public offering of equity shares underwritten by ICICI Securities, IIFL Securities, Jefferies, and J.P. Morgan.
• Afcons Infrastructure Limited
  US$645 million initial public offering and US$350 million associated, pre-IPO sale of equity shares underwritten by ICICI Securities, DAM Capital, Jefferies, Nomura, Nuvama, and SBI Capital Markets. This marks the largest IPO by an Indian infrastructure company, the largest IPO by an Indian construction company in the past two decades, and among the largest IPOs in India for 2024. Named “Deal of the Year” 2024 by India Business Law Journal.
• Brainbees Solutions Limited (FirstCry) 
  US$500 million initial public offering of equity shares underwritten by Kotak Mahindra, Morgan Stanley, BofA Securities, JM Financial, and Avendus.
• Unicommerce eSolutions Limited
  US$35 million initial public offering of equity shares underwritten by IIFL Securities and CLSA. 
• Akums Drugs and Pharmaceuticals Limited
  US$220 million initial public offering of equity shares underwritten by ICICI Securities, Citigroup, Axis Capital, and Ambit. 
• Emcure Pharmaceuticals Limited
  US$235 million initial public offering of equity shares underwritten by Kotak Mahindra, Axis Capital, Jefferies, and J.P. Morgan.
  
• Vodafone Idea Limited
  • US$2.15 billion follow-on public offering of equity shares underwritten by Axis Capital, Jefferies, and SBI Capital Markets. This marks India’s largest ever follow-on public offering of equity shares. Named “Deal of the Year” 2024 by India Business Law Journal, and Highly Commended: Best Equity Deal of South Asia by FinanceAsia Achievement Awards 2024.
  • US$3.6 billion rights offering of equity shares underwritten by Morgan Stanley, Bank of America Merrill Lynch, and Kotak Mahindra. Named 2019 “Deal of the Year” by India Business Law Journal.
• Indegene Limited
  US$220 million initial public offering of equity shares underwritten by Kotak Mahindra, Citigroup, J.P. Morgan, and Nomura.
• Chalet Hotels Limited
  US$120 million qualified institutions placement of equity shares underwritten by JM Financial and Kotak Mahindra. 
• Entero Healthcare Solutions Limited
  US$190 million initial public offering of equity shares underwritten by ICICI Securities, DAM Capital, JM Financial, SBI Capital Markets, and Jefferies. This is the first IPO in India of a healthcare product distributor.
• Medi Assist Healthcare Services Limited
  US$140 million initial public offering of equity shares underwritten by Axis Capital, IIFL Securities, Nuvama, and SBI Capital Markets. This is the first IPO in India of a health insurance third-party administrator company.
• Muthoot Microfin Limited
  US$115 million initial public offering of equity shares underwritten by ICICI Securities, Axis Capital, JM Financial, and SBI Capital Markets.
• India Shelter Finance Corporation Limited
  US$145 million initial public offering of equity shares underwritten by ICICI Securities, Citigroup, Kotak Mahindra, and Ambit.
• Honasa Consumer Limited
  US$205 million initial public offering of equity shares underwritten by Kotak Mahindra, Citigroup, JM Financial and J.P. Morgan. This is the first IPO in India of a "House of Brands" company. Named “Deal of the Year” 2023 by India Business Law Journal.
• Cello World Limited
  US$230 million initial public offering of equity shares underwritten by Kotak Mahindra, ICICI Securities, IIFL Securities, JM Financial, and Motilal Oswal.
• Blue Jet Healthcare Limited
  US$100 million initial public offering of equity shares underwritten by Kotak Mahindra, ICICI Securities, and J.P. Morgan. 
• SAMHI Hotels Limited
  US$165 million initial public offering of equity shares underwritten by JM Financial and Kotak Mahindra. 
• Concord Biotech Limited
  US$185 million initial public offering of equity shares underwritten by Kotak Mahindra, Citigroup, and Jefferies.
• Brookfield India Real Estate Trust
  US$280 million qualified institutions placement of units underwritten by BofA Securities, Morgan Stanley, Kotak Mahindra, Citigroup, Axis Capital, Jefferies, JM Financial, SBI Capital Markets, IIFL Securities, BOB Capital, and ICICI Securities.
• Aditya Birla Capital Limited
  US$215 million qualified institutions placement of equity shares underwritten by BofA Securities, Jefferies, Axis Capital, ICICI Securities, and JM Financial. Named “Deal of the Year” 2023 by India Business Law Journal.
• Mankind Pharma Limited
  US$530 million initial public offering of equity shares underwritten by Kotak Mahindra, Axis Capital, IIFL Securities, Jefferies, and J.P. Morgan. This marks the largest IPO in India in 2023. Awarded “Best IPO: South Asia” at the FinanceAsia Achievement Awards 2023.
• PNB Housing Finance Limited
  US$305 million rights issue of equity shares underwritten by Axis Capital, BNP Paribas, BofA Securities, and J.P. Morgan. Awarded “Best Equity Deal: South Asia” at the FinanceAsia Achievement Awards 2023.
• AU Small Finance Bank Limited
  US$250 million qualified institutions placement of equity shares underwritten by ICICI Securities, BofA Securities, Morgan Stanley, and Avendus Capital. Named “Deal of the Year” 2022 by India Business Law Journal.
• Macrotech Developers Limited
  • US$430 million qualified institutions placement of equity shares underwritten by Kotak Mahindra and Jefferies. This was a ground-breaking and first of its kind transaction, being the first ever purely secondary QIP of equity shares in the history of Indian capital markets. Named “Deal of the Year” 2022 by India Business Law Journal.
  • US$550 million qualified institutions placement of equity shares underwritten by Kotak Mahindra, BofA Securities, and J.P. Morgan.
  • US$340 million initial public offering of equity shares underwritten by Axis Capital, J.P. Morgan, Kotak Mahindra, ICICI Securities, Edelweiss, IIFL Securities, JM Financial, Yes Securities, SBI Capital Markets, and BOB Capital. Named “Deal of the Year” 2021 by India Business Law Journal.
• Vedant Fashions Limited (Manyavar)
  US$425 million initial public offering of equity shares underwritten by Axis Capital, Edelweiss, ICICI Securities, IIFL Securities, and Kotak Mahindra.
• Adani Wilmar Limited
  US$480 million initial public offering of equity shares underwritten by Kotak Mahindra, BofA Securities, BNP Paribas, Credit Suisse, HDFC Bank, ICICI Securities, and J.P. Morgan.
• FSN E-Commerce Ventures Limited (Nykaa)
  US$715 million initial public offering of equity shares underwritten by Kotak Mahindra, Morgan Stanley, BofA Securities, Citigroup, ICICI Securities, and JM Securities. Named “Deal of the Year” 2021 by India Business Law Journal. Awarded “Equity Market Deal of the Year (Midsize)” 2022 by Asian Legal Business India Law Awards.
• Chemplast Sanmar Limited
  US$520 million initial public offering of equity shares underwritten by ICICI Securities, Axis Capital, Credit Suisse, IIFL Securities, Ambit, BOB Capital, HDFC Bank, IndusInd Bank, and YES Securities.
• Aditya Birla Sun Life AMC Limited
  US$370 million initial public offering of equity shares underwritten by Kotak Mahindra, BofA Securities, Citigroup, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal, SBI Capital Markets, and YES Securities.
• CarTrade Tech Limited
  US$405 million initial public offering of equity shares underwritten by Axis Capital, Citigroup, Kotak Mahindra, and Nomura.
• Godrej Properties Limited
  • US$520 million qualified institutions placement of equity shares underwritten by Kotak Mahindra, BofA Securities, Axis Capital, and Jefferies.
  • US$300 million qualified institutions placement of equity shares underwritten by Kotak Mahindra, Axis Capital, CLSA, and DSP Merrill Lynch.
• L&T Finance Holdings Limited
  US$410 million rights offering of equity shares underwritten by Axis Capital, BOB Capital, Citigroup, Credit Suisse, HSBC, ICICI Securities, Motilal Oswal, SBI Capital Markets, and UBS.
• Brookfield India Real Estate Trust
  US$525 million initial public offering of units underwritten by Morgan Stanley, BofA Securities, Citigroup, HSBC, Ambit, Axis Capital, IIFL Securities, JM Financial, J.P. Morgan, Kotak Mahindra, and SBI Capital Markets. Named “Equity Market Deal of the Year (Midsize)” 2021 by Asian Legal Business India Law Awards.
• Mahindra & Mahindra Financial Services Limited
  US$410 million rights offering of equity shares of Mahindra & Mahindra Financial Services Limited, underwritten by Kotak Mahindra, Axis Capital, BNP Paribas, Citigroup, HDFC Bank, HSBC, ICICI Securities, Nomura, and SBI Capital Markets.
• Mindspace Business Parks REIT
  US$625 million initial public offering of units underwritten by Morgan Stanley, Axis Capital, DSP Merrill Lynch, Citigroup, JM Financial, Kotak Mahindra, CLSA, Nomura, UBS Securities, Ambit Capital, HDFC Bank, IDFC Securities, and ICICI Securities. Named “Best IPO” by The Asset Triple A Country Awards 2020.
• Reliance Industries Limited
  US$7 billion rights offering of equity shares underwritten by JM Financial, Kotak Mahindra, Axis Capital, BNP Paribas, DSP Merrill Lynch, Citigroup, Goldman Sachs, HDFC Bank, HSBC, ICICI Securities, IDFC Securities, J.P. Morgan, Morgan Stanley, and SBI Capital Markets. Named “Equity Market Deal of the Year (Premium)” 2021 by Asian Legal Business India Law Awards, “Best of South Asia Deal” 2020 by FinanceAsia, and “Deal of the Year” 2020 by India Business Law Journal.
• Sterling and Wilson Solar Limited
  US$400 million initial public offering of equity shares underwritten by ICICI Securities, Axis Capital, Credit Suisse, Deutsche Equities, IIFL Securities, SBI Capital Markets, Induslnd Bank, and Yes Securities.
• India Infrastructure Trust
  US$1.89 billion offering of trust units and debentures of the India Infrastructure Trust. The trust raised US$965 million from a subscription of trust units by Rapid Holding 2 Pte. Limited (an affiliate of Brookfield Asset Management), and in addition, the trust also issued debentures in an aggregate amount of US$925 million. The original owner of the underlying asset of the trust – the gas pipeline – was an affiliate of Reliance Industries Limited.

*Clients are in italics.