Dhanush Dinesh

DHANUSH DINESH advises issuer companies, real estate investment trusts (REITs), infrastructure investment trusts (InvITs), and investment banks on a range of capital markets matters, including initial public offerings, follow-on offerings, private placements, and block trades. He has experience advising clients across a range of industries, including infrastructure, life sciences, manufacturing, real estate, fintech, and technology. 

Prior to joining Sidley, Dhanush worked at a leading law firm in Mumbai, India.

He is fluent in English, Kannada, and Hindi.

Dhanush’s representative experience* includes:

• Kotak Mahindra, Morgan Stanley, Avendus Capital, Citigroup, Axis Capital, and Intensive Fiscal Services on the US$821 million initial public offering of equity shares of Lenskart Solutions Limited. Lenskart, a leading direct-to-consumer eyewear retailer, is India’s first eyewear-only company to go public.
• Kotak Mahindra, Axis Capital, BNP Paribas, Citigroup, HDFC Bank, HSBC, ICICI Securities, IIFL Capital, J.P. Morgan, and SBI Capital Markets on the US$1.75 billion initial public offering of equity shares of Tata Capital Limited. 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.
• ICICI Securities, Axis Capital, HSBC, IDBI Capital, Motilal Oswal, and SBI Capital Markets on the US$460 million initial public offering of equity shares of National Securities Depository Limited (NSDL). 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.
• ICICI Securities, JM Financial and Nomura on the US$185 million initial public offering of equity shares of Kalpataru Limited. 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) on its 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.
• Axis Capital, HSBC, Jefferies and SBI Capital Markets on the US$250 million initial public offering of equity shares by Belrise Industries Limited.
• ICICI Securities, Citigroup, JM Financial, Nuvama, and SBI Capital Markets on the US$150 million initial public offering of equity shares by Ajax Engineering Limited.
• Kotak Mahindra, Morgan Stanley, Jefferies, and Motilal Oswal on the US$350 million initial public offering of equity shares by Dr. Agarwal’s Health Care Limited.
• Kotak Mahindra and IIFL Capital on the US$350 million qualified institutions placement of equity shares by Mankind Pharma Limited.
• Kotak Mahindra, ICICI Securities, Jefferies, J.P. Morgan, Morgan Stanley, and Intensive Fiscal Services on the US$945 million initial public offering of equity shares by Vishal Mega Mart Limited. Named “Deal of the Year” 2024 by India Business Law Journal and “Best IPO: India” at the FinanceAsia Achievement Awards 2025.
• Brookfield India Real Estate Trust on its US$415 million qualified institutions placement of units, 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. 
• IIFL Securities and CLSA on the US$35 million initial public offering of equity shares by Unicommerce eSolutions Limited.
• ICICI Securities, Axis Capital, Citigroup and Ambit on the US$220 million initial public offering of equity shares by Akums Drugs and Pharmaceuticals Limited.
• IRB Infrastructure Trust and IRB Infrastructure Developers on its
  • US$345 million fast-track rights issue of units, the proceeds of which were used for investment in a toll-road project in the Indian state of Telangana. This was the first such offering by a privately placed and listed InvIT in India.
  • US$270 million fast-track rights issue of units, the proceeds of which were used for investment in toll-road projects in the Indian states of Uttar Pradesh, Rajasthan, and Madhya Pradesh.
  • US$800 million acquisition of units of the InvIT and shares of the investment manager of the InvIT by Cintra (a subsidiary of the Ferrovial group) from affiliates of GIC Singapore. 
  • Listing of the units of the InvIT on the National Stock Exchange of India. This was the second such listing of units of a previously unlisted InvIT on the stock exchanges in India.
  • US$255 million equity and debt investment by IRB Infrastructure Developers and an affiliate of GIC Singapore in a toll-road project in the Indian state of Uttar Pradesh.
• Citigroup and J.P. Morgan, the placement agents on the US$630 million initial offering of ordinary units of the Cube Highways Trust. Named “Deal of the Year” 2023 by India Business Law Journal.
• Axis Capital, Ambit, HSBC and SBI Capital Markets, the placement agents, on the US$80 million institutional placement of units by India Grid Trust. This was the first such offering by a publicly offered and listed InvIT in India.
• Gandhar Oil Refinery (India) onits US$60 million initial public offering of equity shares, underwritten by Nuvama and ICICI Securities.
• IRB InvIT Fund on its US$40 million acquisition of a toll-road project in the Indian states of Gujarat and Maharashtra.
• Kotak Mahindra, BofA Securities, Goldman Sachs, DAM Capital, BOB Capital, and SBI Capital Markets on the US$180 million initial public offering of equity shares by Glenmark Life Sciences.
• Data Infrastructure Trust (co-sponsored by the Brookfield Corporation and Reliance group) on InvIT-related matters on its US$2 billion acquisition of American Tower Corporation’s operations in India.

*Some of the above matters were handled prior to joining Sidley.