Cyril Amarchand Mangaldas (CAM), Latham & Watkins, Linklaters and Shardul Amarchand Mangaldas & Co (SAM) have advised on the IPO by India’s biggest electric two-wheeler manufacturer Ola Electric Mobility, raising USD730 million in one of the largest debuts on the BSE and NSE this year.
Ola is also the first electric vehicle (EV) manufacturer in the country to launch an IPO and it is also the first automaker listing in India in 20 years.
“Our experience working on a deal of this magnitude was both challenging and immensely rewarding,” Rajiv Gupta, lead partner from the Latham & Watkins team advising on international legal matters, told India Business Law Journal. “We are pleased to have assisted Ola Electric in this historic transaction, which stands as a testament to the growing strength of India’s market.”
Gupta said this deal was particularly significant and set new benchmarks. “Our experience with the client was marked by a collaborative partnership, where we worked closely to understand their unique needs and strategic goals,” he said.
“We are proud to have played a role in advancing the client’s vision for a greener, more efficient mode of transportation. The India market for IPOs is currently the most dynamic and exciting place to be, and we are delighted to be advising on the largest and most impactful deals in the country.”
Amit Singh, lead partner from Linklaters who advised the consortium of eight banks on the IPO, said, “Our team’s extensive experience in other high-profile Indian IPOs in the last few years enabled us to provide strategic insights that were crucial in navigating the complexities of the public offering process.
“I am delighted that the IPO generated significant interest and received strong demand from domestic and international investors. This public listing not only marks a significant achievement for the company but also sets a precedent in the growing Indian EV industry. We look forward to continuing to support India’s homegrown unicorns [to] access the international capital markets.”
Linklaters counsel Joseph Wolpin and associate Rushil Oberoi assisted lead partner Singh, who is also head of the India practice. SAM also acted for the bank consortium.
Latham & Watkins was the international counsel for Ola Electric. Singapore partner Gupta had the support of associates Sirada Chayabunjonglerd, Esha Goel and Chaitrika Bellana. Chicago partner Enrique Rene de Vera provided tax advice.
CAM advised Ola Electric on India law, with senior partner Yash J Ashar leading the team. Consultant Anuj Pethia, senior associates Rishav Buxi and Saurav Das, and associates Ayana Banerjee, Shashwat Solanki and Sushant Khalkho also assisted.
Partners Bharath Reddy, Sindhushri Badarinath and Shaishavi Kadakia advised on matters related to the promoter’s trust and employee compensation.
Partner Janhavi Manohar along with associate Vedansh Batwara, advised selling shareholders including Tekne Private Ventures XV, Alpine Opportunity Fund VI, and Ab Initio Capital.
The eight banks involved in the IPO are Kotak Mahindra Capital Company, Citigroup Global Markets India, BofA Securities India, Goldman Sachs (India) Securities, Axis Capital, ICICI Securities, SBI Capital Markets and BOB Capital Markets.
