Six law firms have advised on online food delivery company Swiggy’s INR113.3 billion (USD1.35 billion) IPO on 13 November 2024 on the Bombay Stock Exchange and the National Stock Exchange of India, marking the country’s second-largest debut in 2024 to date.
Cyril Amarchand Mangaldas served as Indian legal counsel to Swiggy and some of the shareholders selling their shares.
Partners Yash Ashar and Gokul Rajan led the CAM transaction team, with support from associates Rushab Dhandokia, Adwait Deshmukh, Urmil Shah, Khushi Maheshwari, Lajja Mehta, Tanishq Mohta, Eesha Tirodkar and Gaurav Lalwani.
The CAM team advising the shareholders included partners Manan Lahoty, Vishal Yaduvanshi, Abhiroop Lahiri, Puneet Passi, Medhashree Verma and Rishi Nandkeolyar. Additionally, the deal team received support from partner Rutu Gandhi.
The team from Shardul Amarchand Mangaldas & Co assisted Swiggy’s largest shareholder, Prosus. Partners Prashant Gupta and Ruth Chenchiah led the team, with assistance from principal associate Sanjana Chowdhry.
JSA advised three other shareholders selling their shares, with partners Arka Mookerjee and Pracheta Bhattacharya leading the team, and senior associate Sourav Modi assisting.
AZB & Partners advised the book running lead managers, which included Kotak Mahindra Capital, JP Morgan India, Citigroup Global Markets India, BofA Securities India, Jefferies India, ICICI Securities and Avendus Capital.
“It is the first successful IPO which commenced via the confidential route and also demonstrated an extremely pragmatic approach from the SEBI [Securities and Exchange Board of India] throughout the process,” Lionel D’Almeida, lead partner on the AZB team, told India Business Law Journal.
Other AZB team members comprised senior partner Varoon Chandra, senior associates Sweta Ananthanarayanan, Aratrika Choudhuri and Anusha Mehta, as well as associates, Tanaiy Tewari, Harsh Vardhan Singh and Damini Mathur.
Latham & Watkins acted as sole international counsel on the deal, advising the book running lead managers for the IPO.
Singapore partner Rajiv Gupta and Washington DC-based partner Nicholas Boyle led the Latham team, with assistance from associates Esha Goel and Kay Howe Lee in the Lion City. Partners Enrique Rene de Vera in Chicago and Jiyeon Lee-Lim in New York, with associate Nicholas Shangpu Sun, provided US tax advice. Chicago partner Laura Ferrell advised on 1940 Act matters, while Los Angeles partner David Taub and Washington DC partner Les Carnegie advised on Employee Retirement Income Security Act and sanctions matters, respectively.
Khaitan & Co acted as Indian legal counsel to Baron Emerging Markets Fund in its sale of 1,241,816 shares valued at INR484.31 million as part of the Swiggy IPO.
The core team included partners Moin Ladha, Thomas George, counsel Nagashayana S, principal associate Srijanee Bhattacherjee, senior associate Tanish Prabhakar, and associate Pooja Agarwal.
Swiggy is a leading player in the online food delivery and quick commerce sector, and the second such industry player to go public, following Zomato’s IPO in 2021.
