Crawford Bayley & Co, Duane Morris & Selvam and JSA are advising on Online Instruments’ (India) proposed NSE and BSE initial public offering, expecting to raise INR7.5 billion (USD77.49 million).
The offering comprises a fresh issue of equity shares of up to INR7.5 billion and the sale of up to 5.71 million existing shares with a face value of INR2 each.
“The promoters and senior management stepped in at key junctures to provide guidance and hands-on execution. Addition of key members such as the CFO, who had prior experience, helped smooth the process,” said lead partner Arka Mookerjee from the JSA team.
JSA partner Pracheta Bhattacharya said, “Due to a member of the promoter group declining to provide confirmations and be named as a PG, the deal team had to apply to the SEBI [Securities and Exchange Board of India] for an exemption from disclosure of a member of the family as a promoter group.
“Given the recent guidance from the SEBI on disclosures, we were able to guide the team on the approach to seeking an exemption, including demonstrable attempts to procure necessary confirmations from the relevant parties.”
Mookerjee is leading the JSA team with support from partner Bhattacharya, principal associate Arjun Rastogi, as well as senior associates Bhavna Sancheti and Jeebitesh Bhattacharya, and associates Shreya Sharma, Aditya Sureka, Bernedict Rozario, Ishika Jain and Sourav Jena.
Crawford Bayley & Co and e Duane Morris & Selvaml acted for the book running lead managers.Bengaluru-based Online Instruments (India) provides audiovisual services and solutions to help businesses communicate, connect and collaborate.
