Cyril Amarchand Mangaldas (CAM), Trilegal and Sidley Austin have guided parties involved in the National Stock Exchange (NSE) of India’s landmark USD2.36 billion (INR225.62 billion) initial public offering.
The IPO is the largest in India in 2026, the biggest financial services listing in the country and the second-largest in the nation to date. The listing involved exsiting shareholders offering 126,436,650 equity shares for sale. The shares were listed on the BSE in September 2026.
CAM advised the NSE and its board.
“[The] NSE is a front-line regulator with special laws governing it,” Yash Ashar, senior and lead partner for CAM, told India Business Law Journal.
“It already follows many requirements of being a listed company. Additionally, prior to the IPO it had a professional board and a very diverse shareholding. Managing all the stakeholders was a key part of the process. We were assisted by the professional management of NSE and the syndicate.
“Ensuring an adequate number of shares to be sold from the diverse pool of shareholdings was a key commercial consideration. Fortunately, there were adequate shares being sold.
“Given the size and the geopolitical considerations, timing was key. We are glad that we could assist in such a landmark transaction for the country.”
The CAM team comprised Ashar, partners Manan Lahoty, Devaki Mankad, and Oishika Dasgupta, with support from principal associate Rishav Buxi, senior associates Vartika Bhatnagar and Abishek Sankar, and associates Arjun Badola, Aditya Maheshwari, Gaurav Lalwani, Khushi Parekh, Rishika Saraswat and Sajal Soni. Managing partner Cyril Shroff and senior partner L Viswanathan provided strategic guidance.
Trilegal advised certain NSE shareholders on the IPO. The listing provided the NSE’s more than 200,000 shareholders with an opportunity to participate as selling shareholders. A syndicate of 19 book-running lead managers worked on the IPO.
Partners Richa Choudhary and Maitreya Rajurkar led the Trilegal team, with senior associate Sanya Chaudhari and associate Siddhant Mishra.
Sidley Austin advised the book-running lead managers and the marketing book-running lead managers on the IPO, which included Kotak Mahindra, JM Financial, Morgan Stanley, Citigroup, HSBC, JP Morgan, Anand Rathi, Avendus, Axis Capital, DAM Capital, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital, IIFL Capital, Motilal Oswal, Nuvama, Pantomath and 360 ONE WAM. SBI Capital Markets acted as the marketing book-running lead manager.
Partners Manoj Bhargava and Sam Gandhi led the transaction team, which included counsel Rachna Talati, managing assoicates Dhanush Dinesh, Oindree Bandyopadhyay and Siddharth Urs, as well as legal manager Taran Narula (capital markets). Partners Prabhat Mehta (capital markets), Carla Teodoro (investment funds), Robert Kreitman and senior managing associate Andy Lau (tax); and partner Maura Rezendes and managing associate Ben Vallimarescu (global arbitration, trade and advocacy).
