Education company scores a first with IPO


AZB & Partners advised S Chand and Company – and three promoters and four other selling shareholders – on its recent ₹7.3 billion (US$ 113 million) IPO. The firm’s team comprised Delhi-based partners Madhurima Mukherjee and Agnik Bhattacharya and associates Prashant Kumar, Nabil Shadab and Saumya Bhargava.

S Chand and Company is a leading Indian education content company that offers around 55 consumer brands across knowledge products and services. The IPO is a first for the sector.

In a statement to India Business Law Journal, Mukherjee and Bhattacharya said: “The transaction was a challenging one also from a timing perspective with the company simultaneously acquiring a major publisher in eastern India. Further, the company has major private equity investments which resulted in high-level structuring discussions involving significant coordination between the company, private equity investors, banks and counsels, along with various discussions with SEBI on key regulatory developments.”

Cyril Amarchand Mangaldas, led by capital markets partners Yash Ashar and Gokul Rajan, acted as legal counsel to Everstone Capital, one of the selling shareholders. Everstone had picked up a 35% stake in the company in October 2012.

Shardul Amarchand Mangaldas (SAM) and Clyde & Co were legal counsel to the underwriters on Indian law and international law respectively.

SAM’s team was led by partner Prashant Gupta, head of the firm’s capital markets practice, and included partner Sayantan Dutta, senior associate Serena Upadhyay, and associates Devi Prasad Patel and S Nagashayana.