Khaitan & Co was legal counsel to Bengaluru-based tech services company Happiest Minds Technologies in its recent ₹7 billion (US$95 million) initial public offering (IPO), which was oversubscribed nearly 151 times.
Cyril Amarchand Mangaldas (CAM) was legal counsel on Indian law and Herbert Smith Freehills was international legal counsel to the two book running lead managers, ICICI Securities and Nomura.
Expressing his delight at being associated with what he described as a “blockbuster IPO”, Thomas George, one of two partners at Khaitan & Co who advised on the deal, told India Business Law Journal that it was “completely handled remotely and digitally”. Khaitan & Co’s team also comprised partner Rajiv Khaitan, senior associate Suman Prabhu and associate Prathiksha Panduranga.
CAM’s team was led by partner Vijay Parthasarathi and included principal associate Shivani Satyarthi, and associates Akshay Ralhi and Sowmya Khandelwal.
Herbert Smith Freehills’ team was led by its Singapore-based partner, Siddhartha Sivaramakrishnan, assisted by associates Elizabeth Bramon and Amanda Tay.
“While India remains a complex market that requires experienced advisers, I believe that the interest in this IPO in particular will rapidly increase global investment into India in this sector,” said Sivaramakrishnan.
The IPO opened on 7 September and listed on the Bombay Stock Exchange and the National Stock Exchange of India on 17 September. The offer was a combination of a fresh issue of ₹1.1 billion and an offer for sale by the promoter and an investor aggregating to ₹5.9 billion.
The proceeds from the fresh issue are expected to fund the company’s long-term working capital requirements, and also be used for general corporate purposes.