AZB, CAM, Trilegal advise on Nykaa IPO

0
54
AZB, CAM, Trilegal advise on Nykaa IPO

AZB & Partners advised FSN E-commerce Ventures, which operates beauty brand Nykaa – and its promoter selling shareholder, Sanjay Nayar Family Trust – in its recent INR53.5 billion (USD718 million) IPO.

Cyril Amarchand Mangaldas (CAM) advised the lead managers on Indian law, while Trilegal advised the investor selling shareholders and other selling shareholders, which included TPG, Two Lighthouse entities, JM Financial, Yogesh Agencies & Investments Private, Sunil Kant Munjal, and Harindarpal Singh Banga jointly with Indra Banga and others. Sidley Austin was international counsel to the lead managers.

The deal closed on 1 November with the issue oversubscribed nearly 82 times. It was one of the first IPOs by an Indian unicorn in the e-commerce retail industry and comprised a fresh issue aggregating up to about INR6.3 billion, and an offer for sale of up to 41,972,660 equity shares by the selling shareholders.

AZB & Partners’ team comprised managing partner Zia Mody, partners Varoon Chandra, Lionel D’Almeida and Roxanne Anderson, and senior associate Sweta Ananthanarayanan.

CAM’s team was led by partners Yash Ashar and Abhinav Kumar, and assisted by principal associate Rohit Tiwari, senior associate Parth Desai, and associates Jhalak Shah, Vartika Bhatnagar, and Vibham Raman.

Trilegal’s team comprised partners Richa Choudhary and Bhakta Patnaik, and associates Maitreya Rajurkar and Sanya Chaudhari. The corporate team on the transaction comprised partners Yogesh Singh and Ankush Goyal, and associate Rohan Kohli.

Sidley Austin’s team was led by its Singapore based partner Manoj Bhargava and included its New York-based partner Nicholas Brown, counsel Jeremy Wang and Carla Teodoro, and associates Aaron Massingham, Aw Jian Wei, Tyler Combest, Alvin Wang and Harekrishna Ashar.

Proceeds from the IPO and share offer are to be utilised for investment in certain subsidiaries, capital expenditures, repayments or prepayments of loans, to acquire and retain customers, and for general corporate purposes.