Seven law firms assisted various parties involved in the Samhi Hotels IPO on the NSE and BSE, raising USD164 million for the Indian hospitality giant.
Samhi saw a five-fold oversubscription of shares in the IPO, which comprised a fresh issue of USD144 million worth of stock and the sale of USD20.4 million of equity from existing stakeholders including Blue Chandra, Goldman Sachs Investments Holdings (Asia), GTI Capital Alpha and International Finance Corporation (IFC).
Shardul Amarchand Mangaldas & Co advised Samhi, which is one of India’s leading hotel and asset managers. It operates the Marriott, Hyatt and IHG brands, with a portfolio of 31 hotels across 14 cities in India.
IndusLaw advised the book running lead managers JM Financial and Kotak Mahindra Capital on India law matters. Partners Vishal Yaduvanshi and Puneet Passi led the transaction team, with the assistance of senior associate Radhika Pandey, associates Pranav Gupta, Abishek Sankar, Anuj Gupta, Aditi Khandelwal, Divyanshu Singh and Rukman Banka.
Sidley Austin acted as international lead counsel and advised on US federal securities law for the book running lead managers.
JSA assisted Blue Chandra, Khaitan & Co advised GTI Capital Alpha and AZB & Partners acted for Goldman Sachs Investments. AZB’s partners Varoon Chandra and Lionel D’Almeida led the team with the assistance of senior associate Bharat Mordani.
Cyril Amarchand Mangaldas (CAM) advised IFC. Gokul Rajan, partner and regional head markets practice (northern region) led the CAM team with partners Vishwanath Pratap Singh and Aashima Johur. Senior associate Nikhil Variyar supported them.
Funds raised from the IPO will be used to pay debts held by Samhi and its subsidiaries as well as support general corporate purposes.