Cyril Amarchand Mangaldas has advised Avenue Supermarts Ltd (ASL), owner of the Indian supermarket chain D-Mart, on its $285 million IPO on the Bombay Stock Exchange (BSE).
Herbert Smith Freehills and Luthra & Luthra were also involved in the transaction, serving as international counsel and local counsel, respectively, to a nine-bank syndicate that underwrote the IPO. The bank syndicate included Kotak Mahindra Capital, Axis Capital, Edelweiss, HDFC, ICICI Securities, Inga Capital, JM Financial, Motilal Oswal and SBI Capital.
According to a media statement, the shares opened at a premium of more than 100 percent on their trading debut, the highest listing premium for any Indian IPO in the last decade. ASL’s debut on BSE is also the biggest IPO in the country since PNB Housing Finance’s IPO last year, according to Reuters.
India's IPO market had its best year in six in 2016 with $4 billion worth of share sales, led by a $900 million issue in ICICI Prudential Life Insurance, India’s largest private-sector life insurer, reported Reuters. The momentum is expected to continue this year, especially after the government's plan to list $1.6 billion worth of stakes in state-run insurers.
Partners Yash Ashar, Nikhil Naredi and Abhinav Kumar handled the IPO for CAM. Partner Siddhartha Sivaramakrishnan led the HSF team while Luthra partner Manan Lahoty oversaw the transaction for the firm.
