AZB & Partners has represented BSE (formerly known as Bombay Stock Exchange) on its $184 million IPO, with Clifford Chance and Nishith Desai & Associates advising the underwriters.
The IPO is said to be the first listing of a stock exchange in India and was oversubscribed by 51 times.
Founded in 1875, BSE is the oldest stock exchange in Asia. It is expected to benefit from growing retail investments into mutual funds as well as government efforts to channel more pension money into stocks, reported Reuters. The government also scrapped old high-value banknotes, resulting in an uptick in bank deposits. This, in turn, has boosted hopes that some of these savings would go to financial markets.
Reuters also noted that BSE's bumper listing bodes well for larger competitor National Stock Exchange, which has filed for an IPO that could happen in mid-2017 and raise as much $1 billion, according to bankers.
Partners Varoon Chandra and Lionel D’Almeida handled the transaction for AZB. The Clifford Chance team, which served as international counsel, was led by partners Rahul Guptan and Johannes Juette.
