Cyril Amarchand Mangaldas has advised Indian food delivery giant Zomato on its $1 billion equity offering through a qualified institutional placement of shares, with Shardul Amarchand Mangaldas & Co and Latham & Watkins advising the bookrunning lead manager Morgan Stanley India.
The QIP, which comprises a further issue of 33,64,73,755 equity shares, is the largest QIP in India in 2024, alongside that of Vedanta, on which CAM, Khaitan and Linklaters advised. Zomato is also the first QIP by a new-age technology company in India.
Given the bullish sentiment in India’s stock markets this year, QIPs have become an attractive route to raise capital across sectors. Fundraising through qualified institutional placements (QIPs) has reached an all-time high in 2024, surpassing the 100 billion rupees for the first time ever in a calendar year. In 2024 till date, 82 companies have raised around $14 billion through QIPs to set a new benchmark.
The CAM team was led by partners Yash Ashar and Aashima Johur, and included principal associate Amitpal Singh and associates Dhawal Nirash, Anomitra Debnath, Kanika Bhakhna, and Abhinav Singh Chauhan.
The SAM capital markets team was led by national practice head Prashant Gupta and included principal associate Sanjana Chowdhry and associates Shivang Agarwal, Kuldeep Bishnoi and Jayant Saxena. Partner Sayantan Dutta also assisted on the deal.
The Latham team was headed by partner Rajiv Gupta.
