7 Asian Legal Business | October 2024 DEALS $1.2 bln NTPC Green Energy’s IPO Deal: IPO Firms: JSA Advocates & Solicitors; Trilegal Jurisdiction: India $1.07 bln Panasonic Connect’s strategic partnership with ORIX Deal: M&A Firms: Bayfront Law; Nishimura & Asahi; Walalangi & Partners; WM Leong & Co Jurisdiction: Japan $900 mln IHH Healthcare’s acquisition of Island Hospital Deal: M&A Firm: A&O Shearman Jurisdiction: Malaysia $782 mln Bajaj Housing Finance’s IPO Deal: IPO Firms: Cyril Amarchand Mangaldas; Khaitan & Co; Linklaters Jurisdiction: India $3.5 bln Midea Group’s IPO Deal: IPO Firms: Freshfields Bruckhaus Deringer; Jia Yuan Law Offices; King & Wood Mallesons; Shihui Partners; Skadden, Arps, Slate, Meagher & Flom Jurisdictions: China, Hong Kong Chinese home appliance giant Midea Group’s recent $3.5 billion initial public offering on the Hong Kong Stock Exchange has sparked renewed interest in the city’s IPO market. According to Reuters, the offering by the Shenzhen-listed Midea would be the biggest in Hong Kong since JD Logistics raised $3.16 billion in May 2021. The deal eclipses Hong Kong’s most recent biggest deal, by Chinese lithium battery maker CALB, which raised $1.3 billion in October 2022. The company’s successful listing is seen as a positive sign for Hong Kong’s financial sector, which has faced challenges in recent years due to economic uncertainties and geopolitical tensions. Midea’s IPO is viewed by many analysts as a potential catalyst for revitalizing investor confidence and attracting more high-profile listings to Hong Kong. This development could help reinforce Hong Kong’s position as a key global financial hub and potentially lead to a turnaround in the city’s IPO market performance. Particularly, other large Chinese firms might be encouraged to list in Hong Kong, especially given the increased scrutiny they face in US markets. Businesses from Southeast Asia or other parts of the region might also turn to Hong Kong once again as an attractive option for raising capital. $771 mln Samvardhana Motherson’s QIP Deal: ECM Firms: Cyril Amarchand Mangaldas; Khaitan & Co; Linklaters Jurisdiction: India $694 mln Bain’s acquisition of Red Baron Group Deal: M&A Firms: Anderson Mori & Tomotsune; Nishimura & Asahi; Ropes & Gray Jurisdiction: Japan, U.S. $600 mln Actis Capital’s investment in Terra Solar project Deal: M&A Firms: Latham & Watkins; Milbank; SyCip Salazar Hernandez & Gatmaitan Jurisdictions: Philippines, UK $525 mln Oravel Stays’ (OYO) acquisition of G6 Hospitality from Blackstone Deal: M&A Firms: AZB & Partners; Simpson Thacher & Bartlett Jurisdictions: India, U.S. $393 mln Mitsubishi UFJ Financial Group’s acquisition of stake in Mynt Deal: M&A Firm: Nishimura & Asahi Jurisdictions: Japan, Philippines The Briefs
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