Latham & Watkins with S&R Associates and Shearman & Sterling with Amarchand Mangaldas' Delhi and Mumbai office presided over the New York initial public offering (IPO) of India's largest online travel agency MakeMyTrip, raising $70m and seeing record first-day trades.
Latham & Watkins Singapore-based partners Michael Sturrock and Rajiv Gupta led for the company on international law, with S&R Associates founding partner Sandip Bhagat advising MakeMyTrip on Indian law aspects of the IPO.
Shearman & Sterling advised the underwriters that were led by Morgan Stanley, as Amarchand Delhi partner Prashant Gupta and Mumbai partner Yash Ashar advised the banks on Indian law.
Shearman & Sterling's team was lead by Asia head and Hong Kong capital markets partner Matthew Bersani.
Offshore firm Conyers Dill & Pearman and its Mauritius partner Craig Fulton advised the company in respect of Mauritius law.
Bersani said that the IPO was "extremely positive". "It was a very smooth process, it was not difficult and didn't take very long to complete. I hope that this, combined with the fantastic after-market trading, will be generating more interest in US listings in the future."
He argued that there was a lot of interest from US investors in well-positioned Indian companies. "I do think there is often a misperception amongst some companies not just in India that the US is a difficult place to list but that couldn’t be further from the truth," added Bersani.
He also explained that a US equity listing was much more advantageous for an overseas company than an American Depository Receipt (ADR) or a Global Depository Receipt (GDR). "One positive is that you get coverage of research analysts in the US and secondly you get advantage of the massive liquidity of the US market and valuations associated with it."
Shearman's team also included New York partner Russell Sacks, counsels Sidharth Bhasin in Hong Kong, Gail Ong in Singapore and Coleen O’Mara in New York. Associates Eileen O'Pray in San Francisco, Shihani Soysa in Singapore, Daryl Chew in Singapore, Michael Blau in New York and David Curtiss in Singapore were also involved in various facets of the deal.
UPDATE 23 August: ARA LAW advised the MakeMyTrip's management executives, including the company's founder Deep Kalraand who made a partial exit in the float.