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Amarchand, Khaitan, Jones Day on Adani Power IPO in return to boom time values

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Amarchand Mangaldas, Khaitan & Co and Jones Day have advised on India's largest initial public offer (IPO) in 18 months for Adani Power's issue, which has so far seen four-fold oversubscription and is hoped to raise between Rs 2,700 and 3,000 crore ($558m to $620m).

Amarchand Mangaldas Mumbai advised the company, which is backed by private equity house 3i.

Khaitan & Co Mumbai capital markets partner Nikhilesh Panchal led for the underwriter DSP Merrill Lynch in India.

Jones Day Hong Kong partner Jeffrey Maddox and Singapore of counsel Manoj Bhargava advised the underwriters on the international legal elements.

Adani's IPO received a lot of interest from institutional investors as the company hit the road show circuit yesterday and managed to place all of the shares allotted to the institutional buyers.

The issue is also the first IPO trialling the Securities and Exchange Board of India's (SEBI) new anchor investor rules.

The group of anchor investors, which included T Rowe Price, Sundaram BNP Paribas Mutual Fund, Credit Suisse, CLSA, AIC Advantage Fund and Ecofin, were allotted around 17.5 per cent of the total available shares.

The majority of the allotted shares for retail investors and employees are yet to be subscribed for.

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