INDIA (DOMESTIC FIRMS): An Introduction to Capital Markets: Equity
Shardul Amarchand Mangaldas & Co houses an industry leading capital markets team that is sought after by both banks and companies for its expertise and extensive experience. Its highly reputed lawyers and its extensive capital markets bench strength allow the firm to provide sophisticated advice on a comprehensive array of debt and equity transactions, consistently acting on headline mandates in India. The team's focal points range from high-value IPOs, secondary offerings, QIPs and overseas and Indian debt offerings. It is also sought after for its experience on REIT and InvIT listings and block trades.
The last two years have witnessed the evolution of the Indian capital markets from being reliant on inflows from foreign institutional investors and subject to the volatilities of the international markets, to a market dominated by domestical institutional and retail support. While the global equity markets have subdued during this period, the Indian equity markets have been robust, supported by a resilient domestic economy, government investments in public infrastructure and development of new-age sectors such as consumer internet, fintech, SaaS and renewable energy. The government of India and SEBI’s initiatives to develop REITs and InvITs (Infrastructure Trusts) as an investment product have also seen significant vibrancy, with listings by commercial and retail-focused REITs, as well as renewable energy, roads and warehouse focussed InvITs, in both equity and onshore debt.
During this period, Shardul Amarchand Mangaldas & Co has advised on some of the largest and most complex transactions across sectors with its keen knowledge of changing market requirements being routinely sought out to assist with evolving regulatory requirements and concerns. The firm has notably advised on the three largest Indian IPOs in India, and some of its prominent recent transactions include IPOs by Mankind Pharma Limited, Delhivery Limited, the Life Insurance Corporation of India Limited, Sula Vineyards, as well as having advised Brookfield India REIT, Virescent Renewable Energy Trust and NDR InvIT Trust on their capital markets fundraising transactions. It has also acted on most of the significant transactions by new-economy companies, including One97 Communications Limited (Paytm), PB Fintech (PolicyBazaar), Freshworks Limited, Ideaforge Technology Limited, CE Info Systems Limited (MapMyIndia) and Rategain Travel Technologies.
Shardul Amarchand Mangaldas & Co is also very active in the debt markets, which includes overseas bond offerings; Indian listings of publicly issued or privately placed non-convertible debentures; structured finance transactions; and issuance and listing and restructurings of Foreign Currency Convertible Bonds (FCCBs). While both the international and onshore debt markets have been impacted by an inflated interest rate environment, the firm has advised on the largest bond offering by an Indian group, the first TLB debt offering by an Indian corporate as well as the largest FCCB offering. The firm has played an instrumental role in shaping the transactional landscape of REIT and InvITs in their debt offerings in the country with its specialised debt markets team having advised on every debt issuance by a REIT in India.
Its work is frequently recognised in respected industry publications and rankings. Shardul Amarchand Mangaldas & Co was ranked first (by deal count) in the Bloomberg India Capital Markets League Tables 2022; is ranked "Band 1" by Chambers and Partners; recognised as "Outstanding" for capital markets practice Asialaw Profiles; ranked in the top tier by IFLR1000 for capital markets; and ranked in the top tier in 2023 for capital markets. Prashant Gupta, the national practice head of the firm’s capital markets practice, has been recently recognised among ALB Asia’s Top 15 Capital Markets Lawyers 2022 and in the prestigious "ET 40 under Forty" list of Indian business leaders in 2019 by the Economic Times. Nationally, its Capital Markets Practice has over 50 dedicated lawyers led by partners based in Mumbai, New Delhi and Bangalore.