You are here

Herbert Smith Freehills advises bookrunners and lead managers on Avenue Supermarts’ US$567 million placement on India’s National Stock Exchange

13 February 2020 | Singapore and Hong Kong
News

Share

Leading global law firm Herbert Smith Freehills has advised the bookrunners on a half-billion US dollar institutional placement on India’s National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

NOT FOR DISTRIBUTION IN THE UNITED STATES

The placement by Avenue Supermarts raised US$567 million for the company, which operates 196 stores across India, and increased the stock’s free float on the exchange.

The firm advised bookrunners and lead managers Axis, Bank of America, HSBC, IDFC, JP Morgan, JM Financial and Kotak on the placement, which was oversubscribed eleven times.

“Avenue Supermarts has enjoyed stellar growth on the exchange since it listed in 2017, and is now one of the most valuable retail businesses internationally,” said partner Siddhartha Sivaramakrishnan, who led the firm’s team advising the bookrunners. “The strong response to the placement also reflects the growing support for consumer businesses across India and related industries such as logistics, shopping technology and food and lifestyle products.”

Siddhartha and senior associate Rohit Anand led on the transaction, assisted by senior US associate Jin Kong.  US associate Karen Liu in Hong Kong and associate Ivina Suwana at associate firm Hiswara Bunjamin & Tandjung in Jakarta also provided support.  London partner Charles Howarth advised on the UK and European ECM related aspects of the deal.

NOTICE

This document is not an offer for sale of any securities in the United States or elsewhere. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended. This document shall also not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of such securities in any country or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such country or jurisdiction.

See how we help our clients in

Equity Capital Markets

Learn More

Media Contact

For further information on this news article, please contact:

Sally Greig, Head of Communications, Asia

Hong Kong
Tel: 
+852 21014624