Shardul Amarchand Mangaldas advises One 97 Communications Limited (Paytm) on India’s largest initial public offering of USD 2.4 billion
December 23, 2021
Shardul Amarchand Mangaldas & Co advised One 97 Communications Limited on its initial public offering including an offer for sale by Ant Financial, Alibaba, Softbank, Elevation Capital, Berkshire Hathaway, founder Vijay Shekhar Sharma and others. The deal is valued at ₹18,300 crore (USD 2.4 billion approximately) and is the largest IPO in India so far, breaking the record set by Coal India’s ₹15,200 crore IPO in 2010.
The capital markets team was led by Prashant Gupta – Partner and National Practice Head; Sayantan Dutta, Partner; Ruth Chenchiah, Principal Associate; Sanjana Chowdhry, Senior Associate; and Jayant Bhardwaj, Associate. The corporate matters team was led by Raghubir Menon, Regional Practice Head – Mumbai, M&A and Private Equity, General Corporate; Ekta Gupta, Partner; and Tanya Choudhary, Senior Associate. The fintech advisory team was led by Shilpa Mankar Ahluwalia, Partner; and Akshita Agrawal, Principal Associate.
Latham & Watkins LLP advised One 97 Communications Limited on international legal aspects. Khaitan & Co. and Shearman & Sterling LLP advised Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited and HDFC Bank Limited on Indian legal and international legal aspects, respectively.