US$56 million IPO of the first dairy company to list in India and US$42 million IPO of Power Mech Projects Limited; one of the most subscribed offerings in India in 2015
Squire Patton Boggs in Singapore has announced that it has advised on a brace of transactions; advising on the US$56 million Initial Public Offering (IPO) of Prabhat Dairy Limited, the first Indian dairy company to list publicly, and the US$42 million IPO of Power Mech Projects Limited, one of the most subscribed offerings in India this year.
Singapore-based corporate partner Biswajit Chatterjee, advised the underwriters Macquarie Capital Securities, Edelweiss Capital and SBI Capital on US and international law aspects of the US$56 million IPO of Prabhat Dairy Limited. On the US$42 million IPO of Power Mech, Mr. Chatterjee advised the underwriters Kotak Mahindra Capital, India Infoline and Motilal Oswal Investment Advisors, on US and international law.
Mr. Chatterjee was supported on both transactions by associate Krishna TJ.
Prabhat Dairy is one of the largest producers and consumers of dairy products in the world. The company is backed by private equity investors - India Agribusiness Fund, which is Rabobank's India-focused private equity firm, and Proparco, the private sector investment arm of Agence Française de Développement (AFD), both of whom sold some of their shares through the IPO.
Cyril Amarchand Mangaldas advised Prabhat Dairy on Indian law issues. The selling shareholders were advised by J. Sagar Associates.
Founded in 2009, Power Mech Projects Limited is one of India’s leading integrated power infrastructure services companies, providing engineering services to the power sector, including the construction, testing and commissioning of boilers, turbines and generators.
The Power Mech offering was oversubscribed 37 times, and received bids for 113.46 million shares compared with the total issue size of 2.99 million shares. This was the third most subscribed offering in India in 2015.
Luthra and Luthra Law Offices advised on Indian law issues, while Power Mech was advised by K Law.
Squire Patton Boggs was also involved in the VRL Logistics IPO earlier this year, which was the most subscribed offering in the last 10 years, oversubscribed by 75 times.