Cyril Amarchand Mangaldas (CAM), Khaitan & Co and Linklaters have assisted on Bajaj Housing Finance’s INR65.6 billion (USD786 million) IPO on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).
“The Bajaj Housing Finance IPO was a landmark deal and a true testament to being one of the largest and most successful and oversubscribed deals in Indian capital markets, and specifically the overwhelming response shown by retail and institutional investors, even with an aggregate issue size of USD786 million,” said Reuben Chacko, a partner at CAM.
“It was very well received by the market having received bids worth INR3.2 trillion and having oversubscribed 63.61 times. We acted as the counsel to Bajaj Housing Finance and Bajaj Finance on this public issue.”
The current offering of 936.5 million equity shares comprised a fresh issue of 508 million shares valued at USD426 million and Bajaj Finance offering 428.5 million shares for sale, amounting to USD359 million.
Chacko and senior partner Yash J Ashar led the CAM team, ensuring compliance with regulatory requirements and facilitating a smooth listing on the NSE and BSE. Principal associate Aniran Ghoshal and associates Surya Rajkumar, Nitesh Mishra, Dhruv Sharma, Tara Thakur and Julia Joseph also supported the team.
Partners Bharath Reddy and Sindhushri Badarinath, with associates Abhishek Jain and Jay Sharma, advised on matters relating to the employee stock ownership scheme.
Khaitan & Co and Linklaters counselled on Indian and international law, respectively, for the book running lead managers, Kotak Mahindra Capital Company, BofA Securities India, Axis Capital, Goldman Sachs (India) Securities, SBI Capital Markets, JM Financial and IIFL Securities.
The Khaitan deal team comprised partners Abhimanyu Bhattacharya and Thomas George, counsel Nagashayana Srinivasaiah, and associates Pooja Agarwal, Aadhya Singh, and Mitluv Semwal.
Partner and head of the India practice Amit Singh led the Linklaters team, with the support of counsel Joseph Wolpin, managing associate Anandee Banerji and associate Rushil Oberoi.
Bajaj Housing Finance, whose shares begin trading on the NSE and BSE on 16 September, is a subsidiary of Bajaj Finance, providing mortgage loans to individuals and corporate entities for purchasing or renovating homes or commercial spaces. It also offers loans against property and working capital for business expansion.
