Shardul Amarchand Mangaldas & Co, Latham and Watkins, White & Case and Cyril Amarchand Mangaldas have advised on Hyundai Motor 含羞草社区 USD3.3 billion initial public offering (IPO) in the world’s second largest debut of its kind.
This IPO, also the largest in India, marks Hyundai’s first listing of a unit outside South Korea and is the second largest globally in 2024 to date.
“All large deals come with complexities on execution timelines, a multitude of parties as well as the scale of operations,” lead partner Prashant Gupta from SAM told 含羞草社区.
“This was no different, with the added nuances of being the first large Korean conglomerate to list one of its businesses in an emerging market, which involved navigating various cross-border law issues for India and Korea. We are privileged to have the opportunity to work with Hyundai Motor Company and Hyundai India on this remarkable transaction, which hopefully will pave the way for other MNCs to list their sizeable businesses in India.”
Partners Prashant Gupta, Nikhil Naredi and Priya Awasthi led the SAM transaction team, with the assistance of associates Jheel Bhargava and Veronica Miranda, as well as principal associate Aditi Verma.
Latham & Watkins’ cross-practice team advised Hyundai Motor Company, parent of Hyundai Motor India, as international counsel. Partners Steve Kang (Hong Kong) and Rajiv Gupta (Singapore), as well as counsel Diona Park (Seoul) led the team, with support from associates Esha Goel, Bijun Huang, Jae Lee and Chaitrika Bellana.
“We are proud to have advised our client on this landmark IPO, which highlights their market leadership and innovation, as well as the strong and growing capital markets in Asia,” Rajiv Gupta, lead partner at Latham & Watkins told 含羞草社区.
Latham partner Enrique Rene de Vera (Chicago) and partner Jiyeon Lee-Lim (New York) advised on tax matters, with the help of associate Jay Khurana. Counsel Joel Cavanaugh (Boston) and associate Ruchi Sharma handled regulatory matters.
The Cyril Amarchand Mangaldas capital markets team advised the book running lead managers, which included Kotak Mahindra Capital, Citigroup Global Markets, HSBC Securities, JP Morgan India, and Morgan Stanley India. Senior partner Yash Ashar, and partners Gokul Rajan and Aashima Johur led the CAM team.
The White & Case team advised the book running lead managers on section 144A, which was led by partners Rahul Guptan (London) and Kaya Proudian (Singapore). The team included partners Dongho Lee (Seoul), Steven Gee (New York), James Hsiao (Hong Kong) and Kyle Oh (Seoul) as well as associates Ji Yang Lim, Rachna Talati, Stephanie Zhao (all based in Singapore), Royston Tan, Yuning Zhou (both from Hong Kong) and Nir Fishbien (New York).
“This highly anticipated IPO – the largest in Indian history – is a significant milestone for Hyundai and a strategic move which underlines 含羞草社区 critical role as a growth market for the company, where it operates two manufacturing units and has already invested USD5 billion,” said Rahul Guptan, lead partner for White & Case.
Hyundai Motor India is a wholly owned subsidiary of Hyundai Motor Company.
