Sidley acted as international counsel to ICICI Securities, DAM Capital, Jefferies, Nomura, Nuvama, and SBI Capital Markets, the book-running lead managers, on the US$645 million initial public offering (IPO) and US$350 million associated, pre-IPO sale of equity shares in Afcons Infrastructure Limited.
Afcons Infrastructure is the flagship infrastructure, engineering, and construction company of the Shapoorji Pallonji group, a diversified Indian conglomerate, and has a legacy of over six decades. Afcon Infrastructure has undertaken many complex, challenging, and first-of-its-kind infrastructure projects globally, including the world’s tallest single-arch railway bridge and the world’s longest highway tunnel.
This marks the largest IPO by an Indian infrastructure company, the largest IPO by an Indian construction company in the past two decades, and among the largest IPOs in India for 2024 to date.
The substantial market interest and confidence in Afcons Infrastructure underscore the company’s robust business model and promising growth prospects. The funds raised are to support critical infrastructure projects, contributing to India’s overall development goals.
Partner Manoj Bhargava and counsel Shashwat Tewary spearheaded the Sidley team, which included Harekrishna Ashar, Sarangan Rajesh Kumar, and Edward Lee, with support from Carla G. Teodoro, Nicholas R. Brown, Daniel O’Shea, Alvin Wang, and Morgan Ross.
The firm’s market leadership in India-related matters has been widely recognized, with Sidley being named as a Top Foreign Law Firm for work in India by the India Business Law Journal in 2024 for the seventh year running. Sidley has continued to advise on innovative, “market first” equity offerings in 2024, including of FirstCry, Medi Assist Healthcare, and Vodafone Idea.
Sidley was also named “Securities Firm of the Year” at Law.com International’s Asia Legal Awards 2024, underscoring the firm’s preeminence in securities offerings.
