Herbert Smith Freehills (HSF) has advised in the first ever IPO by an Indian securities depository company.
The global firm acted for a syndicate of seven banks on the US$80m Bombay Stock Exchange (BSE) listing and Regulation S offering of Central Depository Services Limited (CDSL). The offering was oversubscribed by more than 170 times, attracting the most demand for an IPO in India since 2005.
CDSL, which became the first securities depository in India to do an IPO, manages more than 12.4 million investor accounts. These accounts contain over 253 billion securities of around 9,900 issuers, with a total value of US$285bn.
HSF advised the syndicate composed of Axis Capital, Nomura, Edelweiss, SBI Capital, Haitong, IDBI, and Yes Securities.
The law firm fielded a team led by partner Siddhartha Sivaramakrishnan, who was assisted by senior associate Jin Kong, associate Rohit Anand, and trainee Ivina Suwana in Singapore. The team was supported by the firm's Alternative Legal Services business in Belfast.
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