Cyril Amarchand Mangaldas has advised LEAP India on the initial public offering (IPO) of its equity shares aggregating to INR 2,480 crore. Shardul Amarchand Mangaldas & Co. and A&O Shearman acted as domestic and international legal counsel to the Book Running Lead Managers on this transaction.
The BRLMs on this IPO included JM Financial, Avendus Capital, IIFL Capital Services and UBS Securities India.
The Offer comprised a primary issuance by the Company, along with an offer for sale by Vertical Holdings II Pte. Ltd and EIA KBT Scheme 3 (acting through its trustee, Catalyst Trusteeship Limited).
The IPO was subscribed 8.38 times overall, with the qualified institutional buyers’ portion subscribed 16.84 times, the non-institutional investors’ portion 12.64 times and the retail individual investors’ portion 1.71 times.
LEAP India Limited is the largest on-demand asset pooling provider in India’s supply chain management sector (based on the number of pooled assets). Vertical Holdings II Pte. Ltd., one of the Promoters of the Company, is an affiliate-fund of Kohlberg Kravis Roberts & Co. L.P. (KKR).
The transaction is the first IPO by a KKR-promoted company in India.
CAM’s transaction team was led by partner (regional co-head – capital markets – west) Devaki Mankad, and partner Anshul Roy, with support from principal associate Akash Joshi, senior associates Adwait Deshmukh and Abishek Sankar, and associates Divyanshu Singh, Archit Jain and Harsha Menon.
The SAM team was led by partner Sayantan Dutta, and comprised principal associate Romit Raja Srivastava, and associates Pavitra Dubey and Anoop Mukundan.
The A&O Shearman team was led by partners Pallavi Gopinath Aney and Mark Leemen with support from Serena Upadhyay and Rajshree Agarwal.
