Cyril Amarchand Mangaldas acted as the Indian legal counsel to Shiprocket on the initial public offering of its equity shares of face value of INR 10 each of Shiprocket, aggregating to INR 1,617 crore. Khaitan & Co advised the Selling Shareholders on this transaction. Shardul Amarchand Mangaldas & Co and Latham & Watkins acted as the domestic and international counsels to the book running lead managers on this IPO.
The offer comprised a fresh issue of equity shares aggregating to INR 885.5 crore and an offer for sale of 75,462,363 Equity Shares aggregating to INR 731.9 crore by certain selling shareholders, including LR India Fund I S.a.r.l. SICAV-RAIF, Tribe Capital III, LLC – Series 1, MCP3 SPV LLC, Moore Strategic Ventures, LLC, Agility International Investment L.L.C., 500 Startups III, L.P., Saahil Goel, Gautam Kapoor and Vishesh Khurana.
The BRLMs to the offer were Axis Capital, BofA Securities India, JM Financial, and Kotak Mahindra Capital Company.
The equity shares offered pursuant to the offer were priced at INR 97 per equity share (with a discount of INR 9 per Equity Share to eligible employees bidding in the employee reservation portion) and comprised a reservation of 113,636 Equity Shares aggregating to INR 10.00 million for subscription by eligible employees of Shiprocket.
The offer was oversubscribed 102.28 times.
CAM also advised Saahil Goel, Gautam Kapoor and Vishesh Khurana (Individual Selling Shareholders) on their participation in the Offer for Sale component of the offer.
CAM’s transaction team which advised the Company included senior partner Yash J. Ashar, and partner Aashima Johur, with assistance from principal associate Mihir Mathur, senior associate Rishi Nandkeolyar, and associates Kanika Bhakhna, Abhinav Singh Chauhan and Shvabh Chakarwarti.
The team advising Individual Selling Shareholders comprised partner regional co-head capital markets – north Vishal Yaduvanshi, partner Amitpal Singh, and associate Ritvik Maheswari. Partner Bharath Reddy with assistance from associate Aarav Prasad, assisted in drafting the ESOP scheme of Shiprocket and related advisory.
Khaitan’s deal team included partners Gautham Srinivas and Vaibhav Mittal.
The SAM team was led by national practice head – capital markets Prashant Gupta, and partner Sayantan Dutta, and comprised senior associate Shivang Agrawal, and associates Aryan Singh, Deeksha Dhingra and Satakshi N Dixit.
