From left: Gokul Rajan and Sayantan Dutta
Shardul Amarchand Mangaldas & Co, Cyril Amarchand Mangaldas and Latham & Watkins have assisted on LG Electronics India’s USD1.3 billion initial public offering (IPO) of equity shares.
The IPO is open for subscription and is expected to debut on October 14 on the National Stock Exchange and the Bombay Stock Exchange.
“This is our third IPO with a Korean parent/promoter (after JNK India and Hyundai),” Sayantan Dutta, lead partner for SAM, told India Business Law Journal.
“Our experience working with the LG Korea team as well as the LG India team has been fantastic. The co-ordination that we witnessed between the Korea and the India team was exemplary, and we are very proud to have partnered with LG for their initial public offering in India.”
SAM partners Dutta, Prashant Gupta and Devi Prasad Patel led the team advising LG on the IPO, with the support of principal associate Romit Raja Srivastava as well as associates Divya Dhawan and Aryan Singh.
On the difficulties the team encountered and overcame, Dutta said, “Large multinational company IPOs come with their own challenges.
“Co-ordinating with different jurisdictions, ensuring continued compliance with applicable laws of these jurisdictions and the Indian regulations (as LG is also listed on the Korea Exchange), such as identifying the promoter and promoter group entities and finalising the offer document with several intermediaries, can be challenging.”
He added that since the firm had cross-border experience, the challenges were overcome easily.
CAM advised the bookrunning lead managers — Morgan Stanley India, JP Morgan India, Axis Capital, BofA Securities and Citigroup Global Markets — on due diligence and regulatory matters, including issues relating to the LG India’s relationship with its South Korean corporate promoter.
“It was a great experience to be a part of this landmark transaction with LG India,” said Gokul Rajan, lead partner from CAM.
“The listing of LG India on the Indian exchanges is a sign of faith in Indian markets.”
Partners Gokul Rajan and Puneet Passi led the CAM transaction team, supported by principal associate Aniran Ghoshal, senior associates Priyanka Khetwal and Ayushi Tiwari, as well as associates Abishek Sankar, Arnab Roy, Shvabh Chakarwarti and Avni Srivastava.
Latham & Watkins served as international legal counsel to LG on the IPO.
