Duane Morris & Selvam Advises on ESAF Small Finance Bank’s INR 4.63 Billion IPO

SINGAPORE, 28 November 2023 — Duane Morris & Selvam LLP acted as the international legal counsel to ICICI Securities Limited, DAM Capital Limited and Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited) in their capacity as the book-running lead managers on ESAF Small Finance Bank Limited’s recent INR 4.63 billion (US$56 million) IPO, which also included concurrent private placements outside India, including in the United States. The bank’s equity shares were listed on the BSE and NSE.

The IPO garnered remarkable interest from investors, with approximately 183 QIB subscriptions, around 89 NII subscriptions, approximately 18 retail subscriptions and approximately 77 overall subscriptions.

ESAF Small Finance Bank has a focus on unbanked and under-banked customer segments, especially in rural and semi-urban centres. It has a network of 700 banking outlets, 848 customer service centres (which are operated by its business correspondents), 22 business correspondents, 2,116 banking agents, 525 business facilitators and 558 ATMs spread across 21 states and two union territories in India, serving 7.15 million customers as of June 30, 2023.

Duane Morris & Selvam’s team was led by Jamie Benson, a director in the Singapore office and the head of its U.S. capital markets, U.S. venture capital and India practices, and also included Hope Krebs, a partner in Duane Morris’ Philadelphia office; Hannah Poh, a senior associate in the Singapore office; and Ming Ze Yeo, Marcus Ng and Brian Sim, associates in the Singapore office,.

“We are thrilled to have played a key role in ESAF Small Finance Bank’s successful IPO, We worked on this deal for a long time, so I am pleased to see how well it was received by the market,” said Benson.

Cyril Amarchand Mangaldas acted as Indian legal counsel to ESAF Small Finance Bank and Khaitan & Co acted as Indian legal counsel to the book running lead managers.

About Duane Morris & Selvam LLP

Duane Morris & Selvam LLP is the joint law venture between Duane Morris LLP and Selvam LLC, with its headquarters in Singapore. By way of its global platform and extensive range of legal services, the firm helps companies conduct business in and out of Asia, the United States, Latin America, the United Kingdom and beyond. In addition to the excellent skills of its lawyers, clients benefit from the cultural fluency and key relationships that the firm has developed over many years of practising law throughout the region. The firm has a presence in the key markets of Southeast Asia, including Singapore, Hanoi, Ho Chi Minh City and Yangon, as well as an office in Shanghai. Supporting these regional offices, the firm operates a series of country desks for India, Indonesia, Korea and Japan. It is regularly ranked among the region’s leading law firms by Chambers & Partners, The Legal 500 and IFLR1000.

Disclaimer: This article has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm’s full disclaimer.

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The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

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