SINGAPORE, 22 July 2026 — Duane Morris & Selvam LLP acted as the international legal counsel to Axis Capital Limited, IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited in their capacity as the book running lead managers on the recent sale of INR 10,150.00 million (approximately US$106 million) of equity shares in Kusumgar Limited in a pre-IPO and IPO in India and concurrent private placements outside India. The shares were listed on BSE and NSE on July 15, 2025.
The IPO garnered remarkable interest from investors, with a QIB subscription of 298 times, which is one of the highest ever, and an overall subscription of approximately 135 times.
Kusumgar Limited is a manufacturer of engineered woven, coated and laminated synthetic fabrics, including fabrics for aerial systems, tactical clothing and specialty gear, fabrics for tapes, and certain clothing fabrics. The Company primarily manufacture products for four market segments: (i) Aerospace and Defence Fabrics; (ii) Aerospace and Defence Solutions; (iii) Industrial and Automotive Fabrics; and (iv) Outdoor and Lifestyle Fabrics. Since 1970, Kusumgar Limited has developed and manufactured over 1,000 unique engineered fabrics.
Duane Morris & Selvam’s team was led by Jamie Benson, the head of the U.S. capital markets, U.S. venture capital and India practices. The deal team also included Paul Marks, special counsel in the Hanoi office; and Faiz Jugari, an associate in the Singapore office.
“We are proud to have played a key role in Kusumgar’s successful IPO and delighted on how well it was received by the market” said Benson.
Khaitan & Co acted as Indian legal counsel to Kusumgar Limited and the Promoter Selling Shareholders and Talwar Thakore & Associates 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.