Our capital markets practice in Singapore has had another good year in the year ended March 31, 2023. Thanks to our clients for their trust in us. Our deal highlights and awards and recognitions for the year ended March 31, 2023 are below.
Deal Highlights
India
We advised on seven of the 40 main market IPOs/FPOs in India that closed in the year ended March 31, 2023, representing a market share of approximately 48% in terms of funds raised and 17.5% in terms of number of deals. The highlight was acting as international legal counsel to the President of India and Life Insurance Corporation of India (LIC) on the sale of 3.5% of the outstanding shares in LIC by the President of India for approximately Rs. 206 billion (US$2.7 billion) in an initial public offering in India and concurrent private placements outside India, including a Rule 144A offering in the United States. LIC’s IPO is the biggest in Indian history. The IPO was one of the Deals of the Year 2022, India Business Law Journal.
Another highlight was acting as the international counsel to ICICI Securities Limited in its capacity as the lead manager on Capri Global Capital Limited’s sale of Rs. 14,400 million (US$180 million) of equity shares in a rights issue, including an offer to qualified institutional buyers in the United States.
We also advised on three block trades in India, the highlight of which was as international legal counsel to Nomura Financial Advisory and Securities (India) Private Limited in its role as the sole broker on the sale of approximately US$497 million of shares in Sona BLW Precision Forgings Limited by Singapore VII Topco III Pte. Ltd. (a Blackstone company) by way of one or more share sales on the screen-based trading platform of BSE Limited and/or National Stock Exchange of India Limited pursuant to Rule 144A and Regulation S.
Jamie Benson led all of the above deals.
Indonesia
We acted as U.S. counsel to PT Global Digital Niaga on the sale of 8 trillion rupiah (US$508 million) of its shares in an IPO in Indonesia and concurrent private placements outside Indonesia, including an offer to qualified institutional buyers in the United States. The IPO is the fifth-biggest listing ever on the IDX and was the second-biggest IPO in Indonesia in the year ended March 31, 2023. The company owns Blibli, an online marketplace selling a range of household and lifestyle goods, an online travel business and a supermarket chain.
We acted as U.S. counsel to PT XL Axiata Tbk on the sale of 5 trillion rupiah (US$330 million) of its shares in a rights issue, including an offer to qualified institutional buyers in the United States. The company is an Indonesia-based mobile telecommunications services operator.
Gerard Hekker led both of these deals.
Singapore
We acted for Phillip Securities in its role as the arranger on the exchange offer by Indus Gas Limited of its US$150 million 8% Senior Unsecured Notes due 2022 listed on the SGX for its US$150 million 8% Senior Unsecured Notes due 2027 listed on the SGX. Indus Gas Limited is an oil and gas exploration and development company incorporated as a limited company in Guernsey. The company holds participating interests in a petroleum exploration and development concession in India known as Block RJ-ON/6 along with other joint venture partners – Oil and Natural Gas Corporation Ltd., India (ONGC) and Focus Energy Ltd., India (Focus).
We acted for Phillip Securities in its role as the arranger on the exchange offer by Geophysical Sub-Strata Limited of its US$266 million Senior Unsecured Notes due 2023 listed on the SGX for its US$266 million Senior Unsecured Notes due 2028 listed on the SGX. Geophysical Sub-Strata is an investment holding company that is the sole shareholder of SDP Services Limited and EICR (Cyprus) Limited. SDP Services Limited owns 100% of the shares in SDP Oil Field Services DMCC, whose current sole client is in India, and EICR (Cyprus) Limited holds 82.73% of the shares in iEnergizer Limited, an AIM-listed public company with most of its operations in India.
Jamie Benson led both of these deals.
Awards & Accolades
- Ranked firm for Capital Markets (International Firms) (Expertise Based Abroad) – India, Chambers Asia-Pacific 2023
- Ranked firm for Capital Markets (International Firms) (Expertise Based Abroad) – India, Chambers Global 2022.
- Ranked firm for Capital Markets (International Firms) in India – IFLR1000 2022
- Ranked firm for India – Foreign Firms, The Legal 500 Asia-Pacific 2023
- Listed in the Survey of Top Foreign Law Firms for India-Related Work – India Business Law Journal, 2022
- Advised on two of India Business Law Journal’s Deals of the Year 2022: LIC’s IPO; and DreamFolks Services IPO.
About our Capital Markets Practice in Singapore
Our two U.S. capital markets partners in Singapore – Jamie Benson and Gerard Hekker – combine broad global training with deep Asian experience, having advised on over 125 debt and equity capital markets transactions across India, the United States, the United Kingdom, Australia, Indonesia, Myanmar, Singapore, Thailand and Vietnam, with over US$30 billion raised in aggregate. Our Singapore team is part of a global capital markets team of 35 partners and Of Counsel.
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 practicing law throughout the region. The firm has a presence in the key markets of Southeast Asia, including Singapore, Hanoi, Ho Chi Minh City, as well as offices in Shanghai and Yangon. 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 Alert 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.