Cyril Amarchand Mangaldas has driven the $355 million initial public offering of TPG-backed Indian healthcare R&D firm Sai Life Sciences, with Khaitan & Co and Linklaters advising the bookrunning lead managers. CAM has also acted for selling promoter shareholders Sai Quest Syn.
The BRLMs comprised Kotak Mahindra Capital, IIFL Capital Services, Jefferies India and Morgan Stanley India. The equity offering comprised a fresh issue worth $110 million and an offer for sale worth $245 million.
The CAM transaction team advising the company included senior partner Yash J. Ashar, partner Manshoor Nazki, senior associate Rishav Buxi, and associates Priyanka Khetwal, Divyanshu Singh, Prakhar Jain, Megha Rajesh, and Shabri Bose.
The CAM transaction team advising the promoter selling shareholder included partner Aashima Johur, principal associate Aniran Ghoshal, and associate Gaurav Sethi Jain.
The Khaitan deal team included partners Aditya George Cheriyan and Chirayu Chandani, senior associate Tishita Mukherjee, and associates Ira Pandya, Aayush Virani and Siddharth Jain.
The Linklaters team was led by partner and head of India practice Amit Singh, with support from counsel Joseph Wolpin and managing associate Kundhavi Suresh Kumar.
“The IPO demonstrated substantial market demand, closing with a 10.27 times oversubscription – underscoring the investor appetite in the pharmaceutical sector, as well as the strength and potential of the Indian healthcare market, in line with global markets,” Linklaters said in a statement.
Linklaters has been highly active in India’s IPO scene, acting on recent listings by Bajaj Housing Finance, Premier Energies, Ola Electric Mobility and Brainbees Solutions.
