Shardul Amarchand Mangaldas & Co has advised Acme Solar, one of India's largest renewable energy independent power producers, on its $343 million initial public offering. Cyril Amarchand Mangaldas and Hogan Lovells Lee & Lee acted as Indian and international counsel to the book-running lead managers on the deal.
The BRLMs comprised Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal Investment Advisors.
The listing is one of many marquee renewable sector listings on India’s bourses this year, as the fast-growing segment turns to the country’s booming stock markets to raise funds.
Earlier this year, Waaree Energies completed a $515 million IPO, with advice from JSA, Khaitan & Co and Hogan Lovells. NTPC Green Energy has an upcoming $1.2 billion listing, with JSA and Trilegal providing legal counsel. Additionally, Premier Energies also completed a $336 million IPO this year on which SAM, Trilegal and Linklaters advised.
The team from SAM was led by Prashant Gupta, head of the national capital markets practice, and included partners Sayantan Dutta and Devi Prasad Patel, senior associate Romit Raja Srivastava, and associates Purva Mishra and Jayant Saxena.
The CAM transaction team consisted of partners Vishal Yaduvanshi and Puneet Passi, along with associates Medhashree Verma, Rishi Nandkeolyar, Aniruddh Saraswat, Arjun Badola, Arnab Roy, Ritvik Maheshwari, and Abhinav Singh Chauhan.
The Hogan Lovells team was led by Biswajit Chatterjee, the India practice lead and managing partner of the Singapore office. He was supported by Varun Jetly, Kaustubh George, Aditya Rajput, Jayant Bharadwaj, Sanjana Ravjiani, and Rosen Chen, all based in Singapore, as well as partners Nancy D. O'Neil and Henry Kahn, based in Baltimore and Washington, D.C.
