Cyril Amarchand Mangaldas closed out a strong year for its capital markets practice, assisting discount retailer Vishal Mega Mart on its $945 million initial public offering in India. 

Shardul Amarchand Mangaldas & Co and Sidley Austin advised the bookrunning lead managers, while Trilegal represented the only selling shareholder, Samayat Services, backed by private equity firms Kedaara Capital and Partners Group. 

The IPO saw the highest capital gains for any PE investor in the country, at $3.1 billion. 

The CAM transaction team comprised of senior partner Yash J. Ashar, partner Devaki Mankad, principal associate Rushab Dhandokia, senior associate Chirag Parmar, and associates Zeb Burk, Devansh Raheja, and Harsha Menon.

CAM advised on some of the largest IPOs in India’s record public markets year in 2024, including the $1.3 billion Swiggy offering and $782 million Bajaj Housing Finance listing. 

The SAM team was led by national practice head Prashant Gupta and included counsel Trishita Dasgupta, senior associate Ankur Verma, and associates Apoorva Tyagi and Aditi Chauhan. 

Sidley’s team was led by partner Manoj Bhargava, and included managing associate Harekrishna J. Ashar, associate Edward Lee, and legal assistant Sanketh Hareesh Kumar, with support from partners Yuet Ming Tham, Nicholas R. Brown, Carla G. Teodoro, Daniel A. O’Shea, and Robert M. Kreitman, managing associate Alvin Wang, and associates Abdullah Shah, Michael H. Sliskovich, and Dhanush Dinesh.

The Trilegal team representing the selling shareholder was led by partners Bhakta Patnaik and Albin Thomas, who were supported by senior associate Aditya Dsouza and associate Pratyusha Dasgupta.