Cyril Amarchand Mangaldas acted as Indian counsel to Ventive Hospitality, a joint venture between Blackstone and Panchshil Realty, on its initial public offering valued at $187 million. Latham & Watkins and Shardul Amarchand Mangaldas & Co advised the bookrunning lead managers (BRLMs).
The BRLMs for the transaction included JM Financial, Axis Capital, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, Kotak Mahindra Capital, and SBI Capital Markets.
Ventive is a hospitality asset owner focusing primarily on luxury offerings in both business and leisure segments across India and the Maldives. The issue received an overall subscription of around 9.82 times its original size.
The capital markets team at CAM was led by partner Janhavi Manohar, with support from principal associate Krupa Brahmbhatt and associates Vishesh Jain, Bhaskar Kumar, Hitesh Nagpal, Anna Kallivayalil, Tanmay Gupta, and Monusha Nambiar.
For pre-IPO acquisitions from shareholders, the general corporate team advising the issuer was led by partners Reeba Chacko, Kota Chandan, Trayosha Darapuneni, Kuriyan KZ, and Saurav Samaddar. They were supported by principal associates Niyati M. D. and Aditi Aggarwal, senior associate Mahima Goel, and associates Vidushi Kesarwani, Satvik Khatri, Nilanjana Nair, Varshini Prasad, Astha Krishna, Sheetal Kumar, Neha Giridharan, and Stuti Agarwal.
The CAM competition team was led by partners Avaantika Kakkar and Kaustav Kundu, while the real estate team was led by partners Abhilash Pillai and Jinal Mehta, and the financing team was led by partner Okram Prithvi Singha.
The Latham team was led by Singapore partner Rajiv Gupta, supported by Singapore associates Kelly Teoh and Esha Goel, Hong Kong associate Eunice Chan, and Singapore foreign legal consultant Mara Recto. Advice was also provided on tax matters by Chicago partner Enrique Rene de Vera, New York partner Jiyeon Lee-Lim, and Chicago associate Jay Khurana; and on Investment Company Act matters by Boston counsel Joel Cavanaugh.
The SAM team comprised partners Nikhil Naredi and Priya Awasthi, senior associates Chinmay Sethia and M Koshy Mammen, and associates Vartika Bhatnagar, Manish Soni, and Shariba Tasneem.
