Ashurst has represented Zhongtai International Capital, as the sole sponsor, and the underwriters on the listing of shares in Hong Kong and Regulation S offering of Many Idea Cloud Holdings, an integrated marketing and SaaS services company in China. Many Idea Cloud Holdings is the third largest event content marketing services in China, and the second largest in the industry for sports events marketing. It provides integrated marketing solutions services in China, and its customers include some large well-known Chinese brands, such as HongXing Erke, ABC Kids, Liby, FILA, Gold Crown, Panpan, Hengan, Anjoy, CR Land and Vanke. The company will further increase its market share by expanding its SaaS interactive marketing business. The proceeds raised from the global offering will be used to support the company’s expansion plan, and further enhance its competitiveness in integrated marketing services. Partner Melody He led the firm’s team in the transaction.
Ashurst has also represented Southeast Asian-focused private equity fund Altair Capital on its significant minority stake investment into Beyond Medical Group, a Singapore-based award-winning multi-disciplinary private specialist healthcare group, with a portfolio of 12 doctors and 16 centers in Singapore. Altair Capital is a private equity firm focused on buyout or significant minority investments in quality companies across Southeast Asia. It is owned and managed by Southeast Asian professionals with over 50 years’ combined experience of leading successful private equity investments in the ASEAN market. Its leadership team comes with a strong track record in building values and helping portfolio companies strengthen their businesses through IPOs on regional exchanges. Altair Capital is the ASEAN affiliate of Polaris Capital Group, a leading buyout group in Japan with over US$4 billion in assets under management. ADTLaw Director Yi Ming Choo led the firm’s team in the transaction.
AZB & Partners has advised Carlyle Group fund CA Basque Investments and Advent affiliate Verventa Holdings on their approximately Rs89 billion (US$1.1b) acquisition of up to 20 percent equity stake in Yes Bank. Partner Bharat Budholia led the firm’s team in the transaction, which was approved on October 20, 2022.
AZB & Partners has also advised Warburg Pincus, via its affiliate South Elm Investments, on its approximately Rs15.9 billion (US$196m) acquisition of equity stake in Micro Life Sciences. Partners Vaidhyanadhan Iyer and Nandan Pendsey led the firm’s team in the transaction, which was completed on May 25, 2022.
Clifford Chance has advised Hangzhou GreatStar Industrial Co on its offering and listing of global depositary receipts in Switzerland. The GDR offering is expected to raise gross proceeds of approximately US$155 million. Hangzhou GreatStar is a leading industrial hardware and hand tools manufacturer in China. China co-managing partner Tim Wang and partner Jean Thio led the firm’s team in the transaction.
Luthra and Luthra has advised the lenders on the structuring of the transaction, negotiating, finalization and execution of the financing documents in connection with financial assistance to: a) supply, configuration and integration of Rs1.1 million (US$15,532) ‘smart energy meters” and auxiliary components for Southern Power Distribution Company of Andhra Pradesh, under the ‘YSR Uchita Vyavasaaya Vidyut Pathalkam’ policy of the government of Andhra Pradesh; and b) refinancing the existing project indebtedness of its operational 30 MW (2×15 MW) solar photovoltaic grid-connected power projects at Villages Chadiyana and Charanka (with 15 MW capacity each), Patan District in the State of Gujarat, India. Partner Girish Rawat led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for Intel Capital on its investment in Biofourmis Holdings’ Series D funding round, which raised US$320 million. Partners Tracy Ang and Kala Anandarajah led the firm’s team in the transaction.
Rajah & Tann Singapore is also advising Leader Environmental Technologies on its issue of redeemable zero-coupon convertible bonds to InnoVision Pomelo. Partners Danny Lim and Cynthia Wu are leading the firm’s team in the transaction.
Skadden has advised the underwriters on the US$510 million IPO and Indonesia listing by Global Digital Niaga, the holding company for the Blibli (e-commerce), Tiket.com (travel) and Ranch Market (groceries) platforms. The offering consisted of approximately 17.8 billion common shares at an offer price of Rp450 (US$0.029) per share, for a total offer value of US$510 million. Trading commenced on November 8, 2022. Partners Jonathan Stone (Hong Kong) and Rajeev Duggal (Singapore) led the firm’s team in the transaction, which is the second largest Indonesian IPO in 2022.
S&R Associates has represented AM Mining India, a part of the ArcelorMittal Nippon Steel joint venture, on its Rs40 billion (US$492m) acquisition of Uttam Galva Steels, a manufacturer of cold rolled steel and galvanized steel, pursuant to corporate insolvency resolution under the Insolvency and Bankruptcy Code 2016. Partners Rajat Sethi, Sudip Mahapatra and Lakshmi Pradeep, supported by partner Shahezad Kazi, led the firm’s team in the transaction.
TT&A has acted as Indian counsel to Standard Chartered Bank on its financing, via US$15million term loan facility, of Route Mobile (UK). The financing is credit-enhanced by a guarantee provided by Route Mobile’s Indian parent company. The deal involves a listed Indian parent company making an overseas financial commitment to guarantee the financing being availed by its overseas subsidiary, after the advent of the new regime around overseas investments introduced by the RBI on August 22, 2022. Partners Sonali Mahapatra and Nidhi Rani led the firm’s team in the transaction.
TT&A is also advising DFC on its loan facility, via external commercial borrowing, of up to US$35 million to CreditAccess Grameen, a NBFC-MFI. CreditAccess Grameen, which is India’s largest micro-finance institution, is the first institution in India to partner with DFC in a new initiative aimed to increase financial inclusion for marginalized women. Partners Gautam Saha, Pallavi Meena and Pragya Sood are leading the firm’s team in the transaction.
WongPartnership has acted for ESR LOGOS REIT on the ¥7.1 billion (US$50m) syndicated financing relating to its acquisition of ESR Sakura Distribution Centre, located at Sakura City, Chiba Prefecture, Japan. MUFG Bank and Sumitomo Mitsui Banking Corporation Singapore Branch are the mandated lead arrangers, book-runners and lenders to the financing. This marks the REIT’s first acquisition in Japan. Partners Christy Lim and Clarence Kang led the firm’s team in the transaction.
WongPartnership has also acted for Go-Ventures, as lead investor, on the US$15 million Series A funding round of Skuad, a Singapore-based global employment and payroll platform which offers services such as payroll, cross-border payments, local and IC compliance, taxes and benefits. Partner Kyle Lee led the firm’s team in the transaction.
