Latham & Watkins advised on the debut listing of India’s largest payments platform One97 Communications Limited, which operates under the brand ‘Paytm’, on the National Stock Exchange of India Limited (NSE) and BSE Limited (formerly the Bombay Stock Exchange).
The offering was oversubscribed 1.89 times and raised a total of INR 18,300 million (approx. US$2.4 billion), making the transaction the largest-ever public issue in Indian capital market history.
The underwriters were Morgan Stanley India Company Private Limited, Goldman Sachs (India) Securities Private Limited, Axis Capital Limited, ICICI Securities Limited, J.P. Morgan India Private Limited, Citigroup Global Markets India Private Limited and HDFC Bank Limited.
The deal team was led by Singapore partner Rajiv Gupta with associate Esha Goel. Advice on tax matters was provided by Los Angeles partner Eric Cho and Century City partner Sam Weiner, with associate Ryan Brenner. Singapore partner Min Yee Ng and Chicago partner Nabil Sabki, with associate John Reinert, also advised on the transaction.
About Paytm
Paytm is India’s largest payments platform based on the number of consumers, number of merchants and number of transactions. It offered payment services, commerce and cloud services and financial services to 337 million registered consumers and over 21.8 million registered merchants as of June 30, 2021.
About Latham’s India Practice
With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team have advised on India-related matters with a combined value in excess of US$90 billion since 2018.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.From Legal Desire
Is your firm the one being cited, or the one being skipped?
We ran the test. On several everyday legal questions, software companies are answering and law firms are not. We help firms fix that, and we build the technology behind the practice.
Lawyers and firms: get featured on Legal Desire
Share your deals, lateral moves, firm news and insights with 1M+ monthly readers: founders, law firm partners, general counsel and practising lawyers across the US, UK, EU and GCC.
Get featuredSubmit a press releaseThe advising firms, the named deal team, the value and the parties, with every other announced deal by the same firms and lawyers. Open the deal record
