Sidley acted as international counsel to Kotak Mahindra Capital Company Limited and IIFL Capital Services Limited, the book-running lead managers, on Mankind Pharma Limited’s US$350 million qualified institutions placement (QIP) of shares.
Mankind Pharma Limited, one of the largest pharmaceutical companies in India, is engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical and consumer healthcare products. In its pharmaceuticals business, it is a market leader across acute and chronic therapeutic areas in India, including anti-infectives, cardiovascular, gastrointestinal, antidiabetic, neuro/central nervous system, vitamins/minerals/nutrients, and respiratory. In its consumer healthcare business, it has several market-leading brands in the categories of condoms, pregnancy detection, emergency contraceptives, antacid powders, vitamin and mineral supplements, and antiacne preparations.
The proceeds have been earmarked to partly repay the debt Mankind Pharma’s has taken towards acquisition of Bharat Serums and Vaccines (BSV), announced in July this year. BSV is a leading Indian biopharmaceutical company focused on the important therapeutic areas of women’s health, critical care, and fertility.
Partner Manoj Bhargava led the Sidley team, which included managing associate Joel Lam, associate Jeffrey R. Dohoda, and senior legal assistant Kristine Zhang, with support from partners Carla G. Teodoro, Nicholas R. Brown, and Prabhat Mehta; managing associate Alvin Wang; and associate Michael Sliskovich.
Sidley advised on the US$530 Million IPO of Mankind Pharma Limited in 2023. This marked the largest IPO in India in 2023, and had been awarded “Best IPO: South Asia” at the FinanceAsia Achievement Awards 2023.
This transaction is one of several very prominent QIPs the Sidley team advised on in December, including Godrej Property’s QIP, Torrent Power’s QIP, and Brookfield India Real Estate Trust’s QIP.
The firm’s market leadership in India-related matters has been widely recognized, with Sidley named as a Top Foreign Law Firm for work in India by the India Business Law Journal in 2024 for the seventh year running. Sidley has continued to advise on innovative, market-first equity offerings in 2024, including of FirstCry, Sagility, Medi Assist Healthcare, Vodafone Idea, Afcons Infrastructure, and Vishal Mega Mart.
Sidley was also named “Securities Firm of the Year” at Law.com International’s Asia Legal Awards 2024, underscoring the firm’s preeminence in securities offerings.
