Sidley Advises on Vishal Mega Mart’s US$945 Million IPO

Sidley acted as international counsel to Kotak Mahindra Capital Company, ICICI Securities, Jefferies India, JPMorgan India, Morgan Stanley India, and Intensive Fiscal Services, the book-running lead managers, on the US$945 million initial public offering (IPO) of Vishal Mega Mart Ltd.

Vishal Mega Mart is India’s leading fashion-led hypermarket with over 600 stores across the country. The IPO was reported to have garnered significant interest from investors and was oversubscribed 27.28 times. The IPO valued Vishal Mega Mart at US$4 billion.

Manoj Bhargava led the Sidley team, which 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 firm’s market leadership in India-related matters has been widely recognized, with Sidley being 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, and Afcons Infrastructure.

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.