Sidley acted as international counsel to lead managers ICICI Securities Limited, Edelweiss Financial Services Limited, Kotak Mahindra Capital Company Limited, and Nomura Financial Advisory and Securities (India) Private Limited in connection with the INR 15,885.12 million (approximately US$194 million) initial public offering (IPO) of equity shares of Five Star Business Finance Limited pursuant to Section 4(a) and Regulation S of the U.S. Securities Act of 1933.
Five Star Business Finance, which has a strong presence in South India, is a Chennai-based provider of secured business loans to micro-entrepreneurs and self-employed individuals who are largely excluded by traditional financing institutions. With 311 branches as of June 30, 2022, it has one of the largest branch networks among India’s non-bank financial companies.
The Sidley team was led by partner Manoj Bhargava, and comprised associates Harekrishna J. Ashar, Jayant Bhardwaj, Elaine R. Wangsawidjaja, and Daniel Ang, with additional support from partners Robert M. Kreitman and Nicholas R. Brown, counsel Carla G. Teodoro, managing associate Tyler J. Combest, and associate Alvin Wang.
Sidley is one of the most experienced international law firms executing capital markets transactions in India and other Asian markets. Including this transaction, Sidley has advised on six successful IPOs by Indian issuers this year, including Fusion Micro Finance Limited, Rainbow Children Medicare Limited, Vedant Fashions Limited, Adani Wilmar Limited, and AGS Transact Technologies Limited.
Over the past year, the firm has advised on 18 completed capital markets transactions in India, with an aggregate value exceeding US$4 billion.