Allen & Gledhill has advised Genius Group on its IPO and listing in New York, which raised gross proceeds of US$19.6 million. Partner Leonard Ching led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to MTC Japan Investment and CapitaLand Investment on the divestment of 100 percent of the issued share capital in Southernwood Property to CapitaLand Integrated Commercial Trust (CICT) and CapitaLand Open End Real Estate Fund FCP-RAIF. The agreed property value was S$1.26 billion (US$898m). The divestment was completed on April 27, 2022. After completion of the divestment, Southernwood Property owns the property located at 79 Robinson Road known as CapitaSky, a Grade A office building located in Singapore’s central business district. Partners Eudora Tan, Foong Yuen Ping, Lim Mei Ann and Teh Hoe Yue led the firm’s team in the transaction.
Allen & Overy has advised TECOM Group, the owner, manager and operator of ten strategic, sector-focused business districts across Dubai, on its IPO and listing in Dubai Financial Market. TECOM Group provides high-quality real estate products and value-added services, contributing to the growth and development of six vital non-oil sectors, including technology, media, science, education, design and manufacturing. The IPO, which comprised a sale of existing shares by TECOM Group’s shareholder, DHAM, raised approximately Dh1.7 billion (US$463m), and drew substantial demand from regional and international investors. The offering was oversubscribed over 21 times, with the UAE retail offer achieving a remarkable oversubscription multiple of almost 40 times, surpassing any IPO on the DFM. Abu Dhabi partner Khalid Garousha and US securities partner Adam Wells led the firm’s cross border team in the transaction.
AZB & Partners has advised Internet Fund V, a fund managed by Tiger Global Management, and DF International Partners II, a fund managed by Dragoneer Partners, on their acquisition, along with other investors, of equity stake, via Series F fund raising round, in Dreamplug Technologies, operator of Cred, an India-based credit card dues repayment platform. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was valued at US$140 million and was completed on June 18, 2022.
AZB & Partners is also advising Internet Fund III, a fund managed by Tiger Global Management, on its sale, along with other investors, to Zomato of equity stake in Blink Commerce, operator of grocery and e-commerce platform “Blinkit”, and Hands On Trade. Partners Ashwath Rau and Jasmin Karkhanis are leading the firm’s team in the transaction, which was valued at approximately Rs45.07 billion (US$570m).
Baker McKenzie Wong & Leow and Wong & Partners, the Singapore and Malaysia member firms, respectively, of Baker McKenzie International, have acted as Singapore, Malaysia and international counsel to Sime Darby Property (SDP) on its successful first close of a US$250 million inaugural Shariah-compliant industrial development fund. The fund was established and will be jointly managed by a joint venture between SDP and LOGOS Property, and has secured 70 percent in capital commitments, anchored by Permodalan Nasional and unit trust funds under its management, and Kumpulan Wang Persaraan (Diperbadankan). The fund will enable the development of sustainable, large-scale, integrated modern logistics real estate assets in Malaysia with green building certification over the next three years. At its maiden site, the 177-acre E-Metro Logistics Park, the fund is set to deliver logistics assets spanning eight million square feet in gross lettable area. Located in SDP’s township of Bandar Bukit Raja, Klang in Selangor, Malaysia, the E-Metro Logistics Park will feature a combination of ready-built or built-to-specification facilities. Singapore principal Derek Kwan, supported by principals Jens Carle and Eunice Tan, and partners Andre Gan and Stephanie Phua, supported by partner Esther Chik, led their firms’ respective team in the transaction.
Bird & Bird ATMD has acted as transaction counsel for the lead investor ACA Investments, a growth fund established by ACA Partners and Daiwa Securities Group, on the Series B funding round for freeD Group, an award-winning AI digital solution company utilizing artificial technology, big data and machine learning technologies to provide end-to-end digital solutions. Raising approximately US$15 million, the Series B funding round also includes investments from Musketeers Capital, SOSV IV, 500 Startups IV, and Innovation and Technology Venture Fund Corporation. Singapore partner Marcus Chow led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised JP Morgan India on the block trade by Bata (BN) in Bata India. JP Morgan acted as broker to the sale transaction, which aggregated to approximately Rs6.69 billion (US$84.6m). As a part of the transaction, Bata (BN), the promoter of Bata India, undertook the sale, via one or more share sales on the screen-based trading in India’s stock exchanges, for approximately Rs6.69 billion (US$84.6m). The transaction involved a sale by Bata (BN) of Bata India’s 3.6 million equity shares, with face value of Rs5 (US$0.063) each, representing 2.8 percent of Bata India’s paid-up equity share capital. The transaction was signed on May 31, 2022 and was closed on June 3, 2022. Partner Abhinav Kumar led the firm’s team in the transaction, while Linklaters acted as international counsel.
Cyril Amarchand Mangaldas has also advised a consortium of ten lenders, led by Union Bank of India, on the resolution plan for Imagicaaworld Entertainment. The debt availed by Imagicaaworld from the lenders was approximately Rs14.17 billion (US$179m). The resolution plan was implemented pursuant to the Reserve Bank of India’s Prudential Framework for Resolution of Stressed Assets dated June 7, 2019. Malpani Parks has agreed to acquire a controlling stake in Imagicaworld, and restructure the debt of Imagicaaworld, pursuant to the resolution plan submitted by Malpani Parks to the consortium of lenders. Partners Amey Pathak and Madhav Kanoria, supported by partner Gautam Gandotra, led the firm’s team in the transaction, which closed on June 23, 2022.
Harneys has acted as Cayman Islands counsel to NaaS Technology, one of the biggest and fastest-growing Chinese electric vehicle service providers, on the merger between its predecessor RISE Education Cayman and Dada Auto (NaaS). This is the first successful overseas listing of a leading Chinese electric vehicle charging company, resulting in a combined valuation of over US$600 million. Following the completion of the mergers that result in NaaS becoming a wholly-owned subsidiary of RISE, pursuant to a definitive merger agreement between RISE and NaaS, and the name change of RISE to NaaS Technology in June 2022, RISE continues to be listed on the Nasdaq. NaaS Technology envisions powering the world with carbon neutral energy, and has 290,000 charging stations in 288 Chinese cities, with over 200,000 that are fast-charging, which accounts for 51 percent of China’s fast-charging piles. Hong Kong senior legal manager Nicholas Fong, supported by partner Raymond Ng, led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom served as US counsel. Kirkland & Ellis served as US counsel to the audit committee of the board of directors of RISE.
JSA has advised Chicago-based Creation Investments Social Ventures Fund V on its investment in the Series C round of Desiderata Impact Ventures (Progcap). The round of US$40 million was led by existing investors Creation and Tiger Global, with the participation of Sequoia Capital, another existing investor, and Google. The fundraise valued Progcap at US$600 million. Progcap provides collateral-free working capital loans through its financing solution to retailers. It has facilitated credit disbursals worth over Rs65 billion (US$822m), working with over 700,000 small and medium businesses. Partner Lalit Kumar, supported by partners Bharati Joshi and tax practice head Kumarmanglam Vijay, led the firm’s team in the transaction. AZB & Partners, led by partners Ashwath Rau and Srinath Dasari, advised Tiger Global, thru its managed fund Internet Fund VII.
JSA has also advised DHN Agritech, owner and operator of the brand “Happy Nature”, on its Rs60 million (US$758,726) Pre Series A round, which saw participation of angel investors and a family office. Happy Nature is a technology-enabled direct-to-home startup in the farm fresh dairy and breakfast foods category. It aims to serve dairy and breakfast products to customers in a convenient and efficient manner. Partner Lalit Kumar, supported by tax practice head partner Kumarmanglam Vijay, also led the firm’s team in the transaction.
Khaitan & Co has acted as Indian counsel to Inox Green Energy Services and Inox Wind, as the selling shareholder, on Inox Green Energy’s IPO of equity shares, comprising of a fresh issue of equity shares aggregating up to Rs3.7 billion (US$46.7m), and Inox Wind’s offer for sale of equity shares aggregating up to Rs3.7 billion (US$46.7m). Incorporated in 2012, Inox Green Energy is one of the major wind power operation and maintenance service providers within India. It is a subsidiary of Inox Wind, and is a part of the Inox GFL group of companies. Upon being listed, it will be among the first few listed companies in India which are engaged only in the O&M services business. Edelweiss Financial Services, DAM Capital Advisors (formerly IDFC Securities), Equirus Capital, IDBI Capital Markets & Securities and Systematix Corporate Services acted as book-running lead managers. Partners Madhur Kohli and Chirayu Chandani led the firm’s team in the transaction, which was announced on June 17, 2022. Trilegal, led by capital markets partner Richa Choudhary, acted as Indian counsel, while Linklaters Singapore, led by South and Southeast Asia capital markets head partner Amit Singh, acted as international counsel to the book-running lead managers.
Khaitan & Co has also advised Jagsonpal Pharmaceuticals and its promoters on the sale of 43.73 percent promoter shareholding to the funds managed by Infinity Investment Management and advised by Convergent Finance. The transaction required the funds (Infinity Holdings, Infinity Holdings Sidecar I and Infinity Consumer Holdings) to make an open offer, in terms of the SEBI Takeover Code. Partner Aditya Patni, supported by executive director Sudhir Bassi and partners Abhishek Dadoo, Shailendra Bhandare, Jeevan Ballav Panda, Avnish Sharma and Kshitij Bishnoi, led the firm’s team in the transaction, which was valued at Rs2.69 billion (US$34m) and was completed on June 27, 2022.
Maples and Calder has acted as Cayman Islands counsel to Zhihu on its global offering of 26 million Class A ordinary shares and dual primary listing in Hong Kong. American Depositary Shares representing the Class A ordinary shares of Zhihu have been listed in New York since March 2021. The offering closed on April 22, 2022 and raised approximately HK$833.6 million (US$106m). Zhihu is the first Chinese internet company to have completed a dual primary listing in Hong Kong and the US with a weighted voting rights structure. Hong Kong corporate partner Karen Zhang Pallaras led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom advised as to Hong Kong and US laws, and Han Kun Law Offices advised as to Chinese law. Clifford Chance acted as Hong Kong counsel, while Jingtian & Gongcheng acted as Chinese counsel to the joint sponsors Credit Suisse, JP Morgan, CICC and CMB International, and the underwriters.
Maples and Calder has also advised Cayman Islands-incorporated NIO on its listing of Class A Ordinary Shares in Singapore on May 20, 2022. NIO is the first Cayman Islands company to be listed on three stock exchanges, following its listing in New York and Hong Kong, the latter of which also occurred in 2022. Hong Kong finance partner Lorraine Pao led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom, WongPartnership and Han Kun Law Offices advised as to US law, Singapore law and Chinese law, respectively. Simpson Thacher & Bartlett, Allen & Gledhill and Commerce & Finance Law Offices advised the joint issue managers as to US law, Singapore law and Chinese law, respectively.
Paul Hastings has advised the sole sponsor and underwriters on the HK$559 million (US$71m) global offering and listing of TI Cloud in Hong Kong. China International Capital Corporation Hong Kong Securities acted as the sole sponsor and, together with Macquarie Capital, as the joint global coordinators, joint book-runners and joint lead managers. CMB International Capital Corporation, BOCI Asia, Shenwan Hongyuan Securities (HK), Tiger Brokers (HK) Global and Futu Securities International (Hong Kong) acted as the joint book-runners and joint lead managers. Livermore Holdings and Silverbricks Securities acted as the joint lead managers. As one of the largest providers of customer contact solutions deployed in public clouds in China, TI Cloud offers a broad array of cloud-native customer contact solutions that enable enterprises to engage in multi-channel customer interactions. Global partner and Greater China chair Raymond Li and corporate partners Chaobo Fan and Vincent Wang led the firm’s team in the transaction, while CM Law Firm advised as to Chinese law. Harneys, led by Jessie Xu and supported by partners Calamus Huang (Shanghai) and Raymond Ng (Hong Kong), advised on Cayman Islands law, working with CYL & Partners in Association with Cooley HK and Commerce & Finance Law.
R&T Asia (Thailand), a member firm of Rajah & Tann Asia, is acting for Bangkok Media & Broadcasting on its IP portfolio management, including trademarks filings and prosecutions in many ASEAN countries. Partner Nuttaphol Arammuang is leading the firm’s team in the transactions.
R&T Asia (Thailand), a member firm of Rajah & Tann Asia, is also acting for B L Hua & Co and its affiliated companies on their IP portfolio management, including trademarks filings and prosecutions in many ASEAN countries. Partner Nuttaphol Arammuang is also leading the firm’s team in the transactions.
WongPartnership is acting for Vulcan Capital, the investment arm of late Microsoft co-founder Paul Allen, as lead investor on the US$10.5 million Series A funding round of Singapore-based biotech firm AMILI (Asian Microbiome Library). The funds will be used to develop AMILI PRIME, and AMILI’s presence in South East Asia. Partner Kyle Lee led the firm’s team in the transaction, together with partner Kylie Peh.
WongPartnership has also acted for Fraser and Neave and Frasers Property on their investment in the S$4.2 million (US$3m) Series A+ funding round of Ross Digital, a robotics and automatic company. Partner Kyle Lee also led the firm’s team in the transaction, together with partners Kylie Peh and Miao Miao.