Baker McKenzie has advised the lender syndicate comprising of six banks on a β28 billion (US$866m) facility to DayOne Data Center’s Thailand subsidiary for the development, construction and operation of a multi-building data center, one of Thailand’s largest data center projects. The financing has also been structured to comply with green loan principles, with proceeds to be applied towards the development satisfying key eligibility criteria. The financing is bespoke with structural features customary for large- scale project financings in the data center sector, and represents continued growth of the digital infrastructure sector in Thailand. Bangkok energy and infrastructure head Viroj Piyawattanametha and partner Tatcha Thumpramoth led the firm’s team in the transaction.
Baker McKenzie has also advised the joint global coordinators and joint book-runners, as to US federal securities laws and English law, on the MYR3.28 billion (US$971m) IPO, including an over-allotment option, and the listing of Sunway Healthcare in Malaysia. The company’s shares commenced trading on March 18, 2026. A unit of Malaysian conglomerate Sunway, Sunway Healthcare is one of Malaysia’s leading healthcare providers, operating five hospitals, together with other ancillary healthcare businesses. Maybank Investment Bank and AmInvestment Bank are the joint principal advisers, joint global coordinators, joint book-runners, joint managing underwriters and joint underwriters for the offering. UBS, HSBC and Jefferies also acted as joint global coordinators, together with other joint book-runners and joint underwriters in this international IPO, which included an offering to retail investors in Malaysia and institutional investors internationally in reliance on Regulation S under the US Securities Act of 1933. US-qualified capital markets principal Alexander Stathopoulos of Baker McKenzie Singapore member firm Baker McKenzie Wong & Leow, supported by London corporate partner George Marshall, led the firm’s team in the transaction, which is Malaysia’s largest IPO in almost a decade.
JSA Advocates & Solicitors has advised all the investor selling shareholders, including A91 Emerging Fund II, Xponentia Opportunities Fund II, HDFC Life Insurance, 360 One Monopolistic Market Intermediaries Fund and Society for Innovation and Entrepreneurship (IIT Bombay), on the IPO of SEDEMAC Mechatronics. The IPO was undertaken via an offer for sale aggregating to approximately Rs10.9 billion (US$118m). Partner Madhurima Mukherjee Saha, supported by partner Shivali Singh, led the firm’s team in the transaction.
JSA Advocates & Solicitors has also advised Marvell Technology on the India aspects of its acquisition of Celestial AI, a company known for its advanced optical interconnect technology for AI-driven data centres. As part of the transaction, Celestial AI’s flagship Photonic Fabric platform will be integrated into Marvell’s product portfolio, strengthening Marvell’s capabilities in next generation AI infrastructure and cloud data centre solutions. The firm advised on the India leg of the acquisition, including the transfer of employees and assets from Celestial AI India to Marvell India. The firm also assisted with the restatement of Celestial AI India’s LLP agreement, following the merger of the parent entities, along with the required corporate and regulatory filings in India. The transaction further strengthens Marvell’s optical connectivity solutions, and expands its portfolio to address the rapidly growing demand for high performance AI infrastructure and data centre technologies. Partner Probir Roy Chowdhury, supported by partner Yajas Setlur, led the firm’s M&A team in the transaction.
Moreover, JSA Advocates & Solicitors has represented the National Industrial Corporation of India (NICI) on the sale of its non-operational distillery and bottling facility in Moradabad, Uttar Pradesh to Allied Blenders and Distillers (ABD). The transaction involved the transfer of land, buildings, plant and machinery associated with the facility, along with assistance in the transfer of relevant operational licenses from NICI to ABD. The acquisition is expected to strengthen ABD’s Indian-Made Foreign Liquor (IMFL) bottling capacity in Uttar Pradesh, and support the expansion of its distillery operations. The transaction forms part of ABD’s broader growth strategy to expand its manufacturing capabilities and enhance operational efficiencies in key markets. Partner Probir Roy Chowdhury, supported by partners Yajas Setlur, Kartik Jain and Bharat Bhushan Sharma, also led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Anzen India Energy Yield Plus Trust on its strategic acquisition of a majority stake in 12 solar project special purpose vehicles from Edelweiss Infrastructure Yield Plus and SEPL Energy. The portfolio comprises approximately 816 MWp of operational solar projects across Andhra Pradesh, Rajasthan, Uttar Pradesh, Punjab and Telangana, supported by long-term power purchase agreements, and further strengthens Anzen’s infrastructure yield platform. Partners Mithun V Thanks and Kaustubh Verma, supported by partners Deepto Roy, Dyanraj Desai, Nikhil Naredi, Rohit Tiwari, Harman Singh Sandhu and Nitika Dwivedi, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also represented Big Tree Entertainment (BookMyShow) on proceedings before the Competition Commission of India (CCI) relating to allegations of abuse of dominance in the market for online intermediation services for booking movie tickets in India. The proceedings commenced in 2022, when the CCI directed the Director General to investigate BookMyShow’s commercial arrangements with cinemas. In its final order dated March 12, 2026, the CCI recognised BookMyShow as dominant in the relevant market, but found no contravention of the Competition Act 2002, holding that the company had not discriminated between single-screen cinemas and multiplexes. The CCI also found that practices relating to seat reservation, revenue sharing, lock-in periods and exclusivity arrangements were commercially justifiable, and did not result in market foreclosure. Partner Harman Singh Sandhu led the firm’s competition team in the matter.
Moreover, Shardul Amarchand Mangaldas & Co has acted as Indian counsel to the 18-banks syndicate on the IPO of ICICI Prudential Asset Management Company (ICICI Prudential AMC), comprising an offer for sale of equity shares aggregating to Rs106 billion (US$1.15b) by Prudential Corporation, the promoter selling shareholder. The equity shares of ICICI Prudential AMC were listed in India’s stock exchanges on December 19, 2025. This was the largest syndicate for an Indian IPO, comprising Citigroup Global Markets India, ICICI Securities, Morgan Stanley India, Goldman Sachs (India) Securities, BofA Securities India, Avendus Capital, Axis Capital, BNP Paribas, CLSA India, HDFC Bank, IIFL Capital Services (formerly known as IIFL Securities), JM Financial, Kotak Mahindra Capital, Motilal Oswal Investment Advisors, Nomura Financial Advisory and Securities (India), Nuvama Wealth Management, SBI Capital Markets and UBS Securities India. The IPO witnessed strong investor demand, and closed with an overall subscription of 39.17 times across categories. As of September 30, 2025, ICICI Prudential AMC was the largest asset management company in India by active mutual fund quarterly average assets under management, with a market share of 13.3 percent, and the most profitable AMC in the country in terms of operating profit before tax for FY 2025. Partners Nikhil Naredi and Abhiroop Amitava Datta led the firm’s team in the transaction.
Trilegal has advised Neo Secondaries Fund on its primary and secondary investment in Baldor Technologies (IDfy), an Indian technology company engaged in identity verification and authentication, risk and compliance, and consent governance and management solutions. IDfy serves banks, non-banking financial companies, consumer companies and enterprises across multiple sectors and jurisdictions. Neo Asset Management, India’s fastest-growing alternative asset management platform, led the Rs4.76 billion (US$51.5m) funding round through its flagship Private Equity Fund, Neo Secondaries Fund (NSF). The round saw participation from existing investors, including Blume Ventures, Analog Capital, Elev8, IndiaMART and Kae Capital. The proceeds are expected to support IDfy’s continued growth and expansion, particularly in the context of India’s evolving regulatory landscape, including the Digital Personal Data Protection Act 2023. The transaction underscores sustained investor confidence in India’s fast-growing regulatory technology and digital trust ecosystem. Positioned at the intersection of compliance, data privacy and technology, IDfy is well-positioned to capitalise on the increasing regulatory emphasis on identity verification and data protection. Partners Kunal Chandra and Gautam Chawla led the firm’s team in the transaction.
WongPartnership has acted for DBS on its collaboration with Beverage Container Return Scheme, the operator of a nationwide scheme to enable frictionless, real-time refunds of container deposits to consumers, powered by DBS PayLah! through reverse vending machines deployed islandwide. Partner Lam Chung Nian led the firm’s team in the transaction.
