Sidley Advised Lead Managers on SAMHI Hotels' Landmark IPO

Sidley Advised Lead Managers on SAMHI Hotels' Landmark IPO

Sidley acted as international counsel to lead managers JM Financial Limited and Kotak Mahindra Capital Company Limited on the ₹13.7 billion (approximately US$165 million) initial public offering (IPO) of equity shares in SAMHI Hotels Limited (SAMHI) under Regulation S of the US Securities Act of 1933.

SAMHI is one of India's leading hotel owners and asset managers. It operates Marriott, Hyatt, and IHG branded hotels in India, with a portfolio of 31 operating hotels in 14 cities across the country.

SAMHI's shares were listed at a premium, and the IPO was oversubscribed by over five times on the final day, attracting bids worth ₹42 billion (approximately US$505 million).

The Sidley team was led by Manoj Bhargava, a partner, and comprised Shashwat Tewary (counsel), Klara Thamrin (managing associate), Jayant Bhardwaj (associate), Sarangan Rajesh Kumar (associate), and Caulyn Bong (associate), all of whom are based in Singapore. The team also included Daniel A. O'Shea (partner) and Carys Golesworthy (managing associate), both of whom are based in the United States.

Sidley is a leading international law firm with a strong track record in executing capital markets transactions in India and other Asian markets. The India Business Law Journal has ranked Sidley a “Top Foreign Law Firm” for India work for six consecutive years. In 2022, Sidley was ranked the leading legal adviser globally for India equity offerings for manager counsel and by overall deal count in Bloomberg Global Legal Adviser League Tables FY 2022, advising on 12 India equity offerings, more than any other law firm.