6 août 2025

Linklaters advises on multiple high-profile equity capital markets transactions in India and Singapore in H1 2025

Linklaters advised on major equity capital markets (ECM) transactions in India and Singapore in the first half of 2025. These transactions span a diverse range of industries, including banking, pharmaceuticals, logistics, infrastructure, technology, and real estate.

A number of these deals are notable for their scale, market significance, and innovative structuring, including record-setting qualified institutional placements (QIPs), navigating complex cross-border and regulatory considerations, and the use of sophisticated financing mechanisms. Several transactions broke new ground within their respective markets, underscoring Linklaters’ deep technical expertise in handling complex and structured ECM mandates across South and Southeast Asia.

Major ECM transactions in India include advising on,

  • the qualified institutional placement (QIP) of shares of State Bank of India, representing the largest QIP to date in the Indian equity capital markets;
  • the IPO of Travel Food Services, a market leader in India’s airport quick service restaurant and lounge segments;
  • the QIP of shares of Biocon Limited, India’s largest biopharmaceutical company;
  • the rights issue of Mahindra Logistics and Mahindra Finance, subsidiaries of the Mahindra Group, one of India’s largest multinational conglomerates;
  • the offer for sale of Aether Industries, a leading Indian chemical manufacturer, by its promoter; and
    the follow-on offering of National Highways Infra Trust, a leading roads and highways trust sponsored by the National Highways Authority of India, marking the third follow-on investment by CPP Investments since its initial investment in 2021.

In Singapore, the firm advised on key ECM transactions including,

  • the IPO of Info-Tech Systems, a leading Singaporean Software as a Service provider, on the mainboard of the Singapore Exchange, the first listing on the mainboard in nearly two years;
  • the follow-on equity offering of Elite UK REIT, a leading Singapore real estate investment trust, primarily investing in commercial assets and estate-related assets in the United Kingdom;
  • the private placement of Frasers Centrepoint Trust, a leading developer-sponsored retail real estate investment trust and the largest suburban retail mall owner in Singapore.

These transactions were led by Head of India Group and Head of South and Southeast Asia Capital Markets Amit Singh and capital markets counsel Joseph Wolpin.

Linklaters’ partner Amit Singh commented:

“The equity capital markets in India and across Southeast Asia remain robust despite the ongoing macroeconomic uncertainty, as evidenced by our firm’s robust deal pipeline. As a recognised leader in capital markets in the region, we are grateful for our clients’ faith in us and look forward to advising them in the second half of 2025 and beyond.”