Khaitan & Co., Talwar Thakore & Associates (TT&A) and Duane Morris & Selvam advised on Kusumgar Limited’s INR 650 crore IPO.

Kusumgar Limited, a leading India-based manufacturer of specialised engineered fabrics focusing on woven, coated and laminated synthetic textiles, completed its initial public offering (IPO) aggregating approximately INR 650 crore through a pure offer for sale by its promoter selling shareholders, Siddharth Kusumgar, Sapna Kusumgar and Siddharth Kusumgar HUF.

The offering enabled the promoters to divest a portion of their shareholding while facilitating the listing of the company’s equity shares on the BSE and NSE. The IPO witnessed strong investor demand. Alongside the IPO, concurrent private placements were also undertaken outside India.

Khaitan & Co. acted as Indian legal counsel to Kusumgar Limited and the Promoter Selling Shareholders in connection with the IPO.

Talwar Thakore & Associates (TT&A) advised the Book Running Lead Managers—Axis Capital Limited, IIFL Capital Services Limited (formerly IIFL Securities Limited), and Motilal Oswal Investment Advisors Limited.

The TT&A team comprised Partner Abhinav Kumar, Managing Associate Shubham Sancheti, Senior Associate Indira Satish, and Associates Daniyal Khan and Soham Vakil.

Duane Morris & Selvam LLP acted as international legal counsel to the Book Running Lead Managers on the IPO, the concurrent offshore private placements, and related international offering aspects.

The team was led by Head of the U.S. Capital Markets, U.S. Venture Capital and India Practices Jamie Benson, with support from Special Counsel Paul Marks, and Associate Faiz Jugari, Associate.