Clifford Chance

Clifford Chance advises on US$184 million IPO for Asia's oldest stock exchange, BSE Ltd. in India

Leading international law firm Clifford Chance advised the underwriters on the international aspects of the US$184 million (Rs 12.4) initial public offering of BSE Ltd. (formerly the Bombay Stock Exchange), Asia's oldest stock exchange. The IPO was the first listing of a stock exchange in India and was oversubscribed by 51 times.

Partner Rahul Guptan led on the deal and was supported by partner Johannes Juette, senior associates Jonathan Crandall and Shashwat Tewary, associates Angela Ryu, Cora Ang and Stephanie Liman, and trainee Siddhartha Premkumar.

Rahul said, "We were delighted to advise on this historic IPO. As this was the first listing of a stock exchange in India, it required navigating a host of regulatory issues to secure SEBI approval to list on the NSE. Additionally, given the history and widespread shareholder base of the exchange, the deal involved a complex shareholder tender process to ensure maximum shareholder participation."

Due to BSE's significant investment portfolio, the deal was carefully structured to allow sales in the United States while complying with the "Volcker Rule" and the U.S. Investment Company Act, rare requirements for Indian listed companies.