Prabhat Dairy, an integrated milk and dairy products company, raised US$56 million through its initial public offering on the National Stock Exchange. It is the first dairy company to list in India.
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Prabhat Dairy is one of the largest producers and consumers of dairy products in the world. The company is backed by India Agribusiness Fund, which is Rabobank’s India-focused private equity firm, and Proparco, the private sector investment arm of Agence Française de Développement, both of which sold some of their shares through the IPO.
Squire Patton Boggs’ Singapore-based corporate partner Biswajit Chatterjee advised underwriters Macquarie Capital Securities, Edelweiss Capital and SBI Capital on US and international law aspects of the IPO, with assistance from associate Krishna TJ.
Cyril Amarchand Mangaldas advised Prabhat Dairy on Indian law issues.
J Sagar Associates advised the selling shareholders.
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