Aster DM Healthcare debuted on the National Stock Exchange of India and the Bombay Stock Exchange in February with a US$153 million initial public offering (IPO).
“It is uncommon for an Indian-listed company to primarily operate outside of India,” Latham & Watkins’ Singapore partner and India practice head Rajiv Gupta told India Business Law Journal.
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He said the most challenging aspect of the IPO was to address that Aster was one of the largest private healthcare providers in the Middle East and operated in a highly regulated sector in many Middle Eastern countries.
Latham & Watkins represented the underwriters Kotak Mahindra Capital, Axis Capital, Goldman Sachs (India) Securities, ICICI Securities, JM Financing and YES Securities (India). Supporting Gupta were Singapore associates Scott Calver, David Lee and Su Yuen-yang. New York partners Jiyeon Lee-lim and Gregory Hannibal and associates Lauren Bewley and Amy Robertson advised on US tax matters. S&R Associates was Indian legal counsel to the underwriters. A team from Cyril Amarchand Mangaldas in Bengaluru was the Indian legal adviser to Aster DM Healthcare.
Dubai-based Al Tamimi & Co was Gulf Cooperation Council (GCC) legal counsel to the company. Aster DM Healthcare operates hospitals, clinics and retail pharmacies in India and GCC countries.
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