Linklaters has successfully advised on several high-profile equity capital markets (ECM) transactions in India and Singapore during the first half of 2025. These deals, spanning industries such as banking, pharmaceuticals, logistics, infrastructure, technology, and real estate, highlight the firm’s expertise in handling complex and structured mandates across South and Southeast Asia.
In India, Linklaters played a pivotal role in the qualified institutional placement (QIP) of shares for the State Bank of India, marking the largest QIP in the Indian equity capital markets to date. The firm also advised on the initial public offering (IPO) of Travel Food Services, a leader in India’s airport quick service restaurant and lounge segments, and the QIP of shares for Biocon Limited, the country’s largest biopharmaceutical company. Other significant transactions included rights issues for Mahindra Logistics and Mahindra Finance, an offer for sale by Aether Industries, and a follow-on offering for National Highways Infra Trust.
In Singapore, Linklaters advised on the IPO of Info-Tech Systems on the Singapore Exchange’s mainboard, the first such listing in nearly two years. The firm also facilitated the follow-on equity offering of Elite UK REIT and the private placement of Frasers Centrepoint Trust.
Amit Singh, Head of India Group and Head of South and Southeast Asia Capital Markets at Linklaters, remarked, “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.”
These transactions underscore Linklaters’ ability to navigate complex cross-border and regulatory considerations, setting new benchmarks in the ECM landscape. The firm anticipates continued activity in the region for the remainder of 2025.
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