{"id":329550,"date":"2024-08-29T14:00:03","date_gmt":"2024-08-29T08:30:03","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=329550"},"modified":"2024-08-30T10:07:08","modified_gmt":"2024-08-30T04:37:08","slug":"cyril-amarchand-mangaldas-advises-unicommerce-esolutions-ltd-and-acevector-limited-on-around-inr-2-7-million-ipo-of-unicommerce-esolutions-ltd","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/08\/29\/cyril-amarchand-mangaldas-advises-unicommerce-esolutions-ltd-and-acevector-limited-on-around-inr-2-7-million-ipo-of-unicommerce-esolutions-ltd\/","title":{"rendered":"Cyril Amarchand Mangaldas advises Unicommerce eSolutions Ltd and AceVector Limited on around INR 2.765 million IPO of Unicommerce eSolutions Ltd."},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">Cyril Amarchand Mangaldas advised Unicommerce eSolutions Limited (\u201c<span style=\"font-weight: bold;\">Company<\/span>\u201d) and Acevector Limited (<span style=\"font-style: italic;\">formerly known as Snapdeal Limited<\/span>) (\u201c<span style=\"font-weight: bold;\">Promoter Selling Shareholder\/ AceVector<\/span>\u201d) as their legal counsel as to the Indian law, on the Company\u2019s initial public offering of 25,608,512 equity shares of face value \u20b91 each (\u201c<span style=\"font-weight: bold;\">Equity Shares<\/span>\u201d) aggregating to \u20b92,765.72 million (the \u201c<span style=\"font-weight: bold;\">Offer<\/span>\u201d or \u201c<span style=\"font-weight: bold;\">Offer for Sale<\/span>\u201d) by the Promoter Selling Shareholder and SB Investment Holdings (UK) Limited (\u201c<span style=\"font-weight: bold;\">Investor Selling Shareholder\/ SoftBank<\/span>\u201d). The Offer was oversubscribed by close to 168 times, with the qualified institutional buyers\u2019 portion and retail investors\u2019 portion being oversubscribed by 138.75 and 130.99 times, respectively.<\/p>\n<p style=\"margin-bottom: 3%;\">The Equity Shares listed and commenced trading on BSE Limited and National Stock Exchange of India Limited (collectively, the \u201c<span style=\"font-weight: bold;\">Stock Exchanges<\/span>\u201d) on August 13, 2024. The Equity Shares were listed at a premium of approximately 118%.<\/p>\n<p style=\"margin-bottom: 3%;\">The Company provides a comprehensive suite of Software-as-a-Service (\u201c<span style=\"font-weight: bold;\">SaaS<\/span>\u201d) products that help enterprise and small to medium businesses to efficiently manage their post purchase e-commerce operations. The Company is India\u2019s largest e-commerce enablement SaaS platform in the transaction processing or nerve centre layer, in terms of revenue for the financial years ended March 31, 2023, March 31, 2022 and March 31, 2021 (<span style=\"font-style: italic;\">Source: Redseer Report<\/span>) and stands out as the only profitable player among the top five players in this industry in India during Fiscal 2023 (<span style=\"font-style: italic;\">Source: Redseer Report<\/span>).<\/p>\n<p style=\"margin-bottom: 3%;\">Our firm played a pivotal role in addressing key complexities in the transaction which included among others, identification of additional promoters following the filing of the DRHP with the SEBI and the Stock Exchanges; addressing indemnity issues pertaining to Starfish I Pte. Ltd. (a SoftBank entity invested in AceVector) being identified as a promoter of the Company; and clarifying the holding company-subsidiary relationship between AceVector and the Company.<\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">The Capital Markets team of<\/span> Cyril Amarchand Mangaldas advised on the transaction and was led by <span style=\"font-weight: bold;\">Gokul Rajan<\/span>, <span style=\"font-style: italic;\">Partner &amp; Regional Head Markets Practice (Northern Region)<\/span>; with support from <span style=\"font-weight: bold;\">Nayan Jain<\/span>, <span style=\"font-style: italic;\">Principal Associate<\/span>; <span style=\"font-weight: bold;\">Chinar Gupta<\/span>, <span style=\"font-style: italic;\">Senior Associate<\/span>; <span style=\"font-weight: bold;\">Priyanka Khetwal<\/span>, <span style=\"font-style: italic;\">Associate<\/span>; <span style=\"font-weight: bold;\">Subham Jain<\/span>, <span style=\"font-style: italic;\">Associate<\/span>; <span style=\"font-weight: bold;\">Aarushi Jain<\/span>, <span style=\"font-style: italic;\">Associate<\/span>; <span style=\"font-weight: bold;\">Nitesh Mishra<\/span>, <span style=\"font-style: italic;\">Associate<\/span>; and <span style=\"font-weight: bold;\">Anjini Ganguly<\/span>, <span style=\"font-style: italic;\">Associate.<\/span><\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Reuben Chacko<\/span>, <span style=\"font-style: italic;\">Partner &amp; Regional Co-head Markets Practice (Southern Region)<\/span>; with support from <span style=\"font-weight: bold;\">Saurav Das<\/span>, <span style=\"font-style: italic;\">Senior Associate<\/span>; and <span style=\"font-weight: bold;\">Pragya Gupta<\/span>, <span style=\"font-style: italic;\">Associate<\/span>; advised SoftBank, the Investor Selling Shareholder.<\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Bharath Reddy<\/span>, <span style=\"font-style: italic;\">Partner<\/span>; with support from <span style=\"font-weight: bold;\">Dipti Khatri<\/span>, <span style=\"font-style: italic;\">Principal Associate<\/span>; and <span style=\"font-weight: bold;\">Simran Jain<\/span>, <span style=\"font-style: italic;\">Senior Associate Designate<\/span>; advised in relation to the matters pertaining to ESOP schemes of the Company.<\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Other parties and advisors to the transaction included<\/span> IIFL Securities Limited and CLSA India Private Limited who <span style=\"font-style: italic;\">acted as the book running lead managers to the Offer<\/span>; J. Sagar Associates, <span style=\"font-style: italic;\">who acted as the Indian legal counsel for the book running lead managers<\/span>; and Sidley Austin LLP, <span style=\"font-style: italic;\">who acted as the international legal counsel for the book running lead managers.<\/span><\/p>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">The transaction was signed<\/span> on November 22, 2022 and <span style=\"font-weight: bold;\">closing<\/span> was done on August 13, 2024.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p><i>Cyril Amarchand Mangaldas advised Unicommerce eSolutions Limited (\u201cCompany\u201d) and Acevector Limited<\/i><\/p>\n","protected":false},"author":8808,"featured_media":329557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[72565,30960,35087,72566,69213,72567,57619,70927,72564],"class_list":["post-329550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-acevector-limited","tag-cyril-amarchand-mangaldas","tag-equity-shares","tag-investor-selling-shareholder","tag-promoter-selling-shareholder","tag-sb-investment-holdings","tag-softbank","tag-software-as-a-service","tag-unicommerce-esolutions-ltd"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cyril Amarchand Mangaldas advises Unicommerce eSolutions Ltd and AceVector Limited on around INR 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