Nuvama Investment Banking acted as the Left Lead Book Running Lead Manager to the INR 6,860 mn IPO of Flair Pens Limited

Deal Details

  • First Pure Play Writing Instruments IPO in the last 2 decades
  • Flair successfully completed Pre-IPO placements# to marquee Domestic Long Only Investorsat the IPO Price
  • Deal saw strong participation across investor categories garnering more than INR 20,000 crs
    • QIB^ – ~122x, HNI – ~35x, Retail – ~13x


  • As the left-lead banker, hand-held the Company in end-to-end execution, swift regulatory approvals, thereby ensuring timely launch
  • Nuvama played a central role in the IPO by bringing key cornerstone investors completely driving the momentum of the issue
  • Garnered participation from a diverse investor set including LO FIIs, Mutual Funds and marquee DII investors
  • Pushed the story aggressively through our distribution channel to garner strong interest in HNI & Retail category resulting in 15 lakh+ applications

Nuvama Investment Bank has successfully closed the IPO transaction for Sai Silks (Kalamandir) Limited

Deal Details:

  • Sai Silks is amongst the Top 10 retailers of ethnic apparel, particularly sarees, in south India
  • Deal saw participation from high quality investors with 95%+ of the Anchor Book allocated to Mutual Funds, Long Only DIIs and FIIs
  • IPO Performance was testament to the unmatched brand quality of Sai Silks;
    • Despite market volatility during issue period week with correction of ~2.3%@ and multiple competing issues, IPO got a very strong demand garnering more than INR 41,200 MN
    • The Company started on positive note in the equity markets, with equity shares closing at 10.3%# premium to the IPO price on Listing Day


  • Effectively positioned Sai Silks as a leading apparel retail brand in India with a scalable model which is well poised to leverage growth in the ethnic and value fashion apparel industry in India
  • Nuvama garnered participation from a diverse investor set including Marquee ‘Long Only’ DII, Mutual Fund and FIIs
  • Nuvama co-ordinated the entire post issue activities to ensure the smooth Listing of Sai Silks on 3rd working day post deal closure

Exclusive Financial Advisor to Malpani Group on Acquisition of Imagicaaworld Entertainment Limited, India’s Largest Themed Entertainment Park*

Deal Highlights:

  • Malpani Group (MPG), a diversified group having leading presence in theme parks business, has acquired Imagicaaworld Entertainment Ltd. (IEL)
  • Acquisition consummated through a debt resolution process, outside of NCLT, under RBI’s Framework for Resolution of Stressed Assets
  • MPG acquired c.66.25% stake in IEL through preferential issue of shares worth INR 4,150 mn
  • Additional consideration structured in form of equity shares and redeemable preference shares
  • This transaction marks one of the few successful resolutions under the RBI Framework for Stressed Assets. Deleveraging of balance sheet has enabled value preservation for equity shareholders, management and employees of IEL

*In terms of area

Our Contribution

  • Played the crucial role of hand-holding the client through the complex M&A process involving multiple stakeholders including consortium of 10 lenders and ARC, in addition to IEL shareholders and management
  • Devised a transaction structure, within the ambit of the applicable regulations, creating a win-win outcome for all stakeholder – MPG, lenders and IEL management
  • Negotiated valuation and commercial terms with lenders and IEL shareholders on behalf of MPG

*In terms of area

Book Running Lead Manager to the QIP of Restaurant Brands Asia Ltd (Burger King India)


QIP Size ~ ₹ 14,021 mn
Post Issue Dilution ~ 22.0%
Market price (INR per share)* ₹ 136.50
Issue price (INR per share) ₹ 129.25


  • Amansa
  • Birla MF + Offshore
  • Bajaj Allianz Life Insurance
  • FMR
  • Govt. of Singapore
  • HDFC Life Insurance
  • Newport Asia
  • Valiant


  • We successfully closed the 3rd transaction for Burger King in the last 15 months – Only Domestic Bank to be involved across all these transactions
    Feb 22 – QIP (₹ 14,021 mn) / Dec 20 – IPO (₹ 8,100 mn) / Nov /Dec 20 – Pre-IPO (₹ 2,570 mn)
  • Led the QIP procurement with 2 out of the largest 3 Bids
  • Book was oversubscribed despite volatile market scenario – market witnessed a sharp correction of ~8%^ from its high point during 1 month prior to launch

^ Movement of SENSEX between 1 month high and low
*As on date of filing of PPD – February 10, 2022, NS

Book Running Lead Manager to the IPO of Vedant Fashions Limited


IPO Size ~ ₹ 31,500 MN
IPO Structure (Primary / OFS) – / 100%
Post Issue Dilution ~ 15.0%
IPO Price ₹ 866
Subscription (QIB / HNI / Retail)* 2.9x / 0.8x / 0.2x
Total number of applications* 93,672


  • Axis MF
  • Birla MF + Offshore
  • Fidelity
  • Govt. of Singapore
  • ICICI Prudential MF + Life
  • Kotak MF + Life + Offshore
  • Nomura
  • SBI MF
  • Wellington


  • IPO of largest company in India in the men’s Indian wedding and celebration wear segment^
  • Despite market volatility over past 2 weeks and correction of ~6%@, Company listed at a premium of 8.0%#
  • We provided end-to-end client handholding and guidance on various deal contours and timing

*Excluding anchor subscription & after technical rejections ; ^ in terms of revenue, OPBDIT and profit after tax for the Financial Year 2020
# NSE Opening Price is considered @ Movement of Nifty 50 between 2 weeks high and low

Book Running Lead Manager to the IPO of Medplus Health Services Limited


IPO Size ₹ 13,983 mn
IPO Structure (Primary / OFS) 43% / 57%
Post Issue Dilution 14.72%
IPO Price ₹ 796
Subscription (QIB* / HNI / Retail) 114.0x / 86.3x / 4.2x
Total number of applications# 1,294,261


  • ADIA
  • BlackRock
  • Birla MF
  • FMR
  • GSAM
  • MSIM


  • 2nd largest pharmacy retail chain in India^
  • Healthy subscription with more than 12 Lacs applications
    • 100% of anchor book was allocated to LO Investors
  • Pre-IPO – Warburg Pincus, one of the selling shareholders sold 6.18% of pre-issue equity capital for ₹ 5,500 mn to marquee investors SBI MF, Malabar and Motilal Oswal MF at IPO Price.

*Excluding Anchor
# Before technical rejections
^ In terms of revenue in Fiscal 2020 and as on March 31, 2021

Global Coordinators & Book Running Lead Manager to the IPO of Devyani International

Deal Highlights:

  • Largest QSR IPO^ in India
  • Participation by all category of investors – Global Sovereign Funds, LO FIIs, Mutual Funds, Insurance Companies
  • Launched within 11 weeks since DRHP Filing
Stellar Response across investor categories*
Highest subscribed issue on Day 1@
Listing day premium

Our Contribution:

  • 2nd QSR IPO by us – #1 Mobiliser
Highest number of investors converted in anchor
Share of the overall Retail & HNI portion
  • Garnered early interest from investors to give confidence for launch of deal
  • Provided end-to-end client handholding and guidance on various deal contours and timing

*Excluding Anchor subscription ; ^ In terms of issue size; @ Issue size >INR 15,000 mn in last 3 years; # – Indicative

Exclusive financial advisor to Orient Craft Ltd. (OCL)

Deal Highlights:

  • OCL faced stress situation due to COVID-19 resulting in order cancellations, inventory losses & delay in monetisation of noncore assets etc
  • Comprehensive Debt Resolution involved correction in cashflow mismatch & Interim relief by securing interest moratorium and principal payments
  • Correction of working capital facilities by carving irregularities into separate Term Loan, Funding of Interest, Additional Working Capital funding & Reduction in margin for Drawing Power calculation

Our Contribution:

  • Ensured successful closure within tight timelines
  • Bridging trust deficit between borrower and lenders to ensure banking operations continue during restructuring process
  • Meticulous navigation through all non anticipated challenges during the execution
  • Critical handholding and strategic approach for all procedural diligences by external agencies
  • Fine balancing between the lenders and inter-se promoters group

Krafted A Successful Deal – Left Lead Book Running Lead Manager to the IPO of Stove Kraft Limited

Deal Highlights:

  • First IPO of a pure-play kitchen appliances company in past 2 decades
  • The deal was oversubscribed 16.8x* times
  • The deal saw participation from across categories of investors including Marquee FIIs, Mutual Funds, Insurance Company and AIFs

Our Contribution:

  • We were the left-lead banker to the issue; our 3rd back-to-back IPO for Sequoia Capital
  • Provided end-to-end client handholding and guidance on various deal contours and timing
  • Dominated the procurement across investor categories
    • No.1 QIB demand procurement both in volume and value#
    • Responsible for one of the largest MFs^ in India to participate in the IPO, boosting confidence for IPO launch
    • Converted maximum no. of FIIs
    • Converted maximum no. of anchor investors

* Excluding Anchor subscription
# based on tentative data
^ Amongst Top 5 By AUM

“Flying Colours” – Book Running Lead Manager to the IPO of Indigo Paints Limited

Deal Highlights:

  • First IPO of a pure play paints company in the last 3 decades
  • Amongst the 6 highest mobilized issuances* in the last decade
    • QIB – ~189.8x; HNI – ~261.6x; Retail – ~13.7x; Overall 115.7x; 30 lacs+ applications
  • The deal was executed in one of the shortest timelines – IPO launched within 11 weeks of DRHP filing
  • The deal saw participation from diverse set of institutional investors across geographies and categories

Our Contribution:

  • We led the positioning efforts of the company garnering bids from marquee investors across categories – Sovereign Wealth Funds, FPIs as well as Domestic Funds
  • Only bank to procure bids from US only funds^
  • Played a pivotal role in value optimization for the company and selling shareholders
  • We pioneered the non institutional marketing efforts, translating into record breaking performance
    • Leveraged our pan-India network to help garner the highest no. of applications in a consumer issuance in the last decade
    • Tapped into our extensive wealth management network empowering one of the highest HNI mobilization

* As per amount mobilized
^ In the anchor book