Allen & Gledhill has advised venture capital firm Wavemaker Pacific 5 on leading a series seed round investment in Assetfindr, a Singapore-headquartered, AI-powered asset maintenance and management platform which provides tools for real-time insights, advanced risk management and data-driven decision-making. Partner Nicholas Soh led the firm’s team in the transaction.
AZB & Partners has advised InCred Growth Partners Fund-I on its Rs1.2 billion (US$14m) acquisition, along with other acquirers, of more than five percent stake in Celebal Technologies. Partners Anand Shah, Harshil Dalal and Kinshuk Jhunjhunwala led the firm’s team in the transaction, which was completed on May 9, 2025.
AZB & Partners has also advised Picus Global (Picus Capital) on its Rs180.4 million (US$2.1m) acquisition, along with other acquirers, of more than five percent stake in ReelSaga Innovations. Partner Aman Jain led the firm’s team in the transaction, which was completed on April 7, 2025.
Baker McKenzie has advised UOB Venture Management (UOBVM), a wholly-owned subsidiary of United Overseas Bank, on the acquisition of a 12 percent stake in Bien Hoa Consumer (BHC). With this transaction, UOBVM becomes a substantial shareholder of BHC, and partners with BHC to deploy supply chain finance solutions across the entire agricultural value chain. This collaboration aims to optimize financial resources and drive long-term, sustainable growth across BHC’s operations, from production to distribution. The investment enables BHC to invest in a state-of-the-art food and beverage manufacturing facility and expand its portfolio. BHC operates a robust multichannel distribution network, with nearly 2,000 business clients and more than 100,000 points of sale and e-commerce platforms. The company has a diverse product portfolio, including sugar, organic offerings, nutritious beverages, cooking spices and specialized products for homemakers and children. BHC is a subsidiary of Thanh Thanh Cong-Bien Hoa (TTC AgriS), a leading hi-tech multinational agriculture enterprise in Vietnam. Partner Seck Yee Chung led the firm’s team in the transaction.
Clifford Chance has advised Citigroup and CMB International Capital, as the joint sponsors and underwriters, on the IPO and listing of Green Tea Group, a well-known operator of casual Chinese restaurants in China. Since opening the first Green Tea restaurant in 2008 by the beautiful West Lake in Hangzhou, the group has grown into a nationwide restaurant network consisting of 493 restaurants. Partners Tianning Xiang and Jean Thio led the firm’s team in the transaction.
JSA has advised Surat Municipal Corporation and AK Capital Services on the public issuance of municipal green bonds of Surat aggregating up to Rs2 billion (US$23.4m). The Draft Offer Document was filed with the SEBI on May 9, 2025. Surat Municipal Corporation is the municipal body of Surat City, constituted under the Constitution of India and Bombay Provincial Municipal Corporation Act 1949. A city situated in the state of Gujarat, Surat is an important industrial hub and commercial centre of the country. Aligned with India’s commitment for green and climate-positive infrastructure, Surat proposes financing infrastructure projects aimed at reducing its carbon footprint by issuing green municipal bonds. Issuing a debt instrument, such as a green bond, aligns with Surat’s objective of promoting sustainability, addressing climate change challenges and fostering inclusive economic growth in the city. Partners Madhurima Mukherjee Saha and Anish Mashruwala, supported by partners Sagar Batra and Srinjoy Bhattacherjee, led the firm’s team in the transaction.
Rajah & Tann Singapore has advised New Century International on the US$281.25 million sale of its 100 percent interest in HTL Marketing to Nasdaq-listed HomesToLife. The purchase consideration was satisfied by the issue of 75 million new shares in HomesToLife based on the closing price of US$3.75 per share. HTL Marketing is a leading procurer and supplier of premium upholstered sofas and leather materials for sofa manufacturing, which exports its products to about 50 countries in Europe, Asia-Pacific and North America through a broad network of sales partners and retailers. HomesToLife is one of the leading home furniture retailers that offers and sells customised furniture solutions in Singapore. Capital markets / M&A partners Danny Lim and Cheryl Tay led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Power Finance Corporation on the term loan facility granted to Juniper Green Beta in relation to setting-up and implementing a solar wind hybrid renewable energy project, comprising of 280 MW/392 MWp solar capacity and 132 MW wind capacity, in Jodhpur District of Rajasthan and Devbhumi Dwarka District, Gujarat. Juniper Green Energy was the sponsor, while Beacon Trusteeship was the security trustee. Valued at Rs20.52 billion (US$240m), the transaction was signed on December 4, 2024 and is expected to close by June 30, 2025. Partner Anurag Dwivedi led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also advised Aditya Birla Capital on the grant of a term loan facility to Juniper Green Ray Two. The funding supports the development of a 150 MWAC/218 MWDC solar photovoltaic power plant located in Solapur District, Maharashtra. Valued at approximately Rs5.33 billion (US$62m), the transaction was signed on November 17, 2024 and is expected to close by June 30, 2025. Partner Anurag Dwivedi also led the firm’s team in the transaction.
Skadden has advised Antalpha Platform Holding Company on its US$56.7 million IPO and listing on the Nasdaq. Antalpha’s shares started trading on the Nasdaq on May 14, 2025. Antalpha is a leading fintech company specializing in providing financing, technology and risk management solutions to institutions in the digital asset industry. As the primary lending partner of Bitmain, Antalpha offers Bitcoin supply chain and margin loans through the Antalpha Prime technology platform, which enables customers to originate and manage their digital asset loans, as well as monitor collateral positions with near real-time data. China practice co-head Haiping Li, SEC reporting and compliance co-head Brian Breheny, Capital markets global head Ryan Dzierneijko and corporate partner Shu Du, supported by blockchain and digital assets group co-head Daniel Michael (New York) and partners partner Alessio Evangelista (litigation- Washington DC), Eytan Fisch (national security-Washington DC), Sean Shimamoto (tax-Houston) and Heather Cruz (investment management-New York) and Kevin Hardy (investment management-Chicago), led the firm’s team in the transaction.
