Latest Deals from Law Firms and Legal Services Providers: 10th December 2025

Allen & Gledhill has advised UltraGreen.ai and the selling shareholder, Renew Group, on UltraGreen.ai’s IPO and listing in Singapore. The IPO, together with a concurrent sale to cornerstone investors, raised gross proceeds of approximately US$400 million. With a market capitalisation of approximately US$1.6 billion at listing, UltraGreen.ai’s IPO is the largest non-REIT listing in Singapore since 2017. Partners Tan Tze Gay, Rhys Goh and Kern Wong led the firm’s team in the transaction.

AZB & Partners has advised RMSI and its selling shareholders on their Rs5 billion (US$55.6m) sale of stake to Affirma Capital and 360 One Asset. Partners Daksh Trivedi and Aman Jain led the firm’s team in the transaction, which was completed on November 4, 2025.

AZB & Partners has also advised Accion Digital Transformation Fund and the Teachers Insurance and Annuity Association of America on their more than US$50 million sale of stake in IKF Finance to Creador VI. Partners Hardeep Sachdeva, Priyamvada Shenoy and Shivang Sargoch led the firm’s team in the transaction, which was completed on November 11, 2025.

CMS INDUSLAW has represented the Thengalai sect on securing from the Madras High Court Division Bench on November 28, 2025 the judgment, which upheld the century-old decrees recognising the exclusive ceremonial worship rights of Members of the Thengalai (Southern Cult) at the Sri Devaraja Swamy Temple in Kancheepuram. The Court dismissed the challenges raised by Members of the Vadagalai (Northern Cult), holding that the earlier pre-constitutional judgments did not violate fundamental rights under Articles 25 and 26 of the Constitution, and that these long-standing Adhiapaka Mirasi rights represent a blend of religious and property rights protected under Article 26(c) and (d). The Court further held that judicial orders which have attained finality cannot be collaterally challenged on the ground of violating fundamental rights, as courts do not fall within the definition of ‘State’ under Article 12 when exercising judicial power. The Division Bench also directed the Executive Trustee to implement the earlier decrees with police assistance, if necessary. Senior counsels Vijay Narayan, Hema Sampath, V Srinivasa Raghavan, AK Sriram, PV Balasubramaniam and KBS Rajan, supported by partner Varuni Mohan, led the firm’s team in the matter.

DLA Piper has acted as international sanctions counsel for multinational hygiene product manufacturer Softcare on its successful Hong Kong listing. The IPO raised approximately HK$2.38 billion (US$306m). Softcare’s Hong Kong public offering was oversubscribed 1,813.77 times, while the international placement was oversubscribed 34.33 times. Softcare’s history can be traced back to 2009, when it was established as an internal business segment of Sunda Group. The company launched Softcare baby diapers in Ghana in 2009, and has since grown to become the leading diaper and sanitary napkin brand by sales volume in Africa. Softcare intends to use approximately 71.4 percent of the IPO proceeds to expand overall production capacity and upgrade production lines, and the rest for various other purposes. Singapore partner Nathan Bush (international trade, antitrust and investigations-litigation and regulatory practice) led the firm’s cross-border, multi-disciplinary team in the transaction.

JSA has successfully represented TaskUs India on defending a Section 9 petition filed by Ensemble Infrastructure India before the Indore Commercial Court. Ensemble sought wide interim measures, including stay of termination, injunction against engaging third-party vendors, and a direction to deposit a substantial amount as alleged dues, arising from a turnkey design-and-build contract for TaskUs. The Court dismissed the petition in its entirety, holding that the Master Purchase Agreement was a determinable contract, that termination was issued in accordance with the contract, and that no prima facie case, balance of convenience, or irreparable harm was established in favour of Ensemble. The case involved complex allegations of delay, scope variations and competing technical narratives, with Ensemble seeking intrusive reliefs that would effectively reverse termination and freeze TaskUs’s ongoing fit-out operations. The Court accepted TaskUs’s position that Section 9 cannot be used to resurrect a determinable contract, and that detailed factual disputes must be resolved only in arbitration, not through interim injunctions. Partner Padmaja Kaul led the firm’s team in the transaction.

JSA has also acted for IHH entity Parkway Healthcare on Parkway Healthcare’s divestment from its PET-CT joint venture with Apollo Hospitals. Partner Siddharth Mody, supported by partner Rohan Kumar, led the firm’s team in the transaction.

Moreover, JSA has advised Kotak Mahindra Capital, CLSA India and Motilal Oswal Investment Advisors, as the lead managers, on the institutional placement of units of IRB InvIT Fund, India’s first InvIT. Aggregating to approximately Rs32.5 billion (US$362m), this was the largest institutional placement of units by a publicly-listed InvIT in India. The InvIT is sponsored by IRB Infrastructure Developers. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, led the firm’s team in the transaction.

Latham & Watkins has advised UltraGreen.ai, a global leader in the fluorescence-guided surgery space, on its US$400 million IPO in Singapore. The firm also acted for Renew Group, as selling shareholder, on the offering. The offering comprises an international offering of approximately 106.2 million shares at US$1.45 per share, and a Singapore public offering of approximately 5.9 million shares at S$1.892 (US$1.45) per share. In addition, ReRSnew Group has granted the underwriters an over-allotment option to purchase up to approximately 20.7 million shares at the offering price. At the same time as, but separate from the offering, 16 cornerstone investors entered into separate cornerstone investment agreements to purchase approximately 163.8 million shares from Renew Group at the offering price. Singapore partner Sharon Lau, supported by partners Elizabeth Richards (Washington DC), Betty Pang (Bay Area), Eveline Van Keymeulen (Paris), Heather Deixler (Bay Area), Aaron Bernstein (New York), Rene de Vera (Chicago) and Laura Ferrell (Chicago), led the firm’s cross-border, multi-disciplinary team in the transaction, which represents the largest non-trust IPO in Singapore in a decade.

Paul Hastings (Hong Kong) has advised Suzhou Novosense Microelectronics on its HK$2.2 billion (US$283m) global offering and listing in Hong Kong. The firm also assisted Novosense in drafting the prospectus for its global offering and listing. Novosense, an industry leading analog and mixed signal chip company, is currently listed in Shanghai. Founding partner and Greater China chair Raymond Li and corporate partners Peter Cheng and Steven Hsu led the firm’s team in the transaction.

Rajah & Tann Singapore has acted for Yangzijiang Maritime Development on its primary listing in Singapore, via an introduction following its spin-off from Yangzijiang Financial Holding and placement of shares. Following completion of the spin‑off and listing, the company had achieved a market capitalisation of approximately S$2.15 billion (US$1.66b) on listing. Partner Tan Mui Hui (capital markets deputy head) led the firm’s team in the transaction.

Rajah & Tann Singapore has also acted for Mr Sridhar Reddy Pinnapureddy, founder of the Cloud4C Group, on the sale of the Cloud4C Group to Paris-listed Capgemini SE. The Cloud4C Group is a globally leading AI-powered, automation-driven, application-centric managed services and cloud infrastructure provider headquartered in Singapore, with a global presence in 29 countries. M&A partners Evelyn Wee and Terence Quek led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised British American Tobacco (BAT) on the strategic divestment of part of its shareholding in ITC Hotels. The divestment was effected thru a secondary transfer executed via an accelerated bookbuild process for approximately US$429 million. This deal involves the offloading of a significant stake held by BAT in ITC Hotels, one of India’s largest hospitality players, following the demerger of the hotels business of ITC in early 2025, as well as BAT’s recent stake sales in ITC in 2024 and 2025, which were among the biggest on-market block deals in the country. The firm advised BAT on all those transactions. Partner Mithun V Thanks, supported by partner Manjari Tyagi, led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has also advised Eris Lifesciences on its approximately Rs4.23 billion (US$47m) proposed acquisition of 30 percent of the total share capital of Swiss Parenterals, in which Eris currently holds 70 percent of the share capital, from Swiss Parenterals Director Mr Naishadh Shah. The consideration will be discharged by Eris via issuance of Eris equity shares to Mr Naishadh Shah on a preferential basis. Upon completion of the proposed acquisition, subject to receipt of necessary stock exchange approvals, Swiss Parenterals will become a wholly-owned subsidiary of Eris Lifesciences. Partners Nivedita Tiwari and Devesh Pandey, supported by partners Gouri Puri and Rahul Yadav on the tax-related aspects, led the firm’s team in the transaction.

Moreover, Shardul Amarchand Mangaldas & Co has advised Premier Energies on the acquisition of a 51 percent controlling stake in Ksolare Energy, a company engaged in manufacturing solar inverters and providing smart energy solutions, and on the shareholders’ arrangement with Syrma SGS Technology. Partners Kushal Sinha and Dhrupad Pant also led the firm’s team in the transaction.

Skadden has advised the underwriters on the US$400 million IPO and listing in Singapore of UltraGreen.ai, a leader in the fluorescence-guided surgery space. This is the first non-REIT IPO in Singapore since 2017. Corporate partners Rajeev Duggal and Jonathan Stone, supported by capital markets partner Danny Tricot, tax partners Emily Lam (Palo Alto) and Sean Shimamoto (Houston), and healthcare regulatory partner Maya Florence (Boston), led the firm’s team in the transaction.

S&R Associates has represented global private equity firm Hillhouse Investment on its strategic investments in luxury residential developers Isprava group. Partner Raya Hazarika, supported by partner Avikshit Moral on real estate matters, led the firm’s team in the transaction.

S&R Associates has also represented Axis Capital, Morgan Stanley, Citigroup, JP Morgan and Jefferies, as the book-running lead managers, on the Rs38.99 billion (US$434m) IPO by Pine Labs, a leading technology company focused on digitizing commerce through digital payments and issuing solutions. Partners Sandip Bhagat, Jabarati Chandra and Jitesh Shahani, led the firm’s team in the transaction.

Moreover, S&R Associates has represented Peak XV Partners, Y Combinator and Ribbit Capital, as the selling shareholders, on the Rs66.32 billion (US$738m) IPO of Groww (Billionbrains Garage Ventures), a leading direct-to-customer digital investment platform in India. Partners Sandip Bhagat and Jabarati Chandra led the firm’s team in the transaction.

TT&A has advised Peak XV on the sale of its shareholding in La Renon Healthcare to Creador Group, WhiteOak Group and Siguler Guff. Partner Dushyant Bagga led the firm’s team in the transaction. Veritas Legal advised WhiteOak Group and Creador Group, while AZB & Partners advised Siguler Guff.