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Conyers advises on first Mauritius Nasdaq listing

Law firm Conyers Dill & Pearman has advised MakeMyTrip on its USD70m initial public offering on the Nasdaq Global Market.

MakeMyTrip is the first ever Mauritius incorporated company to list on a major New York stock exchange.

Conyers Dill & Pearman advised MakeMyTrip on Mauritius law aspects of the listing alongside Latham & Watkins, which provided US law advice, and S&R Associates, which advised on Indian law.

Shearman & Sterling =acted as US counsel to the underwriters, Morgan Stanley International, Oppenheimer and Pacific Crest Securities, with Amarchand & Mangaldas & Suresh A. Shroff providing Indian law counsel.

Craig Fulton, head of Conyers’ Mauritius office, says: “Our Mauritius practice was able to draw on Conyers’ deep experience in complex IPO work in Singapore and our multi-jurisdictional capabilities in such transactions to bring about this precedent-making structure. As one of the BRIC emerging market nations, India is an important capital market with huge growth potential. The listing indicates a renewed appetite for capital raising on stock exchanges and we expect more transactions of this type to follow.”

MakeMyTrip is the parent company of MakeMyTrip (India) and, India’s largest online travel company based on 2009 gross bookings. The company is backed by several private equity funds and provides access through its subsidiaries to all major domestic full-service and low-cost airlines operating in India, all major airlines operating to and from India, over 4,000 hotels in India and a wide selection of hotels outside India, Indian Railways and several major Indian bus operators.

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