Esha Goel

Esha’s experience includes advising:

Technology

• The underwriters in Physics Wallah’s US$393 million India IPO of shares listed on BSE and NSE
• MakeMyTrip on its US$3.1 billion concurrent convertible notes and primary US registered share offerings in 2025. This transaction was awarded Best Bond Deal: India at the FinanceAsia Achievement Awards 2025
• The underwriters in WeWork India’s US$338 million India IPO of shares listed on BSE and NSE
• MakeMyTrip on its US$3.1 billion concurrent convertible notes and primary US registered share offerings in 2025. This transaction was awarded Best Bond Deal: India at the FinanceAsia Achievement Awards 2025
• LG Electronics India on its US$1.3 billion IPO listed on NSE. The transaction represents the third-largest IPO in India in 2025 to date, and it was awarded India Capital Markets Deal of the Year at the IFR Asia Awards 2025
• Swiggy on its US$1.35 billion IPO on the Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited (NSE), the second-largest initial public offering (IPO) in India to date; awarded Capital Markets Deal of the Year 2024 by India Business Law Journal, Best IPO (India) at the Asset Triple A Awards for Sustainable Finance 2025, and Equity Issue of the Year at the IFR Asia Awards 2024
• PayTM (One97 Communications Limited), India’s largest payments platform, on its IPO on the NSE and BSE, at the time the largest public issue in Indian capital market history
• The lead managers on food delivery platform Zomato’s US$1.3 billion IPO on the BSE, the first such offering by an Indian tech unicorn
• The lead managers on global engineering services company Tata Technology’s US$365 million IPO
• Hexaware, on its US$1 billion IPO on the BSE and NSE, the largest-ever IT services IPO in India
• PolicyBazaar’s 58,262,397 share IPO on the NSE and BSE

Automotive

• Hyundai Motor India on its US$3.3 billion initial public offering on the Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited (NSE) — this transaction marks the largest IPO in India to date and the second-largest IPO globally in 2024. It was awarded Best Equity Deal: India at the FinanceAsia Achievement Awards 2025, Equity Market Deal of the Year at the ALB India Law Awards 2025, and Capital Markets Deal of the Year by India Business Law Journal’s Deals of the Year Awards 2024
• Ola Electric on its US$730 million IPO on the BSE and NSE; named a Highly Commended IPO: South Asia at the FinanceAsia Achievement Awards 2024
• VinFast Auto, a leading Vietnamese automotive manufacturer, on its Nasdaq listing through a business combination with Black Spade Acquisition, a special purpose acquisition company (SPAC)

Energy, Infrastructure, and Industrials

• ReNew Power, an India-based renewable energy producer, on its Nasdaq listing through a business combination with RMG Acquisition Corporation II in the first deSPAC merger globally involving independent renewable power producers
• The lead managers on Sterling and Wilson Renewable Energy’s US$180 million qualified institutional placement (QIP)
• The global coordinators and lead managers on Reliance Industries’ US$7 billion rights offering, the largest non-financial services rights offering globally for more than a decade
• Sterling and Wilson Solar Limited on its 36,935,157 equity share IPO on the NSE
• The underwriters on India Grid Trust’s 224,996,373 unit IPO on the NSE and BSE
• Vedanta on its:
  • US$400 million 8% bonds due 2023 and US$600 million 9.2% bonds due 2026
  • 6.125% bonds due 2024, offer to purchase for cash any and all of its outstanding US$774 million 6% bonds due 2019, and US$900 million 8.25% bonds due 2021
• The book running lead managers on JSW Cement’s US$410 million IPO on the NSE and BSE

REITs

• The underwriters on Nexus Select Trust’s US$391 million IPO, the first REIT public issuance in India’s retail mall sector
• Hexaware on its US$1 billion IPO on the BSE and NSE, the largest-ever IT services IPO in India

Hospitality and Consumer Goods

• SATS Limited’s tender offer and solicitation of consents to purchase for cash all of Its outstanding US$400 million 7.875% senior secured notes due 2027 and €340 million 6.375% senior secured notes due 2027
• The underwriters on Kalyan Jewellers’ 135,057,470 equity share IPO on the BSE and NSE
• The book running lead managers on Ventive Hospitality’s US$187.1 million IPO
• MakeMyTrip on its US$1.25 billion aggregate principal amount offering of 0.00% convertible senior notes due 2030, and the exercise in full by the initial purchasers of their option to purchase an additional US$187.5 million in aggregate principal amount of the notes

Financial Services

• DBS Bank, Standard Chartered Bank, and ANZ on Impact Investment Exchange’s US$12 million issuance on the Singapore Stock Exchange of the Women’s Livelihood BondTM2, the Asia-Pacific’s second multi-country gender bond to be listed on a stock exchange, creating sustainable livelihoods for 250,000+ underserved women in the region; received the 2019 UN Climate Action Award and the P4G State-of-the-Art Partnership of the Year Award
• The underwriters on HDFC Asset Management Company Limited’s 25,457,555 equity share IPO on the BSE and NSE; named Best IPO (India) by the Asset Asian Awards of the Year 2018
• The underwriters on HDFC Life Insurance Company Limited’s 299,827,818 equity share IPO on the NSE and BSE
• A consortium comprising TPG, Singapore Life, Sumitomo Life Insurance Company, and others on a transaction to combine Singapore Life with Aviva Singapore