Nabarro takes Indian client through Aim IPO

Nabarro has advised an Indian biofuel producer on its £16m IPO on Aim.

On 9 November Nandan Cleantec, backed by ­billionaire investor Rakesh Jhunjhunwala, raised £16.1m on Aim.

According to the London Stock Exchange, ordinary shares were issued at 60p, valuing the company at around £166.1m.

Nandan, which is based in Hyderabad, is a vertically integrated biofuel producer that develops hybrid varieties of Jatropha, which is used to make biodiesel. The group’s main country of operation is India, but it is also active in Africa and Southeast Asia.

Nabarro advised Nandan, a new client to whom the firm was recommended by the placing agent, with ­corporate partner Alasdair Steele leading on the deal. Corporate partner Ian ­Binnie, who is head of the firm’s India group, also advised on the deal.

DLA Piper advised nominated adviser and placing agent Arden Partners, with corporate and finance partner John Campion heading the firm’s team.

“Despite IPO markets being extremely tough and the additional uncertainty generated by the Greek debt situation, the success of Nandan’s IPO shows that there’s still demand from investors for attractive assets,” said Steele.

Nabarro established its India group, which has around 12 partners, four years ago.