Luthra & Luthra, AZB & Partners and Skadden have advised on the US$82m IPO of Indian media company DB Corp. All three firms return on the transaction after advising on the company’s delayed IPO in 2007.

DB Corp is the one of the largest print media groups in India, with a portfolio of seven newspapers under its belt. Its 2007 IPO was reportedly delayed due to market instability and the company issued a draft red herring prospectus before holding off on the offering.

This time around the Indian law firms advising on the transaction have been reshuffled – instead of acting for the underwriters, Luthra & Luthra picked up the lead role for the issuer, DB Corp. AZB & Partners, who was issuer’s counsel in 2007, was shifted to advisor for the sellers, Cliffrose Investments. 

However, Skadden retained its role as underwriter’s counsel, and sole international counsel on the transaction. Hong Kong partner Jonathan Stone worked with Singapore-based Rajeev Duggal as well as tax partner Moshe Kushman from the firm’s Los Angeles office to advise Citigroup Global Markets, Kotak Mahindra and Enam Securities.

Indian firm Desai & Diwanji also picked up a role advising Citigroup Global Markets as domestic counsel.