Cases & Deals

JPMorgan Chase underwrites $180 million of GDRs in Rule 144A and Regulation S offering by Gitanjali Gems Limited

Clients JPMorgan Chase Bank, N.A.

Jones Day acted for J.P. Morgan Securities Limited and Jefferies International Limited in their roles as global coordinator, sole bookrunner and lead manager and Co-manager, respectively, in the issue of 18,614,271 Global Depositary Receipts ("GDR") including a greenshoe of 3,102,379 GDRs by Gitanjali Gems Limited to institutional investors pursuant to Regulation S and to QIBs under Rule 144A. The GDRs were admitted to the Official List and to trading on the Professional Securities Market of the London Stock Exchange. Based on an offer price of US$9.67 per GDR, Gitanjali Gems Limited, a jewelry manufacturer based in India, raised approximately US$180 million before expenses giving it an approximate market capitalization of US$777 million.