Stephanie Zhao

Stephanie's recent experience includes advising:

• The book running lead managers in relation to the IPO of Niva Bupa Health Insurance Company Limited, one of India's largest and fastest growing standalone retail health insurers, and the only health insurance company in India that is majority controlled by a foreign global healthcare group, Bupa.
• The book running lead managers on Hyundai Motor India Limited's Rule 144A/Regulation S IPO, which is the largest in Indian history, the world's second-largest IPO in 2024 to date and Hyundai Motor's first listing outside Korea.
• The book running lead managers in relation to the proposed Rule 144A/Regulation S IPO of Schloss Bangalore Limited, a Brookfield-sponsored company that owns and operates luxury hotels under The Leela brand.
• The book running lead managers in relation to the proposed Rule 144A/Regulation S IPO of International Gemological Institute (India) Limited ("IGI India"), a 100% Blackstone-owned portfolio company. IGI India is part of International Gemological Institute, which is the world's second largest independent certification and accreditation services provider by revenue for diamonds, studded jewelry and colored stones.
• The book running lead managers on the US$360 million IPO of Aadhar Housing Finance Limited, a Blackstone portfolio company focused on the low-income housing segment in India.
• The underwriters on the Reg S IPO of Fedbank Financial Services Limited, a retail focused non-banking finance company backed by Federal Bank Limited, one of the oldest private sector banks in India.
• PT Trimegah Bangun Persada Tbk. (Harita Nickel) on its IPO on the IDX, which included a Rule 144A/3(c)(7) and Regulation S offshore tranche. The transaction raised approximately IDR 10 trillion (US$672 million). This IPO represented the first EV-related IPO in Indonesia, in line with the Indonesian government's plans to capitalize on Indonesia's strategic position as the world's largest nickel producer to encourage the development of a domestic EV industry.
• J.P. Morgan Securities plc and UBS AG Singapore Branch as joint global coordinators and international selling agents, and PT Indo Premier Sekuritas, PT J.P. Morgan Sekuritas Indonesia, PT Mandiri Sekuritas and PT UBS Sekuritas Indonesia as joint lead domestic underwriters, in relation to the initial public offering (IPO) of PT Nusantara Sejahtera Raya Tbk ("Cinema XXI") on the Indonesian Stock Exchange (IDX), which included a Rule 144A/Regulation S offshore tranche. The transaction raised approximately IDR 2.25 trillion (US$150 million) and represented one the largest IPOs in 2023 from the consumer sector in Indonesia. Cinema XXI is the largest cinema chain operator in Indonesia and its shareholders include an affiliate of GIC Private Limited, Singapore's sovereign wealth fund.
• The dealers and managers on the 2023 update of The Republic of Indonesia's (RoI) Rule 144A/Reg S US$35 billion Trust Certificate Issuance Program and the subsequent issuance of sukuk thereunder, including a tranche of green sukuk, the proceeds of which were to be used exclusively to finance / re-finance expenditures directly related to "Eligible SDGs Expenditures with Green and Blue focus" under the RoI's SDGs Government Securities Framework.
• Asian Infrastructure Investment Bank (AIIB) and African Development Bank (AfDB) as guarantors on the debut issuance of RMB 3.5 billion (approximately US$500 million) 3.51% three-year Sustainable Panda Bonds by the Arab Republic of Egypt. The issuance represented a number of "firsts", including: the first African panda bond issuance; the first sustainable development sovereign panda bond issuance; and the first guaranteed sovereign panda bond issuance.