Trilegal, TT&A and Hogan Lovells Cadwalader are acting as Dosti Realty IPO legal advisors on one of the Indian real estate sector’s most closely watched proposed public offerings. Dosti Realty Limited has filed a confidential draft red herring prospectus for an initial public offering of its equity shares of face value of INR 5 each, comprising a fresh issue and an offer for sale. The transaction spans domestic and international counsel, with three distinct legal teams representing the issuer and the book running lead managers respectively.
Introduction
The proposed IPO comprises a fresh issue of equity shares and an offer for sale, with each equity share carrying a face value of ₹5. Dosti Realty confidentially filed its pre-filed draft red herring prospectus with SEBI on September 29, 2026.
The confidential pre-filing process allows companies to keep draft offer documents outside the public domain while regulators review them, with the documents becoming available at a more advanced stage of the regulatory process. As a result, key information about the proposed IPO — including the issue size, fresh issue or offer-for-sale structure, financial performance, valuation and expected listing schedule — is not available at this stage.
TT&A is advising JM Financial Limited, Motilal Oswal Investment Advisors Limited and ITI Capital Limited, the book running lead managers acting on this IPO. Hogan Lovells Cadwalader is serving as the international legal counsel to the BRLMs.
Dosti Realty is a Mumbai-based real estate developer with over four decades of experience, having delivered more than 143 properties across residential, commercial, and other segments in Mumbai and Thane.
Legal Teams Involved
Trilegal — Advising Dosti Realty (Issuer)
- Albin Thomas — Partner
- Arsh Sinha — Senior Associate
- Snehal Kaushal — Associate
- Anand Kumar — Associate
- Mohak Agarwal — Associate
- Rishab Taori — Associate
TT&A (Talwar Thakore & Associates) — Advising the Book Running Lead Managers (JM Financial Limited, Motilal Oswal Investment Advisors Limited and ITI Capital Limited)
- Abhinav Kumar — Partner
- Shubham Sancheti — Managing Associate
- Abhishek Iyer — Senior Associate
- Daniyal Khan — Associate
- Basil Gupta — Associate
- Mihika Ambikar — Associate
Hogan Lovells Cadwalader — International Legal Counsel to the BRLMs
- Biswajit Chatterjee — Head of the India Practice and Dubai Office Managing Partner
- Suchisubhra Sarkar — Senior Associate
- Purva Mishra — Associate
Significance and Impact
The Dosti Realty IPO filing is a notable transaction for India’s capital markets, representing the continued appetite of Mumbai’s established real estate developers to access public equity funding. Dosti Realty was among a group of companies that used SEBI’s confidential pre-filing route during the same week, a pathway that lets a company file without publishing the DRHP, with the document only becoming public later if the company decides to go ahead.
The assembly of three law firms — one for the issuer and two for the BRLMs — reflects the transaction’s cross-border structuring complexity. Hogan Lovells Cadwalader itself is the product of an April 2026 merger vote between Cadwalader, Wickersham & Taft and Hogan Lovells. The merger completed on 1 July 2026, making this one of the newly combined firm’s early mandates on an Indian capital markets transaction.
For Trilegal, the instruction continues the firm’s established presence in Indian real estate capital markets. The breadth of seniority across all three teams — from partners leading each mandate to multiple associates — reflects the scale of diligence and regulatory work involved in a confidential DRHP filing of this nature.
The proposed Dosti Realty IPO, structured as a combined fresh issue and offer for sale of equity shares with face value of INR 5 each, has drawn a full complement of domestic and international legal counsel across issuer and BRLM sides. With the DRHP filed confidentially with SEBI, specific financial terms remain undisclosed. Further details were not disclosed. Track this and other mandates via the Deal Meter.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
