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Wilson Sonsini Goodrich & Rosati handled a $1 billion secondary offering for Infosys, the Indian outsourcing giant. The deal, announced last month, is being touted as the largest equity offering by an Indian IT company in the United States. It brings the company’s market cap to $19.9 billion, and one step closer to reaching its goal of becoming a member of the Nasdaq 100. Wilson partner Jeffrey Saper, who worked on the deal, also helped guide Infosys through its launch on the Nasdaq six years ago. At the time, Infosys was the first Indian company to go public in the United States. “It was a groundbreaking event,” said Saper. Other Indian companies, among them Wipro Technologies, Rediff and Tata Group, followed. This billion-dollar offering, actually a conversion of the company’s Indian stock into American Depository Shares, gives more U.S. investors access to the stock. It also helps resolve a disparity between the prices at which shares are trading here and in India. Saper says he has long recognized Infosys’ potential as a “trailblazer,” ever since meeting its founder and chairman, Narayana Murthy, on a trip to India. At the time, Saper had been contacted by client Montgomery Securities (predecessor to Thomas Weisel Partners) about representing the underwriter in Infosys’ public launch. “I was so taken by Murthy and the [company's] story that I asked Thom Weisel if he would have a problem if I approached the company about serving as counsel,” Saper said. “I’d never been to India and I went there and didn’t have an understanding of the Indian culture and the overwhelming poverty and overpopulation,” Saper said. “Infosys stood out as a shining star.” Saper said he was impressed by the company’s depth of management, that it received thousands of applications from the Indian Institute of Technology, and also by its public commitment. He recalls the company provided apartments for its workers, helped in the building of roads and created thousands of jobs. Saper was retained after a long process, and Wilson went on to represent Infosys in its American public launch, another secondary offering in 2003 and also worked on a stock split in 2004, although with Indian counsel. An Indian law firm also assisted Wilson with this latest deal in India. The Wilson team also included associates Rezwan Pavri and legal specialist Nidhi Tandon.

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