Stephanie Zhao
Stephanie Zhao
Stephanie Zhao
Stephanie Zhao

Biography

Stephanie Zhao is an associate in our Capital Markets practice based in Singapore, as well as a member of the Firm’s Global ESG & Sustainability Practice Group. She has experience in advising issuers and underwriters in connection with debt and equity capital offerings and equity-linked securities transactions, including MTN program establishments and drawdowns, high-yield, guaranteed and investment grade debt offerings and convertible bond issuances.

Prior to joining White & Case, Stephanie had worked in the Hong Kong office of a Magic Circle international law firm, as well as in a Singapore Big Four law firm.

Experience

Stephanie's recent experience includes advising:

  • The book running lead managers on Hyundai Motor India Limited’s US$3.3 billion Rule 144A/Regulation S IPO, which was the largest in Indian history as of its completion, the world's second-largest IPO in 2024 and Hyundai Motor's first listing outside Korea. This deal won "Equity Market Deal of the Year" award at the Asian Legal Business India Law Awards 2025 and "Capital Markets Deal of the Year" at the India Business Law Journal 2024.
  • The book running lead managers on the INR 48 billion (US$576 million) IPO of Knowledge Realty Trust, a real estate investment trust in India sponsored by Blackstone and Sattva Group. At the time of listing, this IPO is the largest and most subscribed REIT IPO in India's history with an oversubscription of 13 times.
  • The book running lead managers on the approximately US$409 million Rule 144A/Regulation S IPO of Schloss Bangalore Limited, a Brookfield-sponsored company that owns and operates 'The Leela' Indian luxury hotels. This landmark offering is the largest-ever IPO in the Indian hospitality sector and the second largest in 2025 in India as of its completion in May 2025.
  • The book running lead managers on the US$509.64 million Rule 144A/Regulation S IPO of Blackstone-owned International Gemological Institute (India) Limited ("IGI India") on the National Stock Exchange of India. IGI India became the first company in the gems and studded jewelry certification industry worldwide to be listed.
  • The joint bookrunners and underwriters in relation to the S$170 million (US$126 million) Rule 144A/ Regulation S IPO of Pegasus Asia, a special purpose acquisition company (the "SPAC") on the SGX. This transaction was one of the first SPACs to be listed in Singapore and the first SGX SPAC IPO backed by international sponsors.
  • 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.
  • Asian Infrastructure Investment Bank and African Development Bank 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.
  • The arrangers and managers on the update of The Republic of Indonesia's ("RoI") Rule 144A/Reg S US$35 billion Trust Certificate Issuance Program and the subsequent US$3.25 billion dual tranche sukuk offering under the Program, which closed successfully on 6 June 2022. The offering involved the issuance of a tranche of US$1.75 billion sukuk due 2027 and a tranche of US$1.5 billion green sukuk due 2032, the proceeds of which will be used exclusively to finance /re-finance expenditures directly related to "Eligible SDGs Expenditures with Green and Blue focus" under the RoI's new SDGs Government Securities Framework. This deal won as the "Debt Market Deal of the Year (Premium)" at the ALB Indonesia Law Awards 2022.
  • The international and domestic joint global coordinators and in the approximately IDR 95.92 trillion (US$6.7 billion) rights issue by PT Bank Rakyat Indonesia (Persero) Tbk., an Indonesian state-owned enterprise. This deal was named "Equity Market Deal of the Year" at the ALB Indonesia Law Awards 2022.
  • The joint global coordinators, international selling agents and joint lead managing underwriters in the IPO of PT Bukalapak.com Tbk on the IDX, which included a Rule 144A/Regulation S offshore tranche. The transaction raised approximately US$1.5 billion. This deal was named "IPO Deal of the Year" at the ALB Indonesia Law Awards 2022.
Advocate and Solicitor, Singapore
England and Wales, Solicitor
New York
LLB
London School of Economics and Political Science
English
Mandarin

Service areas