Stephenson Harwood has advised on Bollywood's first-ever listing on the Alternative Investment Market (AIM), the £55m initial public offering (IPO) of a fund named The Indian Film Company.

The firm acted on the float of the fund, which was created by Indian media group TV18.

Corporate partner William Saunders and associate Chris Brierley advised TV18 on the listing, which took place last month.

The launch of the fund is part of a growing trend in India's film industry, which is looking to develop formal corporate structures to raise funds. LG business and finance partner Tim Casben, assisted by Rebecca Gordon, advised the brokers on the IPO, Elara Capital and Oriel Securities.

Stephenson Harwood is attempting to expand its India team. The firm recently hired corporate partner Pawan Sharma from corporate boutique Grundberg Mocatta Rakison and Reed Smith corporate partner Vinay Ganga in a bid to bolster its exposure to Indian and Chinese clients.

Saunders commented: "We are delighted to complete yet another Indian company IPO. In particular, an Indian film fund is an exciting new asset class that is well suited to a fund structure."

The firm's India team recently advised EMR Technology Ventures on its first European deal, the acquisition of specialist outsourcing
provider the Rubicon Group from private equity house Penta Capital.

This time last year the firm also acted on the £9.9m AIM flotation of Chinese communication company IGM Mobile.