NAME: Life Insurance Corporation’s $2.75 billion IPO
LAW FIRMS: Cyril Amarchand Mangaldas, Duane Morris & Selvam, Shardul Amarchand Mangaldas & Co
JURISDICTION: India
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Insurance
India’s largest public issue ever, the $2.75 billion IPO of Life Insurance Corporation (LIC) is our deal of the month for May.
Cyril Amarchand Mangaldas, Duane Morris & Selvam and Shardul Amarchand Mangaldas & Co have represented various parties in this significant IPO, which was the 3.5% sale of outstanding shares in LIC by the president of India. The share sale of LIC raised $2.7 billion with strong demand from investors. LIC is the insurance sector leader, holding 66% of the market share, and it is also India’s largest asset manager.
LIC and the president of India were represented by Cyril Amarchand Mangaldas on Indian legal aspects. The issuers were counselled on international law by a Singapore-based Duane Morris & Selvam team led by Jamie Benson, which included associates Lucia Orozco and Yeo Ming Ze.
The bookrunners were Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, Citigroup Global Markets India Private, Goldman Sachs India Securities Private, ICICI Securities, JM Financial, JP Morgan India Private, Nomura Financial Advisory and Securities India Private, and SBI Capital Markets. Their Indian legal counsel was Shardul Amarchand Mangaldas & Co, while Linklaters acted as international counsel for half of the lead managers.
