SBI Cards does $1.39bn IPO: SAM, CAM, Lathams, A&O snag mandate before shutdown

Posted on By Legal 60

Four law firms have bagged what could be the last big initial public offering (IPO) in a long while, considering the damage the COVID-19 pandemic is wreaking across global financial markets, picking up roles on the short-lived blockbuster SBI Cards and Payments Services subsidiary of State Bank of India.

MUMBAI : SBI Cards and Payments Services Ltd made a weak stock market debut on Monday as uncertainties over the Covid-19 pandemic caused a sharp sell-off in domestic equity markets.

— Mint

Shardul Amarchand Mangaldas & Co advised SBI Cards and Payment Services Limited and its parent, the State Bank of India led by a team of national practice head and partnerPrashant Gupta, partnerSayantan Dutta, principal associateAbhinav Maker, senior associateReema Dash, associateSanjana Chowdhry, associateSanjeev Chowdhary, associateJayant Bhardwaj. The SBI related matters were led by partnerNikhil Naredi and associateHarsh Loonker.

Latham & Watkins LLP was international legal counsel to SBI Cards and Payment Services Limited.

Cyril Amarchand Mangaldas advised the Book Running Lead Managers (Kotak Mahindra Capital Company Limited; Axis Capital Limited; DSP Merrill Lynch; HSBC Securities and Capital Markets (India); Nomura Financial Advisory and Securities (India) Private Limited; and SBI Capital Markets Limited. Its transaction team included partnerYash J Ashar, partnerGokul Rajan; partnerAnuj Pethia; partnerDevaki Mankad; with support from associateMeesha Varshney; associateAjo Jomy; associateSiddharth Bagul; associateAshlesha Mittal.

Allen & Overy Asia was international legal counsel to the managers.

Deal value: $1.39bn

This deal report is based on a firm’s press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

Click here if you are working with a law firm that has not been credited for this deal, and we will update the report promptly.

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