Shardul Amarchand Mangaldas advised BRLMs on the IPO of LIC
Valued at USD 2.69 billion, so far it is India’s largest
The prestigious Indian law firm Shardul Amarchand Mangaldas (SAM) & Co has advised the Book Running Lead Managers (BRLMs) in the Initial Public Offering (IPO) of the Life Insurance Corporation of India (LIC).
The BRLMs are – Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities Limited, JP Morgan India Private Limited, JM Financial Limited, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited.
Valued at USD 2.69 billion, it is India’s largest IPO, breaking the record set by Paytm’s Rs.18,300 crore IPO in 2021 and Coal India’s Rs.15,200 crore IPO in 2010.
Importantly, all the three involved Shardul Amarchand Mangaldas as the legal advisor.
The team of SAM was led by Prashant Gupta (National Practice Head-Capital Markets); Sayantan Dutta (Partner); Ruth Chenchiah (Principal Associate); Shweta Agarwal (Associate); Rudresh Mandal (Associate); and Sridutt Mishra (Associate).
LIC and the selling shareholder (the President of India, acting through the Ministry of Finance) were advised by Cyril Amarchand Mangaldas on the Indian laws.
Duane Morris & Selvam LLP acted as international legal counsel to LIC and the selling shareholder.
Linklaters Singapore Pte Ltd. acted as international legal counsel to BofA Securities, Citigroup, Goldman Sachs, JP Morgan, and Nomura.