Life Insurance Corporation’s Initial Public Offering

Shardul Amarchand Mangaldas & Co advised the Book Running Lead Managers in the deal.

Life Insurance Corporation of India executed an initial public offering.

This is the largest IPO in India so far, breaking the record set by Paytm’s ?18,300 crore IPO in 2021 and prior to that, Coal India’s ?15,200 crore IPO in 2010 (both of which involved Shardul Amarchand Mangaldas & Co as the legal advisor). The IPO is valued at USD 2.69 Billion.

The Book Running Lead Managers were 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, J.P. Morgan India Private Limited, JM Financial Limited, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited.

The SAM & Co team was led by National Practice Head Prashant Gupta (Picture), Sayantan Dutta, Partner; Ruth Chenchiah, Principal Associate; Shweta Agarwal, Associate; Rudresh Mandal, Associate and Sridutt Mishra, Associate.

The Life Insurance Corporation of India and the Selling Shareholder (the President of India, acting through the Ministry of Finance) were advised by Cyril Amarchand Mangaldas as to Indian law, while Duane Morris & Selvam LLP acted as international legal counsel to the Life Insurance Corporation of India and the Selling Shareholder.
Linklaters Singapore Pte. Ltd. acted as international legal counsel to BofA Securities, Citigroup, Goldman Sachs, J. P. Morgan and Nomura.

Involved fees earner: Shweta Agrawal – Shardul Amarchand Mangaldas & Co.; Ruth Chenchiah – Shardul Amarchand Mangaldas & Co.; Sayantan Dutta – Shardul Amarchand Mangaldas & Co.; Prashant Gupta – Shardul Amarchand Mangaldas & Co.; Rudresh Mandal – Shardul Amarchand Mangaldas & Co.; Sridutt Mishra – Shardul Amarchand Mangaldas & Co.;

Law Firms: Shardul Amarchand Mangaldas & Co.;

Clients: Axis Capital Limited; Bank of America Securities; Citigroup Global Markets India Private Limited; Goldman Sachs (India) Securities Private Limited; ICICI Securities Ltd.; JM Financial; JP Morgan; Kotak Mahindra Capital Co. Ltd.; Nomura Financial Advisory and Securities (India) Private Limited;