India is headed for a record IPO year, top lawyer says
Clyde & Co and Cyril Amarchand Mangaldas advised General Insurance Corporation of India (GIC), which recently listed on the Bombay Stock Exchange (BSE) in a US$1.75bn IPO.
Herbert Smith Freehills and Khaitan & Co advised the five-bank syndicate that acted in the IPO, composed of Citigroup, Deutsche Bank, HSBC, Axis Capital, and Kotak Mahindra Bank.
This is third-largest IPO in the history of India and the largest since Coal India debuted on the BSE in a US$2.3bn IPO in 2010.
“India is headed for a record IPO year, with offerings from established market leaders and from new companies,” said Siddhartha Sivaramakrishnan, the HSF US securities partner who led the team.
“This activity shows no sign of slowing with a long pipeline of India offerings expected into 2018,” he said.
The HSF team also included associates Jin Kong and Rohit Anand and trainee Ivina Suwana in Singapore. Corporate partner Barnaby Hinnigan provided specialist insurance advice from London, the firm said.
“GIC was the largest of three recent IPOs from India's insurance sector, with two more major offerings expected before the end of the year,” said Chris Parsons, HSF India practice chairman. “This activity reflects strong growth in the industry since liberalisation which is attracting international interest and strong flows of capital to these offerings.”