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CAM, Khaitan, AZB, SAM, Clifford C on Bandhan Bank $391m blockbuster IPO [UPDATE]

Kolkata-based private sector lender, Bandhan Bank, has filed draft papers with markets regulator SEBI for its initial public offer (IPO) to raise an estimated amount of over Rs 2,500 crores (around $391m) through a mix of primary and secondary share sale of equity shares, as reported by MoneyControl and Business Today. The bank proposes to offer up to 119.28 million equity shares of face value of Rs 10 each at a price to be determined, through a book building process including premium and sets to launch the IPO around March or April.

Cyril Amarchand Mangaldas advised Bandhan Bank in the issue, led by partners Yash Ashar and Abhinav Kumar, senior associate Neha Samant accompanied by associates Roshni Bhalla, Shara Madan and Bhartendu Singh.

Khaitan & Co acted as the Indian legal counsel for Goldman Sachs Securities (India), JP Morgan, Axis Capital, Kotak Mahindra Capital and JM Financial Institutional Services, the book running lead managers to the issue, and was led by partner Abhimanyu Bhattacharya, associate partner Subhayu Sen, senior associate Oishik Bagchi and associates Richa Yadav and Devarshi Mukhopadhyay.

Clifford Chance acted as the international legal counsel to the book running lead managers and was represented by partner Rahul Guptan, senior associate Jonathan Crandall and trainee solicitor Esther Kim.

AZB & Partners acted and represented as the legal advisors to the selling shareholders, led by senior partners Madhurima Mukherjee and Gautam Saha along with partner Pallavi Meena and senior associate Namita Das.

Update 24 January 2018: Shardul Amarchand Mangaldas acted for existing shareholder Caladium Investment, which is a subsidiary fund of the Singapore sovereign wealth fund GIC. The team included capital markets partner Prashant Gupta, partner Raghubir Menon, and senior associate Ishita Kashyap.

Bandhan Bank is the first instance in India when a micro-finance entity has transformed into a universal bank and since its formation, the bank has witnessed a robust growth both in terms of amount of deposits and number of new customers. The current issue is said to be the biggest banking sector IPO till date.


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