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AZB, CAM, Khaitan, Squire, Milbank on $1bn SBI Life Insurance IPO

"SBI Life Insurance Co. Ltd on Monday filed the draft red herring prospectus for its initial public offering (IPO), joining several other insurance companies headed for the stock market. In an offer for sale, SBI and BNP Paribas will sell 80 million and 40 million shares respectively, amounting to a combined 12% stake. SBI Life is not raising any primary capital. The IPO could see SBI Life raise more than $1 billion (about Rs6,500 crore), a Bloomberg story quoted bankers as saying," reported Mint.

AZB & Partners partners Varoon Chandra, Lionel D’Almeida and Arvind Ramesh and senior associate Richa Choudhary acted for BNP Paribas Cardif and BNP Paribas.

Cyril Amarchand Mangaldas Mumbai Yash Ashar, Abhinav Kumar and Indranath Bishnu acted for SBI and SBI Life. Squire Patton Boggs Singapore acted for SBI Life Insurance.

Khaitan & Co partner Abhimanyu Bhattacharya, associate partner Aditya Cheriyan, senior associate Navodita Gupta and Rohan Singh and associate Vijayaraghavan acted for the lead managers JM Financial Institutional Securities, Axis Capital, BNP Paribas, Citigroup Global Markets India, Deutsche Equities India, ICICI Securities, Kotak Mahindra Capital Company, and SBI Capital Markets.

_Milbank, Tweed, Hadley & McCloy_ acted for BNP Paribas, Citigroup and Deutsche Equities.

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