Linklaters advises on Life Insurance Corporation of India’s IPO, the largest ever in India

Linklaters advised a number of lead managers on the initial public offering (IPO) of Life Insurance Corporation of India (LIC) on both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE). This is the largest IPO in Indian history.

The IPO was oversubscribed by policyholders, as well as retail and institutional investors, with LIC raising INR 210bn (approx. US$2.7bn) upon listing.

The lead managers on the transaction included Bank of America Securities, Citigroup, Goldman Sachs, J.P. Morgan and Nomura.

The Linklaters team was led by Head of South and Southeast Asia Capital Markets Amit Singh, with support from counsel Joseph Wolpin and managing associate Anandee Banerji.

LIC is an Indian state-owned insurance group and investment company. It is a dominant player in India’s insurance sector, making up nearly two-thirds of the market share.

Capital markets partner Amit Singh, commented:

“We are honoured to have had the opportunity to work on India’s largest ever IPO. This is not only a landmark transaction in the insurance industry, but also in the wider development of the Indian equity capital markets.”

Linklaters has established a market-leading reputation in the Indian equity capital markets and has one of the largest teams of any firm focused on India and Southeast Asia. The team has worked on some of the highest profile, complex and market-shaping transactions in the Asia region, offering clients the practical expertise and commercial awareness to create novel solutions to maximise investment opportunities.