Firm Advises on the US$1.33 Billion Initial Public Offering of Shares of HDFC Standard Life Insurance Company Ltd

Deal marks the fourth billion dollar-plus IPO in India this year.

November 22, 2017

Latham & Watkins represented the underwriters in the US$1.33 billion initial public offering of shares of HDFC Standard Life Insurance Company Ltd that debuted on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) on 17 November 2017.

HDFC Standard Life’s initial public offering continues another impressive year for Latham’s India Practice, with the team acting on capital markets transactions worth over US$6.5 billion to-date in 2017.

The first initial public offering by a company promoted by HDFC since the initial public offering of HDFC Bank in 1995, HDFC Standard Life is the third life insurance company to be listed on the exchanges, after ICICI Prudential Life and SBI Life, and the fourth billion dollar-plus IPO in India this year.

Latham acted as international legal counsel to the Global Co-ordinators and Book Running Lead Managers Morgan Stanley India Company Private Limited, HDFC Bank Limited, Credit Suisse Securities (India) Private Limited, CLSA India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, and Book Running Lead Managers Edelweiss Financial Services Limited, Haitong Securities India Private Limited, IDFC Bank Limited, IIFL Holdings Limited and UBS Securities India Private Limited.

The Latham & Watkins team was led by Singapore partner and India Practice Head Rajiv Gupta, with Singapore associates Scott Calver and Kelly Teoh. Advice was also provided on US tax matters by New York partners Jiyeon Lee-Lim and Gregory Hannibal and associate Lauren Bewley, and on ’40 Act matters by Chicago partner Nabil Sabki and associate John Reinert.

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