In another landmark Asia capital markets transaction, Milbank, Tweed, Hadley & McCloy LLP advised the underwriters on a $1.3 billion successful initial public offering of 120 million equity shares of SBI Life Insurance, a subsidiary of the country's largest lender, State Bank of India, marking India’s first billion-dollar IPO since 2010, and first US$1 billion IPO in India in seven years. The shares were offered under Regulation S/Rule 144A. Sbi life insurance.
The underwriters comprised of Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, ICICI Securities Limited, JM Financial Institutional Securities Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited.
Capital Markets partner James Grandolfo led the Hong Kong-based Milbank team, which included associates Kurtis Sherwood and Cesareo Singzon and special counsel Cathy Martin in New York.
Term life comparison
Mr. Grandolfo noted: “We are very pleased to have advised SBI Life on its initial public offering. It marks an important milestone not only for the company, but for the continued development of India’s equity capital markets. This transaction is incredibly significant for one of Asia’s largest and fastest-growing economies and will likely pave the way for a record-shattering year for IPOs in India. I am personally very proud to have continued my long working relationship with SBI, which goes back to 2003 when I helped SBI establish its medium term note program, which was the first medium term note program for an Indian bank.”
Milbank was named “Most Innovative U.S. Law Firm in Asia” by IFLR. The firm’s highly respected and industry-recognized Hong Kong capital markets practice has had an incredibly busy year advising on landmark transactions such as VietJet’s IPO (the first international IPO from Vietnam), the Mongolian government’s exchange offer and new issue of notes (a critical transaction for Mongolia’s newly elected government) and Ayala Corporation’s fixed-for-life note issuance (the first ever fixed-for-life bond issued by a Southeast Asian corporate). These transactions clearly demonstrate the geographic breadth and deep sophistication of Milbank’s Asia capital markets practice.