March 30, 2020
Latham & Watkins has advised SBI Cards and Payment Services Limited on its US$1.39 billion IPO on the Bombay Stock Exchange (BSE) and the Indian National Stock Exchange (NSE). The transaction also included sales of partial stakes in SBI by State Bank of India and The Carlyle Group.
The issue was subscribed 26 times. The qualified institutional buyers’ (QIB) portion was subscribed 57.2 times, while non-institutional investors’ category was subscribed 45.2 times.
The Latham deal team was led by Singapore partner and India Practice Group Head Rajiv Gupta, with Singapore associate Francesca Rothkell. Tax advice was provided by New York partners Elena Romanova and Bora Bozkurt, supported by New York associate Amy Robertson. Chicago based partner Nabil Sabki and associate John Reinert advised on 40 Act matters.
About Latham’s India Practice
With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practice’s among international law firms. The multi-award winning practice comprises more than 50 lawyers globally, and the team have advised on India-related matters with a combined value in excess of US$20 billion since 2017.
About SBI Cards and Payment Services Limited
Launched in October 1998 by the State Bank of India and GE Capital, SBI Card offers Indian consumers access to a wide range of world-class, value-added payment products and services. Today, SBI Card has over 9 million credit card customers and is the second largest credit card issuer in India.