Squire Patton Boggs has served as international legal counsel for SBI Life Insurance – a joint venture between State Bank of India (SBI) and BNP Paribas Cardif – on its proposed initial public offering, which bankers estimate could raise more than $1 billion.  

Other law firms were also involved in the deal, with Cyril Amarchand Mangaldas advising SBI and AZB & Partners representing BNP Paribas Cardif.

Meanwhile, the IPO’s 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 – tapped Khaitan & Co for counsel. 

Milbank, Tweed, Hadley & McCloy also acted for BNP Paribas, Citigroup and Deutsche Equities.

SBI Life Insurance will be the second life insurer in India to go public. After its more than $900 million IPO last year, ICICI Prudential Life Insurance listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India, reported Reuters.

The AZB team was headed by partners Varoon Chandra, Lionel D’Almeida and Arvind Ramesh. 

Partners Yash Ashar, Abhinav Kumar and Indranath Bishnu oversaw the IPO for CAM while Khaitan partner Abhimanyu Bhattacharya handled the transaction for the firm.