Shardul Amarchand Mangaldas & Co advises SBI Cards and Payment Services Limited and State Bank of India

March 16, 2020

Shardul Amarchand Mangaldas & Co (SAM & Co) advised SBI cards and Payment Services Limited and State Bank of India to make an initial public offering of equity shares of face value ₹ 10 each of the Company for cash at a price of ₹ 755 per share. It comprised of a fresh issue of such number of Equity Shares aggregating to ₹ 4,993.25 million and offered a sale of 130,526,798 Equity Shares aggregating to ₹ 98,414.64 million. The deal is valued at approx. USD 1.39 billion (₹ 10,340.79 crore).

This is India’s third largest initial public offer ever and largest since 2017. It is also the single largest exit by a private equity in India (in this case being Carlyle) in an initial public offer. Further, it is also India’s first initial public offering by a pure-play credit card company. The Issue was oversubscribed ~25.92x despite volatile market conditions, with strong investor participation across geographies and received the largest subscription in the QIB category in any initial public offer in India.

The SAM & Co team was led by Prashant Gupta Partner, National Practice Head, Sayantan Dutta Partner, Abhinav Maker Principal Associate, Reema Dash Senior Associate, Sanjana Chowdhry Associate, Sanjeev Chowdhary Associate, Jayant Bhardwaj Associate. The SBI related matters were led by Nikhil Naredi Partner, Harsh Loonker Associate.

Latham & Watkins LLP were Legal counsel to SBI Cards and Payment Services Limited as to the international law. Cyril Amarchand Mangaldas were counsel for Book Running Lead Managers. Allen & Overy (Asia) Pte Ltd  were Legal counsel to DSP Merrill Lynch Limited, HSBC Securities and Capital Markets (India) Private Limited, Nomura Financial Advisory and Securities (India) Private Limited as to international law.