SBI Cards and Payment Services Limited’s USD 1.39 Billion Initial Public Offering

Allen & Overy has advised BofA Securities, HSBC Securities and Capital Markets (India) Private Limited and Nomura Financial Advisory and Securities (India) Private Limited on this operation. Latham & Watkins has advised SBI Cards and Payment Services Limited on the deal.

The IPO was made on the BSE Limited and the National Stock Exchange of India Limited.

The IPO comprised a new issue by SBI Card, as well as an offer for sale of shares by State Bank of India and CA Rover Holdings, which is an entity ultimately controlled by the Carlyle group.

SBI Card is the second-largest credit card issuer in India and a subsidiary of State Bank of India, India’s largest commercial bank.

The Allen & Overy team was led by Partner, Pallavi Gopinath Aney (Picture) and Partner, Mark Leemen, with support from Senior Associate, Julie Song and Associate, Serena Upadhyay.

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.

Involved fees earner: Pallavi Gopinath Aney – Allen & Overy; Mark Leemen – Allen & Overy; Julie Song – Allen & Overy; Serena Upadhyay – Allen & Overy; Bora Bozkurt – Latham & Watkins; Rajiv Gupta – Latham & Watkins; John Reinert – Latham & Watkins; Amy Robertson – Latham & Watkins; Elena Romanova – Latham & Watkins; Francesca Rothkell – Latham & Watkins; Nabil Sabki – Latham & Watkins;

Law Firms: Allen & Overy; Latham & Watkins;

Clients: Bank of America Securities; HSBC Securities and Capital Markets (India) Private Limited; Nomura Financial Advisory and Securities (India) Private Limited; SBI Cards and Payment Services Limited;

Author: Michael Patrini