Cyril Amarchand Mangaldas has advised India’s Bandhan Bank on its $691 million initial public offering on the Bombay Stock Exchange and the National Stock Exchange of India, with Clifford Chance and Khaitan & Co counselling the lead managers.

The listing was a rare bright spot in a volatile market that has led to companies struggling to find takers for their share sales, reported Reuters. It added that investors are betting on Bandhan - a former micro-lender which was one of two companies that won bank permits from the Reserve Bank of India in 2014, the first new bank licensing process in a decade - for its low-cost model, high margins and niche clients.

Kolkata-based Bandhan, whose shareholders include Singapore’s GIC, has relatively fewer bad loans than most of its rivals, and has a net interest margin of close to 10 percent that is almost double that of some of the leading private-sector banks in the country, noted Reuters.

It added that India’s IPO market saw a record $11 billion of fund-raising last year, and companies are in the process of raising a combined more than $2 billion in IPOs in March.

The lead managers were Kotak Mahindra Capital, Axis Capital, Goldman Sachs (India) Securities, JM Financial, and J.P. Morgan India. The Clifford Chance team advising them on the international law aspects was led by Rahul Guptan, and he was supported by partner Johannes Juette.