Clyde & Co and Cyril Amarchand Mangaldas have advised India’s largest re-insurer General Insurance Corporation of India (GIC) on its $1.75 billion IPO on the Bombay Stock Exchange.

Meanwhile, Herbert Smith Freehills and Khaitan & Co advised a five-bank syndicate, comprising of Citigroup, Deutsche Bank, HSBC, Axis Capital and Kotak, as underwriters.

This is the largest Indian IPO in seven years, and the third-largest IPO in the history of India’s capital markets. Coal India raised the equivalent of $2.3 billion in its 2010 listing.

Reuters said that GIC, which had a 60 percent share in India’s reinsurance market according to Crisil Research, is expected to benefit from growing premiums in India.

The HSF team was led by partner Siddhartha Sivaramakrishna along with corporate partner Barnaby Hinnigan, who provided specialist insurance advice from London.

Last month, the IPO of SBI Life Insurance – a joint venture between State Bank of India (SBI) and BNP Paribas Cardif, raised close to $1.3 billion. Cyril Amarchand was also involved in that, representing SBI along with Squire Patton Boggs. Meanwhile AZB & Partners and Milbank, Tweed, Hadley & McCloy acted for BNP Paribas Cardif.