Coal India IPO | US$3.4bn | ||
Synopsis The divestment of India’s state assets has resulted in the largest IPO in Indian history | |||
Firm | Client | Role | |
Ashurst [lead partner: Stuart Rubin] | Joint lead managers | International counsel | |
Amarchand & Mangaldas [lead partner: Prashant Gupta] | Joint lead managers | Indian counsel | |
DLA Piper [lead partner: Stephen Peepels] | Coal India | International counsel to issuer | |
Luthra & Luthra [ lead partner: Madhurima Mukherjee] | Coal India | Indian counsel to issuer | |
Ashurst, Amarchand, Luthra & Luthra and DLA Piper have acted on the US$3.4bn IPO of Coal India, India’s largest IPO to date.
The IPO was an essential part of the government of India’s ongoing divestment programme and the sell down raised US$3.4bn, the largest amount raised in the history of India’s capital markets.
Coal India is the world’s leading coal producer and also the holder of the world’s largest coal reserves. It also accounts for substantially all of India’s non-captive coal production.
The Ashurst team was led by Hong Kong-based US securities partner Stuart Rubin and included the firm’s head of India business group Richard Guubbins and head of US securities and M&A Daniel Bushner.
“Taking public a company that itself constitutes one of India’s most critical industries is no easy feat, particularly on the timeline set for this transaction,” Rubin said. “The number of constituencies with an interest in the transaction was incredible.”
Citi, Deutsche Bank, BofA Merrill Lynch, ENAM, Kotak and Morgan Stanley were the lead managers to the initial public offering.ALB
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