Cyril Amarchand Mangaldas is advising the firm behind Cafe Coffee Day, India's biggest homegrown coffee chain, on its planned initial public offering that could raise as much as 11.5 billion rupees ($181 million).

AZB & Partners is advising the underwriters, which include Kotak Mahindra Bank, Morgan Stanley and Citigroup.

Coffee Day Global Limited, India's biggest cafe operator, opened its first shop in 1996 and has grown to more than 1,500 outlets as more young, urban consumers opt for cappuccino over tea and seek out spaces to socialise in overcrowded, traffic-congested cities.

The application process with the Securities and Exchange Board of India (SEBI) could take two to three months, two bankers told Reuters, adding they expected the coffee chain to list within one to two months after that approval.

The Cyril Amarchand team is being led by partner Arjun Lall, with partners SR Patnaik and Nisha Uberoi advising on taxation matters and competition law aspects, respectively. Meanwhile, the AZB team is being led by partners Madhurima Mukherjee and Srinath Dasari.