AZB & Partners has represented Indian mutual fund manager HDFC Asset Management Co (HDFC AMC) on its $408 million initial public offering, one of India’s largest listings this year.

The IPO was only the second by a mutual fund manager on Indian bourses, according to Reuters. Last year, HDFC AMC’s smaller rival Reliance Nippon Life Asset Management raised $237 million in an IPO.

The book-running lead managers were advised by Khaitan & Co and Latham & Watkins. HDFC AMC’s two biggest shareholders - mortgage lender Housing Development Finance and Standard Life Aberdeen - sold a combined 12 percent stake in the IPO; they were represented by Wadia Ghandy & Co and Cyril Amarchand Mangaldas, respectively.

HDFC AMC was founded in 1999 as a joint venture between HDFC and Standard Life Investments, offering a wide range of savings and investment products across asset classes.

The AZB team was led by partners Varoon Chandra, Rushabh Maniar, Ami Parikh and Lionel D’Almeida.

The Latham& Watkins team was led by Rajiv Gupta, Singapore partner and head of the India practice. He was assisted by New York partners Jiyeon Lee-Lim, Gregory Hannibal and Alan Avery, and Chicago partner Nabil Sabki.

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