Latham & Watkins and Shardul Amarchand Mangaldas have advised Indian credit card issuer SBI Cards on its 10,341-crore-rupee ($1.4 billion) IPO, with Cyril Amarchand Mangaldas and Allen & Overy representing the lead managers.

This is India’s first billion-dollar IPO since 2017. SBI Cards is the credit card wing of the country's largest commercial bank, State Bank of India (SBI), and the second largest credit card issuer in the country.

According to Reuters, SBI, which owns 74 percent in the company, will divest 4 percent, while Carlyle Group’s affiliate CA Rover Holdings, which holds the rest, is set to sell a 10 percent stake as part of the IPO process.

The CAM team was led by partners Yash J. Ashar, Gokul Rajan, Anuj Pethia and Devaki Mankad.

Meanwhile the SAM team was led by partners Prashant Gupta and Sayantan Dutta.

The Allen & Overy team was led by partners Pallavi Gopinath Aney and Mark Leemen.

Herbert Smith Freehills represented CA Rover Holdings.

To contact the editorial team, please email ALBEditor@thomsonreuters.com.