Cyril Amarchand Mangaldas (CAM) and Duane Morris & Selvam have advised Life Insurance Corporation of India (LIC) on its $2.7 billion IPO, with Shardul Amarchand Mangaldas & Co (SAM) and Linklaters advising the bookrunning lead managers.

This is India’s biggest IPO till date, eclipsing the $2.4 billion offering of Paytm six months ago.

The 66-year-old LIC dominates India's insurance sector with more than 280 million policies, according to Reuters. It was the fifth-biggest global insurer in terms of insurance premium collection in 2020, the latest year for which statistics are available, Reuters added.

The CAM team was led by partner Yash J. Ashar, with support from partners Gokul Rajan, Devaki Mankad, Indranath Bishnu, Amita Gupta Katragadda, Indranil Deshmukh, Gathi Prakash, Jyoti Dastidar, Preksha Malik, and SR Patnaik.

The SAM team was led by partner Prashant Gupta, with support from partner Sayantan Dutta.

The lead managers were BofA Securities, Citigroup, Goldman Sachs, JP Morgan and Nomura.