Davis Polk advised the global co-coordinators and book-running lead managers on the INR 60.57 billion (approximately $908 million) initial public offering and listing on the Bombay Stock Exchange and the National Stock Exchange of India of the equity shares of ICICI Prudential Life Insurance Company Limited (“I-Pru”). The initial public offering consisted solely of a secondary offering of 181,341,058 shares by ICICI Bank Limited (“ICICI Bank”), the promoter selling shareholder, including a reservation of 18,134,105 shares for certain ICICI Bank shareholders. The shares were sold inside India in a public offering registered with the Securities and Exchange Board of India and outside India in a private placement to a limited number of institutional and other investors under available offering exemptions in other jurisdictions, including the United States. The IPO is considered the first public offering in India by a domestic insurance company.

I-Pru is the largest private sector life insurer in India by total premium and is a joint venture between ICICI Bank, India’s largest private sector bank by total assets, and Prudential Corporation Holdings Limited, a part of the Prudential Group, an international financial services group.

The Davis Polk corporate team included partner William F. Barron, counsel Gerhard Radtke and Faisal Baloch and registered foreign lawyer Xuelin (Steve) Wang. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.

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