Sumary of Indian law firms reluctant to advise on IPO of insurance giant LIC -sources:
- As many as 16 global and domestic investment banks recently bid to handle it.
- Article content But top law firms that would normally be keen on such big-ticket IPOs to boost their credibility in government circles are hesitant to advise New Delhi, as their teams are stretched by the corporate IPO boom, five law firm partners told Reuters.
- The unappealing fees are another dampener, said law firm partners, who spoke on condition of anonymity to avoid government reprisals.
- After food-delivery giant Zomato’s $1.2 billion IPO in July, digital payments firm Paytm and ride-hailing giant Ola are eyeing market debuts, keeping lawyers busy and their cash registers ringing.
- Article content The three firms did not respond to queries from Reuters.
- Government officials also recently called a few top law firms and nudged them to join in IPO work, said three law firm partners familiar with the discussions.
- But the IPO work on LIC is expansive and complex, the law firm partners said, which makes them even less keen.
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