Trilegal and Cyril Amarchand Mangaldas Advise on ARCIL Landmark INR 732.9 Crore IPO

Leading Indian law firms Trilegal and Cyril Amarchand Mangaldas (CAM) have acted as legal counsels on the initial public offering (IPO) of Asset Reconstruction Company (India) Limited (ARCIL), which raised ₹732.97 crore through a 100% offer for sale (OFS). The listing represents a historic milestone as India's first-ever public listing of an asset reconstruction company and the world’s first publicly traded pure-play private-sector asset reconstruction firm.

Trilegal represented the issuer company, ARCIL, and also advised State Bank of India (SBI) in its role as a selling shareholder. The Trilegal capital markets team advising ARCIL was spearheaded by partners Bhakta Patnaik and Albin Thomas, with Albin Thomas also leading the team advising SBI. Cyril Amarchand Mangaldas acted as legal counsel to the book-running lead managers (BRLMs) handling the offering. The merchant bankers managing the issue included IIFL Capital Services, IDBI Capital Markets & Securities, and JM Financial.

Issue Structure and Selling Shareholders

The public offer was priced at the upper end of its ₹132 to ₹139 per share band, finalizing at ₹139 per share with a lot size of 107 shares. Because the issue was entirely an offer for sale consisting of 52,731,946 equity shares, all net proceeds went directly to the exiting institutional holders, with no fresh capital injected into ARCIL's balance sheet.

Key selling shareholders offloading equity included:

• Avenue India Resurgence Pte. Ltd.
• State Bank of India (SBI)
• Lathe Investment Pte. Ltd.
• Federal Bank

Strategic Importance for India's Stressed Asset Ecosystem

Incorporated in 2002 and registered with the Reserve Bank of India (RBI) in August 2003, ARCIL is India's oldest asset reconstruction company and ranked as the second-largest private ARC in the country by assets under management (AUM). ARCIL focuses on resolving non-performing loans across corporate, SME, and retail banking segments by deploying recovery, restructuring, and settlement frameworks under the SARFAESI Act and the Insolvency and Bankruptcy Code (IBC).

The successful transaction provides Indian capital markets with a publicly traded valuation benchmark for the distressed-asset resolution business. For domestic institutional and retail investors, ARCIL’s listing introduces a unique financial services asset class that moves counter-cyclically to traditional banking credit cycles, offering direct exposure to recovery and turnaround economics in India's financial sector.

Tags: ARCIL Trilegal Cyril Amarchand Mangaldas State Bank of India SEBI Reserve Bank of India