Ashurst has advised BofA Merrill Lynch, JM Financial, J.P. Morgan, Kotak and Morgan Stanley in connection with the US$450 million Indian IPO of PNB Housing Finance.  PNB Housing Finance is one of India's largest mortgage lenders and is backed by Punjab National Bank, one of India's largest banks, and the Carlyle Group. 

The transaction was led by corporate partner Stuart Rubin and counsel Ethan Perry.  The wider deal team included tax partner David Nirenberg and corporate associate Zak Worrall.