Linklaters underlines heavyweight Russian credentials with IPO mandate hat-trick

Linklaters has secured the lead on three major Russian initial public offerings (IPOs) in a week, advising on some of the world's biggest listings so far this year, worth a combined value of $18bn (£9bn).

The magic circle firm was underwriters' counsel on all three floats, which included the second-largest offering in Russian corporate history as well as the first ever Russian pharmaceutical offering.

On the first deal, Linklaters advised book runners JP Morgan Securities and Credit Suisse on the $9bn (£4.5bn) offering of state-run Sberbank. Moscow capital markets partner Dmitry Dobatkin and London corporate partner Brigid Rentoul led the City giant's team.

On the second transaction Linklaters advised Citi, Deutsche Bank and Goldman Sachs as joint co-ordinators on the IPO of JSC VTB Bank. The firm also advised Renaissance Securities, Citi, Deutsche Bank and Goldman Sachs as joint book runners.

London capital markets partner Jason Manketo led the Linklaters team assisted by Dobatkin. Manketo said: "The market continues to be strong in Russia with several major IPOs having already taken place or planned for the remainder of 2007. This represents a large proportion of the recent equity capital markets inflow of capital into the country and is significant in continuing the internationalisation of Russia's financial markets."

Latham & Watkins London capital markets partners Lene Malthasen and Ian Clark advised JSC VTB Bank.

Manketo and Dobatkin also led on the final deal, which saw Link-laters advise Citi and UBS on the float of OAO Pharmastandard, which raised $880m (£443m). Pharmastandard listed 40% of its shares, giving it a market capitalisation of $2.2bn (£1.1bn).

Pharmastandard, which produces generic drugs, is the first Russian pharmaceutical company to float. The shares were issued on the Moscow Stock Exchange, and sold in London. Skadden Arps Slate Meagher & Flom advised Pharmastandard.