Dentons seals IPO double with Eastern Europe energy roles
Denton Wilde Sapte has scored a lead role on two main market listings in the space of a month as energy companies Arawak Energy and Cadogan Petroleum complete their initial public offerings (IPOs).
July 10, 2008 at 02:38 AM
3 minute read
Denton Wilde Sapte has scored a lead role on two main market listings in the space of a month as energy companies Arawak Energy and Cadogan Petroleum complete their initial public offerings (IPOs).
Dentons took the lead for Arawak – a new client for the firm – which joined London's main market at the beginning of the month. The team was led by corporate partner Tanya Nash in London, with the firm's Almaty and Moscow arm also getting involved.
The firm won the instruction for Arawak after pitching for the work against five City firms.
Lovells was brought in to advise the sponsor, JPMorgan Cazenove, fielding a team under corporate partner Nigel Reed.
Meanwhile, City rival CMS Cameron McKenna also landed a role advising Arawak on various corporate governance matters and its reorganisation under finance partner Sean Watson.
Arawak, which is primarily involved in gas and oil production, development and exploration, is also listed on the Toronto Stock Exchange, with a current market capitalisation of C$430m (£213m).
The company has been active in the CIS since 1998 and currently has operations in Kazakhstan, Russia and Azerbaijan. By listing in London the company is aiming to raise its European profile and broaden its investor base.
Dentons' Nash said: "We are satisfied that our strategy is paying off. We are extremely busy in Russia and Kazakhstan in energy and general corporate work and we are seeing a big pool of investors interested in London."
The second deal saw Dentons take the lead for Ukrainian-based Cadogan on its £150m London IPO in June. Corporate partner Neil Vickers led the team.
On that deal, US law firm Paul Hastings Janofsky & Walker took the lead for the joint underwriter and co-lead manager Fox-Davies Capital with a team under London corporate partner Ronan O'Sullivan. Herbert Smith advised UBS as co-ordinator and bookrunner under corporate partners Greg Mulley and Adam Wells.
The deal comes amid a general dearth of stock market activity in recent months, with just 23 new UK-listed companies and nine new international listed companies joining the main market in the year to May.
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