Quartet of firms lead on second-largest IPO of the year so far
Four international firms have landed roles on Metallurgical Corporation of China's (MCC's) initial public offering (IPO) - the second-largest listing of the year so far. The $5.2bn (£3.2bn) raised from the sale of shares on the Shanghai and Hong Kong exchanges makes MCC the second-largest IPO this year after the $7.4bn (£4.6bn) raised by China State Construction Engineering Corporation in July.
September 30, 2009 at 06:33 AM
2 minute read
Four international firms have landed roles on Metallurgical Corporation of China's (MCC's) initial public offering (IPO) – the second-largest listing of the year so far.
The $5.2bn (£3.2bn) raised from the sale of shares on the Shanghai and Hong Kong exchanges makes MCC the second-largest IPO this year after the $7.4bn (£4.6bn) raised by China State Construction Engineering Corporation in July.
MCC, a company that helped construct China's 90,000-seat Olympic Stadium in Beijing (pictured), was advised by Slaughter and May and Davis Polk & Wardwell. The Davis Polk team was led by capital markets partner Show-Mao Chen, while Beijing's Jiayuan Law Firm provided Chinese counsel.
Freshfields Bruckhaus Deringer and Shearman & Sterling provided Hong Kong and US advice to underwriters Citi, CITIC Securities, China International Capital Corporation and Morgan Stanley. Beijing's Tian Yuan Law Firm served as Chinese counsel.
While a recent upturn in merger activity has been credited with spurring a market rally in the US, last week also saw the most IPOs in one week since 2007.
Recent IPOs of note include Chinese pharmaceutical company Sinopharm's £1.1bn (£684m) offering, on which Baker & McKenzie advised, and Metro Pacific Investments' $300m listing, which saw Davis Polk and Allen & Overy take key roles.
This article first appeared on The Am Law Daily blog on americanlawyer.com.
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