Slaughter and May and Clifford Chance (CC) have bagged leading roles on New Look's £650m Initial Public Offering (IPO), announced yesterday (2 February).

Slaughter and May corporate partners Martin Hattrell and Simon Nicholls are leading a team advising the fashion retailer, whose majority shareholders include private equity houses Permira Advisers and Apax Partners, on its proposed floatation on the London Stock exchange.

Slaughters is also advising New Look on the possibility of a limited secondary sell-down by existing shareholders.

Clifford Chance co-head of European equity capital markets Adrian Cartwright is leading the team advising the IPO's joint sponsors and bookrunners Credit Suisse, Deutsche Bank and JP Morgan Cazenove, as well as joint sponsor Lazard & Co and co-managers Barclays Bank, Lloyds TSB, RBS Hoare Govett and Singer Capital Markets. It is unclear who is advising Permira and Apax.

The IPO is expected to substantially reduce the debts of New Look, which went private in 2004 and now has more than 1000 stores, including 601 in the UK.

New Look's IPO comes amid an increase in private equity activity. Last month Simpson Thacher & Bartlett advised Kohlberg Kravis Roberts & Co (KKR) on its £955m purchase of pet supplies chain Pets at Home from Bridgepoint Capital.

That deal saw Travers Smith advise regular client Bridgepoint while DLA Piper advised Pets at Home management.