Magic circle duo among five firms on record-breaking Singapore IPO
Freshfields Bruckhaus Deringer, Allen & Gledhill, Allen & Overy (A&O), King & Wood and Jun He Law Offices are advising on what could be the largest-ever initial public offering (IPO) in Singapore, writes The Asian Lawyer. Hutchison Port Holdings, the world's largest container port operator, is seeking as much as $4.2bn (£2.6bn) from its issue. According to the preliminary prospectus, the listing will also see an additional investment of $1.6bn (£993m) from investors including Singapore state investor Temasek Holdings, US hedge fund Paulson & Co and Cathay Life Insurance.
March 09, 2011 at 07:13 AM
2 minute read
Freshfields Bruckhaus Deringer, Allen & Gledhill, Allen & Overy (A&O), King & Wood and Jun He Law Offices are advising on what could be the largest-ever initial public offering (IPO) in Singapore, writes The Asian Lawyer.
Hutchison Port Holdings, the world's largest container port operator, is seeking as much as $4.2bn (£2.6bn) from its issue. According to the preliminary prospectus, the listing will also see an additional investment of $1.6bn (£993m) from investors including Singapore state investor Temasek Holdings, US hedge fund Paulson & Co and Cathay Life Insurance.
The port company is being spun out of Hong Kong-listed Hutchison Whampoa, a diversified corporation controlled by billionaire Li Ka-shing.
The IPO is subject to approvals of the Hutchison Whampoa board and the stock exchanges of Hong Kong and Singapore. If successful, the IPO will top a listing by Singapore Telecommunications that raised around $3.1bn (£1.9m) in 1993. According to Bloomberg, the sale could also surpass the total amount of $5.7bn (£3.54bn) raised by all IPOs in Singapore last year.
Hutchison Port is being advised on Hong Kong and US law by a Freshfields team led by partners Grace Huang and Ken Martin. The firm previously represented Hutchison Whampoa on a $262m (£163m) spin-off listing of healthcare and pharmaceutical division Hutchison China MediTech on London's Alternative Investment Market in 2006 and also in a financing-related dispute with Dutch telecommunications company KPN Mobile in 2003.
Singapore's largest firm, Allen & Gledhill, and Beijing-based King & Wood are also advising the issuer on Singapore and Chinese law respectively.
The underwriters – DBS Bank, Deutsche Bank and Goldman Sachs – have called on Jun He for counsel on Chinese law aspects of the IPO and on A&O for advice on its Singapore, Hong Kong, and US law aspects. A&O was also engaged by the underwriters of Hutchison Whampoa's $1.5bn (£931m) bond offering last year.
The Asian Lawyer is a US affiliate title of Legal Week.
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