K&L Gates and Sidley lead on Philippines 'largest ever' IPO
K&L Gates and Sidley Austin have advised Robinsons Retail Holdings on its $622m IPO on the Philippine Stock Exchange. The offering, which closed earlier this month, is thought to be the largest-ever IPO in the Philippines. K&L Gates advised the issuer on the US law aspects of the listing, fielding a team of four led by Hong Kong-based corporate partner David Johnson.
November 21, 2013 at 04:07 AM
2 minute read
K&L Gates and Sidley Austin have advised Robinsons Retail Holdings on its $622m IPO on the Philippine Stock Exchange.
The offering, which closed earlier this month, is thought to be the largest-ever IPO in the Philippines.
K&L Gates advised the issuer on the US law aspects of the listing, fielding a team of four led by Hong Kong-based corporate partner David Johnson.
Acting for the banks – which included joint global coordinators Deutsche Bank, JP Morgan and UBS AG – was Sidley Austin, with a team led by Hong Kong capital markets partner Alex Lloyd.
Robinsons Retail is one of the largest retail groups in the Philippines.
Since opening its first department store in Manila in 1980, it has launched five other business segments, including supermarkets, do-it-yourself stores, convenience stores, specialty shops and drugstores.
As of June 2013, the company had 940 stores and 21 retail brands, which included high street names such as Toys "R" Us, Topshop, Dorothy Perkins, River Island and Ben Sherman.
Commenting on the deal by the company, K&L Gates partner Johnson said: "We are delighted to have assisted, particularly given the timing and other challenges presented by uncertain market conditions.
"The success of the offering reflects the strength of the company and the Philippine economy."
IPOs have been steadily increasing in South East Asia, contributing to an industry wide push towards the region by banks and international law firms.
Firms who have previously had strong Philippines' practices include Allen & Overy and Sidley Austin.
Earlier this month, senior associate and Philippines expert Ben Carale left Sidley for Latham & Watkins, whilst James Grandolfo, A&O's own Philippines partner, announced plans to move to Milbank Tweed & Hadley.
K&L Gates said it was not targeting on the Philippines specifically for work but that it would continue to eye the region for deals.
Related: Milbank makes second key hire from A&O in Asia this year
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