CC and Rajah & Tann lead on Singapore IPO of Indonesian meat and dairy company
Clifford Chance and Rajah & Tann are advising on the Singapore IPO of Indonesian agri-food company Japfa, valued at approximately S$250m (£118m) according to media reports.
July 30, 2014 at 04:23 AM
2 minute read
Clifford Chance (CC) and Rajah & Tann are advising on the Singapore IPO of Indonesian agri-food company Japfa, valued at approximately S$250m (£118m) according to media reports.
The protein foods producer, whose core products include milk, beef and poultry sold mostly in Indonesia and China, is understood to offering 248m shares at a range of S$0.75 to S$0.87.
Acting as issuer's counsel on the deal is local Singaporean firm Rajah & Tann, with support from independent Indonesian firm Assegaf Hamzah & Partners, China's Global Law Office and Vietnamese outfit Vietnam International Law Firm (VILAF).
Representing the joint global coordinators, book runners and underwriters meanwhile is magic circle firm Clifford Chance, which is advising on Singapore and US law.
The lead banks include Credit Suisse and DBS.
Japfa, which is controlled by Indonesia's Santosa family, said it plans to use the proceeds to expand its China dairy business by growing the number of dairy farms in the country, and also to fund construction of a new five-farm hub in Inner Mongolia.
It also wants to invest further in its animal protein business in target markets; and repay debts.
It is among a number of Asian meat and dairy companies trying to raise its profile in China currently, with local China milk companies also active.
Last year CC and Simpson Thacher advised Liaoning Huishan Dairy on its $1bn Hong Kong IPO, while Linklaters and Sullivan & Cromwell (S&C) acted on China Mengniu Dairy's acquisition of Yashili International for $1.7bn (£1.08bn).
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