Clifford Chance and Milbank lead on Singapore's largest IPO in six years
Magic circle firm advises underwriters on Singaporean broadband company's $1.7bn listing
July 19, 2017 at 07:06 AM
2 minute read
Clifford Chance (CC) and Milbank Tweed Hadley & McCloy have advised on Singaporean broadband company NetLink NBN Trust's $1.7bn (£1.3bn) listing on the Singapore Exchange, the largest initial public offering (IPO) the city-state has seen since 2011.
NetLink, a spin-off of Singapore telecoms giant Singtel, builds and operates the fibre optic cable infrastructure for the country's next generation broadband network. The company will use part of the proceeds to buy broadband assets from Singtel and pay off loans. Singtel owns about 25% of NetLink after the IPO.
The deal is a major boost to the Singapore Exchange and marks the biggest listing since 2011's $5.8bn IPO of Hutchison Port Holdings Trust, an affiliate of Hong Kong billionaire Li Ka-shing's CK Hutchison Holdings.
In 2016, companies listed on the Singapore Exchange raised a mere $9.5bn through equity transactions including IPOs and rights issue and placements. The same year, companies raised $25.1bn through IPOs only on the Hong Kong Stock Exchange.
Milbank advised NetLink as international counsel, with a team led by Singapore capital markets partner Naomi Ishikawa, while Allen & Gledhill acted for the issuer on Singapore law matters.
CC Singapore partner Raymond Tong advised the underwriters – which include DBS Bank, Morgan Stanley Asia (Singapore) and UBS – on Singapore law, while fellow Singapore partner Johannes Juette advised the banks as international counsel.
The magic circle firm is one of nine foreign law firms licensed to practice limited aspects of Singaporean law. Other holders of the Qualifying Foreign Law Practice licence are Allen & Overy, Latham & Watkins, Norton Rose Fulbright, Linklaters, Jones Day, Sidley Austin, Gibson Dunn & Crutcher and White & Case.
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