* Asian Equity Deal of the Year
Full J-Power ahead
February 18, 2005 – LAWFUEL – The Law News Network – “It’s all too easy to forget the size and strength of the Japanese economy. . . . In the case of Electric Power Development, known as J-Power, demand was such that it allowed the government to sell off the power generator in one fell swoop making it the largest IPO since the blockbuster NTT DoCoMo IPO in 1998. . . .
“[T]he decision to sell 100% of the company presented a challenge – usually between 30% to 40% of companies are sold in privatisation IPOs – as did the sheer size of the ¥374.8 billion ($3.4 billion) deal. . . .
“The deal was over 11 times covered: an enormous achievement for such a large IPO. And crucial to its success were domestic retail investors. Around 75% of the deal was sold domestically with 60% allocated to retail and 15% to domestic institutions. . . .”
Sullivan + Cromwell LLP represented J-Power.