LAWFUEL – The Legal Newswire – Legal Week reports a busy seven days for initial public offerings (IPOs) has gifted corporate mandates to a raft of City law firms as the number of companies coming to market surges before the summer break.
White & Case, Norton Rose and Baker & McKenzie were among the main recipients of the listings, which had a combined value of more than £3bn.
White & Case secured a role advising Indian real estate group DLF on its record $2.4bn (£1.2bn) IPO. The company floated last week (13 June) on the Indian National Stock Exchange. It marked the largest Indian company listing, a record that previously stood at $1.2bn (£608m).
Corporate finance partner Francis Fitzherbert-Brockholes led the team for White & Case, while Linklaters advised the underwriters.
Fitzherbert-Brockholes told Legal Week: “There is a kind of medieval cyclicality about the way things work — you tend to get peaks at certain times of the year and this is one — before the summer and people take a break.”
Last week also saw the float of solar power company Crystalox Solar for £542m on the London Stock Exchange (LSE). Norton Rose corporate partners Robin Brooks and Stephen Rigby advised the company, with Munich head Alexander von Bergwelt leading on German issues. Ashurst advised sponsor JP Morgan Cazenove, and underwriters JP Morgan Securities and Jefferies International.
Commenting on the state of the IPO market, Brooks said: “People are capitalising on a very strong market. We have a very strong pipeline of IPOs.”