Herbert Smith Freehills has advised the Clean Energy Finance Corporation (CEFC) on its A$150 million equity investment in the Morrison & Co Growth Infrastructure Fund. 

The Fund aims to acquire and develop assets with potential for substantial improvements in energy efficiency, including renewable energy, hospitals, and aged care accommodation.

The team from Herbert Smith Freehills advising CEFC comprised partner Fiona Smedley and senior associate Yorick Ng.

Allen & Overy LLP has advised Commerzbank AG as underwriters' counsel in connection with the successful initial public offering of Creditshelf AG. The bank assisted Creditshelf as sole global coordinator and sole bookrunner in going public.

The gross issue proceeds amounted to just under EUR 16.5 million.  Thus, the total market capitalisation of the company, which is the first credit intermediary to use a digital platform for lending to small- and medium-sized enterprises, now amounts to EUR 106.5 million.  The free float ratio is more than 20%.

Allen & Overy has acted for Viva Energy Group Limited (Viva Energy) as U.S. and international counsel in relation to its initial public offering on the Australian Securities Exchange.

Viva Energy (ASX: VEA) listed on the ASX on 13 July 2018 and raised approximately AUD$2.6 million at a market capitalisation of $4.8 billion, making it the largest Australian IPO since the privatisation of Medibank in 2014 (which A&O’s U.S. Capital Markets team also advised). Bank of America Merrill Lynch, Deutsche Bank and UBS acted as joint lead managers on the transaction.

Beijing and Hong Kong – Paul Hastings LLP, a leading global law firm, announced today that the firm advised Morgan Stanley, Goldman Sachs and China Merchant Securities as the joint sponsors in Ascletis Pharma’s US$400 million global offering and Hong Kong IPO, which is the first biotechnology company listing on the Main Board of the Hong Kong Stock Exchange under Chapter 18A, the new chapter of the Listing Rules effective since April 2018 designed to attract early-stage biotech companies.

Greenberg Traurig advised Silvair Inc., a Delaware company, on its initial public offering of shares and their admission to trading on the regulated market operated by the Warsaw Stock Exchange.

Simpson Thacher represented Cango Inc. (“Cango”) in connection with its initial public offering and listing on the New York Stock Exchange. The offering of 4,000,000 ADSs, representing 8,000,000 Class A ordinary shares and 2.7% of Cango’s outstanding post-IPO share capital, raised US$40.9 million of gross proceeds and resulted in a market capital capitalization of over US$1.6 billion, before exercise of the underwriters’ overallotment option. Morgan Stanley, BofA Merrill Lynch and Goldman Sachs (Asia) L.L.C. acted as the representatives of the underwriters.

Law firm Stephenson Harwood LLP has advised Grit Real Estate Income Group Limited (Grit) on its London IPO.

Grit – which has assets in seven African countries – was already listed on the Johannesburg Stock Exchange and Stock Exchange of Mauritius. Following the London IPO, Grit is now also listed on the Official List of the UK Listing Authority and its shares are traded on the main market of the London Stock Exchange (LSE). Grit is the only Mauritian company currently listed on the LSE.

On 26 July 2018 (EST), Pinduoduo Inc. (NASDAQ: PDD) successfully launched its IPO of 85.6 million American Depositary Shares (ADSs) on the NASDAQ at $19 per ADS. The underwriters have an overallotment option to purchase up to 12.84 million additional ADSs. On its first day of trading, Pinduoduo opened at $26.5, surging nearly 40% on its offering price and reached a market capitalization of approximately $34 billion based on its closing price of $26.7. Sequoia Capital and Tencent, two of its existing shareholders each invested an additional $150 million in this IPO.