In another landmark Asia capital markets transaction, Milbank, Tweed, Hadley & McCloy advised Credit Suisse, as underwriter, on a US$310 million concurrent equity placement and convertible bond offering by a leading Vietnamese real estate developer, No Va Land Investment Group Corporation (“Novaland”), marking the first ever capital raise for a Vietnamese company in a concurrent equity placement and convertible bond offering. The concurrent offering was also the first equity-linked bond issuance out of Vietnam since 2012.

Mayer Brown, with the support of Tauil & Chequer Advogados (T&C), in association with Mayer Brown, represented the underwriters led by Bradesco BBI, Citigroup, Morgan Stanley, BB Investimentos and Nomura on a US$208 million offering of preferred shares by Banco Inter S.A., a digital bank and one of the leaders in the modernization of the Brazilian banking industry. The preferred shares are listed in Brazil on the São Paulo Stock Exchange and were offered in Brazil and sold offshore with the offshore offering done pursuant to Rule 144A/Regulation S.

Davis Polk advised Charles Taylor plc on a placing of new shares representing approximately 9.75% of its current issued share capital which raised gross proceeds of approximately £17.6 million. The new shares will be admitted to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange. The placing was conducted as an accelerated bookbuild process.

Leading international law firm Clifford Chance advised Ping An Healthcare and Technology Company Limited (Ping An Good Doctor) on its US$1.12 billion initial public offering on the Hong Kong Stock Exchange. The IPO received an oversubscription of 654 times in the retail tranche and a list of reputable cornerstone investors with an over-subscribed international placing tranche. Clifford Chance also advised Ping An Good Doctor in SoftBank Vision Fund's US$400 million pre-IPO investment.

Law firm Stephenson Harwood LLP has advised Nominated Advisor and broker, FinnCap Ltd, on the AIM IPO of KRM22 Plc, a closed-ended investment company, and its simultaneous £10.3 million institutional placing.

Morrison & Foerster represented joint sponsors BOCI Asia Limited and BOSC International Company Limited in relation to Tsit Wing International Holdings Limited’s IPO on the Hong Kong Stock Exchange. With an offer price range of HK$1.50 to HK$2.19 per share, estimated net proceeds from the IPO will be approximately HK$149.7 million after the deduction of underwriting commissions and estimated expenses, assuming the over-allotment option is not exercised and using an offer price of HK$1.84, being the mid-point of the offer price range.

Ashurst advised the syndicate banks, Commerzbank Aktiengesellschaft (Commerzbank) and Hauck & Aufhäuser Privatbankiers Aktiengesellschaft (Hauck & Aufhäuser) on the initial public offering (IPO) of Serviceware SE (Serviceware), a leading provider of software solutions for the digitisation and automation of service processes, on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. The banks acted as joint global coordinators and joint bookrunners for the transaction.

CMS has advised on four investment company transactions announced at the end of April:

Sequoia Economic Infrastructure
CMS has advised investment banking firm Stifel on Sequoia Economic Infrastructure’s placing for up to 72.8m shares, implying a fundraising of up to £75.7m. The placing closes on 3 May with new shares expected to start trading on 9 May.

The CMS team is being led by Corporate partners Cathy Pitt and Alasdair Steele, and Associates Philippa Chatterton and Jenny Gray.

Supermarket Income REIT

Global law firm White & Case LLP has advised J.P. Morgan, Deutsche Bank, Goldman Sachs and Morgan Stanley, as joint bookrunners, on a €800 million dual tranche bond issue and an up to €200 million tender offer by ADLER Real Estate Aktiengesellschaft.

A team led by Cologne-based partner Dr. Thorsten Kuthe assisted Serviceware SE in its IPO in the Prime Standard segment of Frankfurt Stock Exchange. The company started trading on April 20.