Ashurst acted as international legal counsel to Nomura and AAA Securities in connection with the Indonesian initial public offering of PT Steel Pipe Industry of Indonesia Tbk, the largest steel pipe manufacturer in Indonesia by production capacity. The transaction was the year's first Indonesian IPO to be accompanied by an international offering.

The Ashurst deal team consisted of Hong Kong-based US partner Stuart Rubin, US counsel Ethan Perry and US associate Li Jiang. Partner Jonathan Parry and associate Simon Bullock provided advice on English law matters.

Commenting on the transaction, Stuart Rubin said:

"Nomura is a key investment banking client for us throughout Asia, and we were pleased to further develop that relationship in the Indonesian equity capital markets.  The banks' ability to get this deal across the finish line despite the challenging market conditions for IPOs that persist throughout most of Asia represents a very successful outcome for the company."

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