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Index of tables
Equity capital markets
- Mark Austin - Freshfields Bruckhaus Deringer LLP
- Edward Bibko - Baker McKenzie LLP
- Nilufer von Bismarck - Slaughter and May
- David Broadley - Allen & Overy LLP
- Richard Brown - Latham & Watkins
- Adrian Cartwright - Clifford Chance
- John Connolly - Clifford Chance
- David Dixter - Shearman & Sterling LLP
- Christopher Haynes - Gibson, Dunn & Crutcher LLP
- Nicholas Holmes - Ashurst
- Chris Horton - Simmons & Simmons
- Charles Howarth - Herbert Smith Freehills LLP
- Charles Jacobs - Linklaters LLP
Paul Etienne Kumleben -
Davis Polk & Wardwell LLP
- John Lane - Linklaters LLP
- Mark Lloyd Williams - Norton Rose Fulbright
- Jason Manketo - Linklaters LLP
- Sarah Murphy - Freshfields Bruckhaus Deringer LLP
- Jonathan Parry - White & Case LLP
Will Pearce -
Davis Polk & Wardwell LLP
- Richard Price - Shearman & Sterling LLP
- David Rockwell - Sullivan & Cromwell LLP
- Jennifer Schneck - Ashurst
Sebastian Sperber -
Cleary Gottlieb Steen & Hamilton LLP
- Stephen Thierbach - Gibson, Dunn & Crutcher LLP
Pranav Trivedi -
Skadden, Arps, Slate, Meagher & Flom (UK) LLP
- Adam Wells - Allen & Overy LLP
Simon Witty -
Davis Polk & Wardwell LLP
Allen & Overy LLP’s ‘extremely responsive team’ has handled a high volume of issuer and bank-side IPO mandates. Highlights for David Broadley and newly promoted US-qualified partner Jeff Hendrickson included advising Worldpay on its dual-track £2.48bn IPO, the largest ever in the UK Fintech arena, while James Roe acted alongside Adam Wells for the underwriters on Softcat’s £153m IPO. Michael Bloch was promoted to counsel.
Ashurst’s practice is ‘a trusted adviser’ that clients rate for its ‘outstanding quality of work and reliability’. The practice handles a balanced workload of issuer and underwriter representations for clients including PureCircle, Credit Suisse, Goldman Sachs and Softcat. Highly regarded practice head Nicholas Holmes and US securities partner Jennifer Schneck are key contacts. Jonathan Parry left for White & Case LLP, while US-qualified Eric Stuart joined from Jones Day.
At Clifford Chance, global practice head Adrian Cartwright acted for the underwriters, including Deutsche Bank and Merrill Lynch International, on the £2.35bn IPO of Auto Trader Group. In other highlights, Iain Hunter advised Apax Global Alpha on its £585m IPO, and Simon Thomas assisted the underwriters with the £716m flotation of John Laing. The highly regarded John Connolly provided US securities advice on all these deals.
Freshfields Bruckhaus Deringer LLP acts for the majority of the bulge-bracket banks, and the ‘excellent’ Mark Austin has recently acted on the IPOs of McCarthy & Stone, Worldpay and Sophos. Additional key contacts include Christopher Mort and US-qualified partners Doug Smith and Sarah Murphy.
Herbert Smith Freehills LLP’s team advises issuers and underwriters on high-profile issuances, and combines this transactional expertise with particularly noteworthy regulatory capabilities. Practice head Charles Howarth led the advice to Lonmin on its $400m rights issue. On the US securities side, Stephen Thierbach and Chris Haynes left for Gibson, Dunn & Crutcher LLP, while Tom O’Neill arrived from King & Spalding International LLP and Dinesh Banani was promoted to partner.
At Linklaters LLP, practice co-head and US securities expert Jason Manketo acted for the underwriters on Flow Traders’ €599m IPO on Euronext Amsterdam, and Charles Jacobs advised household retailer Steinhoff International on its Frankfurt Stock Exchange listing by way of a South African scheme of arrangement. Other highlights included advising JUST EAT on its £450m placing and Aldermore Group on its £650m IPO. Practice co-head John Lane, newly promoted partner James Wootton and Iain Wagstaff are additional key contacts.
In keeping with the firm’s heavyweight corporate client base, Slaughter and May’s highly regarded ECM practice regularly handles high-profile issuer-side mandates. Highlights have reflected a strong financial services sector bent: The practice advised Standard Chartered on its £3.3bn capital raise, challenger bank Shawbrook on its £725m IPO, and Non-Standard Finance on its £100m flotation. Nilufer von Bismarck, Jeff Twentyman and Susannah Macknay are some of the key names in the sizeable team.
Baker McKenzie LLP’s London capital markets practice acts as a hub for EMEA-wide work; highlights included Adam Farlow’s recent advice to Biocartis on its €115m IPO on Euronext Brussels, and Edward Bibko’s advice to Edita Food Industries on its $300m listing of LSE-listed global depository receipts (GDRs) as well as a listing on the Egyptian Exchange. James Thompson joined from Linklaters LLP, enhancing the group’s domestic capabilities. Roy Pearce is ‘always responsive and very thoughtful in analysing an issue’.
Cleary Gottlieb Steen & Hamilton LLP ‘demonstrates a high level of knowledge and experience complemented with brilliant communication and valuable advice’. In an illustration of its global strength, Raj Panasar advised Russian retail chain Lenta on a series of Regulation S/Rule 144A offerings, including a $275m October 2015 issue, while Simon Ovenden acted for the underwriters in the $1bn-plus Regulation S/Rule 144A secondary offering by Habib Bank, which was Pakistan’s largest-ever equity offering. Sebastian Sperber is also recommended.
Davis Polk & Wardwell LLP’s London team, headed by Paul Kumleben and Simon Witty, focuses on EMEA equity offerings. John Banes advised ABN AMRO Group on its €3.3bn IPO on Euronext Amsterdam. Citigroup Global Markets and Barclays are recent underwriter clients. Jeffrey Oakes has retired.
Latham & Watkins handles a steady flow of LSE listings, including Richard Brown’s recent advice to J.P. Morgan Cazenove and UBS Investment Bank as underwriters on Ibstock’s £771m IPO. Olof Clausson regularly handles high-profile Europe-wide mandates. Other recent clients include Sunrise Communications and Dometic Group. Claire Keast-Butler is another key contact.
Norton Rose Fulbright fields a team with extensive experience advising issuers as well as underwriters. The firm also benefits from a strong base of US-qualified lawyers such as the highly regarded Thomas Vita. Practice head Raj Karia, transport and infrastructure expert Mark Lloyd Williams and the ‘knowledgeable’ Fiona Millington are also key figures in the practice, which has particular strength in natural resources mandates and handled recent work for Anglo Pacific Group and Petropavlovsk.
Shearman & Sterling LLP attracts praise for its ‘commercial approach to issues, and its focus on providing solutions’. The London team handles complex cross-border offerings such as acting on the underwriter side on the multibillion-euro IPO and privatisation of ABN AMRO Group. Other highlights included advising Eurobank on its recapitalisation, which involved a private placement and the issuance of new ordinary shares in exchange for outstanding debt. The ‘business-oriented’ Apostolos Gkoutzinis and ‘global capital markets expert’ David Dixter co-head the practice, while Richard Price heads the London-based South Africa desk.
Recent highlights for Simmons & Simmons reflect the strong bankside relationships of the practice; these include advising Numis Securities as global coordinator on the £240m IPO of On the Beach Group, a deal which included a private placement pursuant to Regulation S/Rule 144A, and acting for J.P. Morgan Cazenove and Peel Hunt as underwriters on the £275m placing and open offer by Circassia Pharmaceuticals. Powerflute and Funding Circle SME Income Fund are recent issuer clients. Practice head Chris Horton ‘ably handles complex transactions, always remaining cool under pressure’. Colin Bole, Charles Hawes and Julian Perlmutter are additional key contacts.
A go-to firm for cross-border corporate matters, Skadden, Arps, Slate, Meagher & Flom (UK) LLP regularly acts on complex international equity offerings. Recent highlights include advising the underwriters to Lenta’s £275m public offering of GDRs listed on the LSE, and acting for Israel Corporation on its spin-off of Kenon Holdings, which involved a dual listing of ordinary shares on the Tel Aviv and New York stock exchanges. European capital markets head Danny Tricot, London office head Pranav Trivedi and US-qualified lawyer James McDonald are recommended.
In an illustration of the cross-border expertise Sullivan & Cromwell LLP’s London office brings to the table, George White led the advice to Anheuser Busch InBev on the SEC registration and NYSE listing of the new holding company set up as part of the acquisition of SABMiller. The team, which includes David Rockwell, Vanessa Blackmore and Kathryn Campbell, has a strong track record acting as underwriter and issuer counsel for banks including Goldman Sachs and Standard Chartered.
White & Case LLP’s London office, which acts as a hub for Europe-wide capital markets work, has handled deals in the Milan, Istanbul and Madrid stock exchanges, and is continuing to make inroads into the UK market, most recently recruiting the ‘outstanding’ Jonathan Parry from Ashurst. Inigo Esteve represented the underwriters on Sophos’s IPO, which gave the UK software company a market capitalisation of $1bn. US securities experts Laura Sizemore and Michael Immordino are also recommended.
Daniel Winterfeldt, who heads the international capital markets practice at CMS, is ‘a go-to person for advice on complex US securities matters’ and acts as a key regulatory adviser to the LSE. He works closely with ‘highly responsive and diligent’ listed funds specialist Cathy Pitt and equity capital markets head Gary Green, whose client base includes FTSE corporates and AIM-listed companies.
Cravath, Swaine & Moore LLP is noted for its ‘excellent advice on US securities law issues affecting European equity capital markets transactions’. Philip Boeckman’s recent work includes advising Deutsche Pfandbriefbank on its €1.16bn IPO on The Frankfurt Stock Exchange, and acting for HDFC Bank on its $1.27bn offering of American depositary shares (ADRs). On the underwriter side, Alan Grinceri assisted a number of bulge-bracket banks with Actavis’s $5.1bn offering of convertible shares on the NYSE. David Mercado and George Stephanakis are also recommended.
In an illustration of Hogan Lovells International LLP’s strength in the mid-market space as well as the fast-growing Fintech sector, the firm advised Paysafe Group on its move from AIM to the premium segment of the Official List. The ECM practice, headed by Maegen Morrison, handles a balanced workload of issuer and underwriter mandates for clients including SABMiller, Numis Capital and J.P. Morgan Cazenove. Dual UK and US-qualified partner John Basnage and Daniel Simons are also recommended.
Mayer Brown International LLP’s ‘commercial and flexible’ team ‘understands the nuances of working in different jurisdictions’. The highly regarded Robert Flanigan advised the underwriters on Euskaltel’s €764m IPO. On the issuer side, Robert Hamill and Kate Ball-Dodd acted for Entertainment One on its £200m LSE rights issue.
Paul, Weiss, Rifkind, Wharton & Garrison LLP fields ‘a compact team that punches above its weight’, and which is rated for its ‘technically excellent and extremely diligent approach’. Its US securities law expertise means it attracts a steady diet of referrals from UK-based law firms such as Slaughter and May and Macfarlanes LLP. Highlights included advising on the US law aspects of Shawbrook’s £725m IPO. Mark Bergman heads the practice and is ‘a trusted adviser’.
Travers Smith LLP’s clients view it ‘not just as a legal adviser, but as a business partner’. The firm fields a sizeable team of capital markets experts, including Anthony Foster, who is ‘a pleasure to work with’; corporate finance head Neal Watson, who ‘has the gravitas to work at the highest board levels’; and corporate head Spencer Summerfield. The practice has a long list of established clients, with particular strength in private equity, and also won new instructions from Hostelworld and Gresham House in 2015.
Covington & Burling LLP is particularly active in the life sciences space; recent LSE-listed issuer clients include Consort Medical and Indivior. Paul Claydon leads the team, which includes US-qualified Kristian Wiggert and which has additional sector strengths in technology, media and clean energy.
DLA Piper has an increasing focus on mandates for bulge-bracket banks such as Deutsche Bank, which it advised as sponsor on Paysafe Group’s admission to the premium listing segment of the Official List. The firm continues to be highly active on the issuer side for clients including Bonmarché Holdings and PureTech Health. EMEA and US securities head George Barboutis and practice head Alex Tamlyn are recommended.
Dechert LLP attracts praise for its ‘commercial yet personal service’. Key figures include Camille Abousleiman, who heads the emerging markets practice, and Sean Geraghty, who regularly acts on LSE and Nasdaq deals. Life sciences company Poxel and technology company Kofax are recent issuer clients. Wayne Rapozo left the practice.
At Greenberg Traurig Maher LLP, practice head Andrew Caunt and James Mountain advised Nomad Foods on a number of offerings including a $320m placing by way of an accelerated bookbuild. US-qualified Dorothee Fischer-Appelt has recently handled a number of issuances on the Warsaw Stock Exchange.
At King & Wood Mallesons, practice head Delphine Currie is lauded for her ‘tremendous subject knowledge’ and acted alongside the firm’s Melbourne office for Transurban Group on its A$1bn capital raising. Currie also acted for The Automobile Association on a £200m placing as part of the organisation’s more than £1.1bn debt refinancing. Also recommended are Joseph Newitt and new arrival Greg Stonefield, who joined from Mayer Brown International LLP.
Macfarlanes LLP attracts praise for its ‘combination of technical supremacy and excellent client service’. Harry Coghill has acted for a number of management teams and third parties, and recently advised the management of Shawbrook on its £725m IPO. Practice head Robert Boyle is ‘excellent in the boardroom’.
Morgan, Lewis & Bockius UK LLP stands out both for its ‘excellent service’ and its expertise in cross-border deals; recent matters have involved, among other jurisdictions, Slovakia, Russia, the British Virgin Islands and the US. Timothy Corbett and Carter Brod are the key contacts.
Paul Hastings LLP leverages the diversity of its London team, which includes US-qualified lawyer Peter Schwartz, Italian-qualified Ugo Giordano and German-qualified Karl Balz, to act on deals across Europe. In one of many Frankfurt Stock Exchange related matters, Balz advised the underwriters, including Deutsche Bank, on the IPO of automotive engineering group EDAG. Technology and real estate are additional sector strengths. James Cole is also recommended.
Proskauer Rose LLP is ‘a top-drawer firm for US securities advice, and is prepared to sit in the trenches with the client at the business end of transactions’. Practice head Peter Castellon (a ‘true problem solver’) acted for Cairn Homes on its €440m IPO. Citigroup and Jefferies are underwriter clients.
Noted for its work in the high-yield space, Simpson Thacher & Bartlett LLP’s London office also regularly handles equity offerings for issuers and underwriters, including recently advising Ascential on its LSE IPO. Office managing partner Gregory Conway is the key contact.
Weil, Gotshal & Manges’ Peter King handled a number of LSE IPOs in 2015, including DFS Furniture’s £221m flotation. In addition to its issuer-side strength, the practice also handles mandates from banks, particularly on Eastern European deals; a London and Warsaw cross-office team advised the joint global coordinators, including Goldman Sachs International, on Idea Bank’s $67m IPO.