Allen & Overy has represented Sinopec Engineering, part of China’s Sinopec Group, on its $2.24 billion initial public offering in Hong Kong.
Sinopec Engineering is offering 1.33 billion shares in an indicative range of HK$9.8 to HK$13.1 each, putting the total deal at HK$17.4 billion ($2.24 billion), reported IFR, a Thomson Reuters publication.
At the top end, the deal would be Hong Kong’s largest IPO since People’s Insurance Company (Group) of China raised $3.56 billion in late November, Reuters reported.
Kirkland & Ellis advised the joint global coordinators and bookrunners on the offering – J.P. Morgan Securities, CITIC Securities Corporate Finance, UBS, Goldman Sachs, HSBC, China International Capital Corporation Hong Kong Securities, Haitong International Securities Company, Citigroup, Merrill Lynch, Deutsche Bank, BOCOM International Securities, CMB International Capital, and BOCI Asia.
Hong Kong corporate partners Dominic Tsun, David Zhang, Li-Chien Wong and Fan Zhang led the Kirkland & Ellis team, assisted by Washington DC partners Laura Fraedrich and Joanna Ritcey-Donohue.
King & Wood Mallesons provided PRC advice to Sinopec Engineering, while Guantao Law Firm counseled the underwriters on PRC law.
Sinopec Engineering was formed last September, consolidating eight engineering and construction units of Sinopec Group. It is controlled by Sinopec Group and Sinopec Corp, which hold stakes of 2 percent and 98 percent respectively.
Kanishk Verghese is North Asia journalist at ALB. Follow us onTwitter: @ALB_Magazine.
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