The IPO opened on 4th November 2007, with the UAE retail offer closing on 15th November 2007 and the institutional offering closing on 20th November 2007.
This transaction represents a number of firsts for the Middle Eastern region. As well as being the largest IPO to date in the Middle East, the deal will be the biggest offering on DIFX and the first retail offering that the exchange has seen.
The IPO is also the first redemption of a convertible sukuk, following the issue by DP World's affiliate PCFC Development FZCO of US$ 3.5 billion Sukuk-al-Musharaka in early 2006, upon which Clifford Chance advised.
London-based US partner Michael Dakin comments: "This deal represents the continuation of a long relationship with DP World and the other Dubai World entities, having already worked on DP World's sukuk issuance and the establishment of DP World's global MTN programme and debut issuance of notes earlier this year. The IPO also triggers the redemption of the PCFC sukuk, on which we also advised, demonstrating the viability of this product. It has been a pleasure to have been involved in these deals, which are important to the company, as well as to the region as a whole."
Dubai-based partner Iain Hunter comments: "We are delighted with the success of this transaction, and with the fact that we have been able to break new ground in so many ways. It has been tremendously satisfying for Clifford Chance to be working alongside another global company at the forefront of innovation in the capital markets."
Mohammed Sharaf, Chief Executive Officer of DP World comments: "We were pleased to work with Clifford Chance on yet another significant transaction for DP World. Their deep understanding of our business and continued commitment to DP World greatly assisted in ensuring the IPO was a tremendous success."
Deutsche Bank, Merrill Lynch International, Millennium Finance Corporation Ltd and SHUAA Capital PSC were the joint global co-ordinators and joint lead managers for the listing.
The cross-border Clifford Chance team was led by Michael Dakin, Simon Sinclair, John Duncanson and Simon Thomas in London and Iain Hunter, Simon Clinton and James McCarthy in Dubai.
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Clifford Chance advises on the largest ever IPO in the Middle East
- United Arab Emirates: Monday, November 26 - 2007 at 16:35
- PRESS RELEASE
The London and Dubai offices of Clifford Chance LLP have advised global marine terminal operator DP World Limited (DP World) on its $5bn IPO on the Dubai International Financial Exchange (DIFX).
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1. Capital Markets: The capital markets practice comprises over 325 partners and lawyers who concentrate on securities transactions and other products sold into the capital markets. The practice is founded on a full-service US and UK securities law capability, complemented by local securities law expertise in each of the key financial centres.The combination of local knowledge with an international perspective enables us to provide practical, integrated legal advice covering the full spectrum of global capital raising activities including public and private domestic and international offerings of traditional debt and equity securities as well as convertible and other derivative and structured securities.
Our clients include issuers, originators, arrangers, managers, investors and other finance providers, trustees, rating agencies, monoline insurers and swap counterparties from a variety off industries including energy, transport, infrastructure projects, and real estate.
2. Corporate: The corporate practice, which comprises 820 legal advisers worldwide, handles some of the world's largest and most complex M&A transactions. The practice combines global transaction capability with a full service of English, US and civil law expertise in the key financial centres across Europe, the Americas and Asia. In addition to mainstream M&A, the firm also encompasses leading specialist practices in: commercial contracts, competition and antitrust, communications, energy, healthcare, financial institutions, funds, investment banking, insurance, media and technology, and private equity.
The practice focuses on providing practical and commercial legal advice. Clients include investment banks and financial institutions, multinationals and other public and private corporations, private equity providers and management teams, asset management clients, international partnerships and governments.
3. Clifford Chance LLP is the first fully integrated global law firm, with 27 offices in 20 countries. The firm aims to provide seamless global services to the world's leading financial institutions and multinational businesses.
4. Unrivalled in its international resources, Clifford Chance has over 3,800 legal advisers and is organised around six global practice areas: capital markets; corporate (including M&A); finance; litigation and dispute resolution; real estate; and tax, pensions and employment law.
For further information about Clifford Chance see www.cliffordchance.com
For further information about this release contact Corinna Dixon on +44 (0)20 7006 2316
Posted by Lara Lynn Golden, News EditorMonday, November 26 - 2007 at 16:35 UAE local time (GMT+4)
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