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Latham & Watkins completed London’s first major listing of a foreign company this year with the IPO of Russian technology group Sitronics.
The $352m (£180.69m) float, which valued Sitronics at £1.16bn, was London’s largest technology IPO in the last five years, highlighting the US firm’s hold on Russian companies in London.
Moscow-based corporate partner Varun Gupta led the team with associate Ken Miyamoto. Latham also advised Sitronics’ parent company Sistema on its 2005 London float.
Sitronics listed on both the London and Moscow stock exchanges, selling each share at 12c (6.16p) and each global depository receipt (GDR) for $12 (£6.16). The GDRs will be traded in London and the ordinary shares in Russia. At least 50 per cent of the flotation’s proceeds will be used for future acquisitions.
Skadden Arps Slate Meagher & Flom advised the underwriting banks, scoring a role on its second listing of a Russian company this year. Credit Suisse, Goldman Sachs and Renaissance Capital acted as joint global coordinators and bookrunners, with HSBC as co-lead manager.
Skadden also advised mining company Polymetal, which announced its intention to float on the London Stock Exchange in January, as first reported by The Lawyer (22 January).