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A quartet of US and offshore firms have taken the lead roles on the dual listing of Russian hypermarket giant Lenta on the London and Moscow Stock Exchanges, creating the world’s largest publicly listed British Virgin Islands (BVI) company.
Cleary Gottlieb Steen & Hamilton and Channel Islands firm Ogier represented Lenta on the IPO, while Conyers Dill & Pearman and Skadden Arps Slate Meagher & Flom acted for joint bookrunners Crédit Suisse, Deutsche Bank, JP Morgan, VTB Capital, UBS and TPG Capital.
Lenta listed on the two exchanges last week (5 March 2014), raising around $1bn through its listing of global depositary receipts. Final proceeds are expected to rise once allotment options have been taken up.
The market capitalisation of $4.3bn means it is now the world’s largest listed BVI company. Lenta operates 77 hypermarkets in 45 Russian cities and is the country’s second-largest hypermarket chain, with turnover of RUB144.3bn ($4.5bn) in 2013.
A team from Cleary consisting of Moscow-based partners Scott Senecal and Yulia Solomakhina, London-based partner Raj Panasar, Moscow senior attorney Christopher Smith and Moscow senior associate Ekaterina Abrossimova provided Russian, UK and US advice to Lenta.
Ogier partner Ray Wearmouth and managing associate Michael Killourhy gave BVI advice to the company, which is an existing client of the firm.
Skadden partners Pranav Trivedi and Dmitri Kovalenko acted for the underwriters, alongside Conyers Dill & Pearman partners Anton Goldstein and Patrick Ormond.