Dewey steers Investcom through first-ever DIFX flotation

Dewey Ballantine has landed a role on the largest ever stock market flotation to come out of the Middle East and the first on the Dubai International Financial Exchange (DIFX).

The firm’s London office advised mobile telecoms group Investcom on its IPO, which raised around $780m (£439.7m). The IPO is dual-listed on the DIFX and in London. Prior to the flotation, Investcom relocated from Luxembourg to the Dubai International Finance Centre.

Emerging markets partner Camille Abousleiman led the team from Dewey. He said: “We had to review the rules as we went along as this was their [the DIFX’s] first test.”

The firm won the role partly through a recommendation by the bookrunners Citigroup and HSBC. Abousleiman’s previous transactions include the debut sovereign bonds from Egypt, Lebanon, Morocco and Tunisia.

Cleary Gottlieb, led by partner Ashar Qureshi, advised Citigroup and HSBC.