Lovells secures £213m Euronext IPO

Lovells has landed a multi-jurisdictional role advising Advanced Metallurgical Group (AMG) on its IPO on the Euronext Amsterdam stock exchange.

The global speciality materials company began trading on Wednesday (11 July) at a price of €24 (£16.28) per share and with a market capitalisation of €643m (£436.25). The IPO raised €314m (£213), which the company will use to pay down debt and finance capital expenditure.

AMG was backed by German private equity house Safeguard, which Lovells’ Munich office has a longstanding relationship with.

The team working on the flotation was led by London-based head of equity capital markets (ECM) Richard Brown and New York-based of counsel Chris Winckler. They were assisted by a number of partners and associates in the firm’s Amsterdam, Munich and London offices.

Banking partner Shelley Mottershead, who joined Lovells from Linklaters in May, advised on the debt aspects of the deal.

According to Brown, the deal was significant because it highlights the level of cross-border work the ECM team does.

“It’s a company that operates in five continents and 12 countries,” he said. “For tax reasons it was decided to use a Dutch top company and list that in the Netherlands. We had a team in the Netherlands doing the corporate side of it, a team in London running the deal. The company has significant operations in the US so it was helpful for us having someone on the ground there.”

Credit Suisse acted as sole bookrunner on the IPO, under advice from the UK office of Skadden Arps Slate Meagher & Flom.