Allen Overy Shearman Sterling has advised Doosan Skoda Power on its CZK 2.53 billion initial public offering on the Prime Market of the Prague Stock Exchange. Clifford Chance advised the joint global coordinators Raiffeisen Bank and Wood & Company.
Doosan Skoda Power is a steam turbine manufacturer with roots dating back to 1869. It has been a subsidiary of Doosan Group since 2009.
According to A&O Shearman, the offering comprised 6.67 million existing shares sold by Doosan Power Systems and 2.9 million newly issued shares, with an overallotment option of 957,000 shares fully exercised, and included a discounted share offering to employees.
"This IPO is a key step in our growth strategy," commented Doosan Skoda Power CEO Youngki Lim. "It enables us to strengthen our market position and support our plans for innovation and development."
The A&O Shearman team included Prague-based Partner Petr Vybiral, Associate Denisa Jonasova, and Junior Lawyer Jan Vlcek with further team members in the UK and Luxembourg.
The Clifford Chance team in Prague included Managing Partner Milos Felgr, Counsel Dominik Vojta, Senior Associates Hana Cekalova and Vladimir Rylich, and Junior Lawyer Lukas Ljubovic as well as further team members in London.
