Doosan Skoda Power's IPO Debut on Prague Stock Exchange with A&O Shearman and Clifford Chance
Deal News | Feb 19, 2025 | CEE Legal Matters
Doosan Skoda Power has launched a CZK 2.53 billion initial public offering on the Prime Market of the Prague Stock Exchange. Allen & Overy Shearman & Sterling provided legal advice to Doosan Skoda Power for this strategic financial move that involved selling 6.67 million existing shares from Doosan Power Systems and 2.9 million newly issued shares. An overallotment option of 957,000 shares was fully exercised, including a discounted offer to employees. The IPO is described by CEO Youngki Lim as central to the company's growth strategy, aimed at enhancing market presence and fostering innovation. Clifford Chance advised the transaction's joint global coordinators, Raiffeisen Bank and Wood & Company, facilitating this significant step in Doosan Skoda Power's corporate journey.
Sectors
- Energy Equipment and Services
- Financial Services
- Legal Advisory
Geography
- Czech Republic – The IPO takes place on the Prague Stock Exchange, based in the Czech Republic.
- United Kingdom – Involvement of A&O Shearman and Clifford Chance teams based in the UK for the transaction.
- South Korea – Doosan Skoda Power is a subsidiary of Doosan Group, headquartered in South Korea.
Industry
- Energy Equipment and Services – Doosan Skoda Power manufactures steam turbines, aligning with the energy equipment sector.
- Financial Services – The IPO involves investment banking and legal advisory, central to financial services.
- Legal Advisory – Allen & Overy Shearman and Clifford Chance are law firms providing legal advice for the IPO.
Financials
- CZK 2.53 billion – The total value raised from the IPO on the Prague Stock Exchange.
- 6.67 million existing shares – The number of existing shares sold by Doosan Power Systems.
- 2.9 million newly issued shares – The number of newly issued shares as part of the IPO.
- 957,000 shares – The overallotment option that was fully exercised during the IPO.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Doosan Skoda Power | Target | Company | A steam turbine manufacturer conducting an IPO. |
| Doosan Power Systems | Selling Company | Company | The entity selling existing shares in the IPO. |
| Allen & Overy Shearman & Sterling | Legal Advisor for Target | Company | Law firm advising on the IPO for Doosan Skoda Power. |
| Clifford Chance | Legal Advisor for Bidding Company | Company | Law firm advising joint global coordinators on the IPO. |
| Raiffeisen Bank | Joint Global Coordinator | Company | One of the coordinators for the IPO sales process. |
| Wood & Company | Joint Global Coordinator | Company | One of the coordinators for the IPO sales process. |
| Youngki Lim | CEO of Target | Person | CEO of Doosan Skoda Power commenting on the IPO's strategic importance. |