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Clifford Chance

Clifford Chance

News and awards

7 February 2024

Global (all regions)

Clifford Chance has been ranked as the top EMEA Initial Public Offering legal advisor for companies in both deal count and aggregate deal volume (USD), according to Bloomberg's latest rankings.

This achievement recognises the firm's leading client service and expertise in navigating the complexities of the capital markets. It also reflects the Equity Capital Markets Group's position as a global leader, having achieved Tier 1 rankings for Equity Capital Markets (ECM) across Chambers UK, Europe-wide and Global-wide, Legal 500 and the IFLR1000 for over 10 years.

Despite challenging market conditions in 2023, Clifford Chance's ECM team advised on many high profile ECM transactions, including Europe's largest IPO, with Hidroelectrica's RON 9.3 billion listing and offering on the Bucharest Stock Exchange, as well as advising on Metro Bank's high-profile debt and equity recapitalisation. As well as advising on multiple European IPOs – such as Industrie De Nora on the listing of its joint venture thyssenkrupp nucera on the Frankfurt Stock Exchange – Clifford Chance also worked on a multitude of landmark transactions across the Middle East, including the Investcorp Capital IPO, the Dubai Taxi Company IPO, the SAL Logistics Services IPO and the Dubai Al Ansari Financial Services IPO.

The ECM team also advised on a number of high-profile M&A transactions with an equity element, notably advising Harbour Energy on its US$11.2 billion acquisition of Wintershall Dea assets, and WestRock Company on its US$11.2 billion combination with Smurfit Kappa. Other key transactions included advising a sovereign wealth fund on a £500 million private investment in public equity (PIPE) of a London-listed company, and advising multiple private equity sellers, strategic investors and companies on the sales of significant interests in listed companies in the UK and across EMEA.

In the UK, the team has continued to deliver market-leading advice to listed companies and IPO candidates at a time when London is undergoing a large and ground-breaking overhaul of its listing regime. Clifford Chance has been actively engaged in helping shape the reforms and helping clients and IPO candidates navigate these changes. Amongst several initiatives, the firm co-headlined the London Stock Exchange's IPO Forum, with Simon Thomas, London Head of Capital Markets, chairing a panel on the IPO process and how to manage it effectively.

London Head of Capital Markets, Simon Thomas, commented "Whilst the market backdrop in 2023 was challenging in a number of jurisdictions, it is a testament to the strength of our EMEA ECM practice that we have advised numerous issuers on their successful IPOs across Europe and the Middle East, as well as acting on many other high-profile ECM-related mandates".