White & Case has advised Credit Suisse Securities (Europe) Limited, Morgan Stanley & Co. International plc, VTB Capital plc, and Aton LLC as Joint Bookrunners on the RUB 10,416.7 million (approximately USD 175 million) secondary public offering (SPO) of 138,888,888 existing ordinary shares in PAO ‘TMK’, a leading global manufacturer and supplier of tubular products for the oil and gas industry. Latham advised PAO 'TMK'.
PAO 'TMK''s ordinary shares and Global Depository Receipts are listed on the Moscow Exchange and London Stock Exchange, respectively. The TMK SPO is, along with the recent Detsky Mir IPO (on which, as reported by CEE Legal Matters on February 20, 2017, White & Case also advised), one of the first Russian equity offerings in 2017 to date.
"This successful transaction, which follows the Detsky Mir IPO, is another important milestone for Russian equity markets at the beginning of 2017," said White & Case Partner Darina Lozovsky, who led the firm's deal team. Lozovsky was joined on the team by Moscow Local Partner Dmitry Lapshin, Partner Inigo Esteve (London) and Associates Monica Holden (London), Amulang Povaeva, and Yulia Akulinina (both Moscow).