Clifford Chance is pleased to have acted as legal counsel to Raiffeisen Bank International, Raiffeisenbank Česká republika and WOOD & Company, as the Joint Global Coordinators (JGCs) on the initial public offering (IPO) of Doosan Škoda Power on the Prague Stock Exchange valued at approximately CZK 2,5 billion (including the over-allotment option). Clifford Chance lawyers advised the JGCs on all aspects of this strategically important transaction.
The offering of the shares in Doosan Škoda Power to institutional and retail investors as well as eligible employees, marks a significant milestone in the growth of the company with the proceeds from the offering being used to help expand its production capacities, drive digitalization and strengthen competitiveness.
Headquartered in Plzeň, Doosan Škoda Power is a leading global steam turbine original equipment manufacturer (OEM), having delivered more than 576 turbine units since 1960 representing in aggregate approximately 56 GW in power output. The company’s portfolio includes steam turbines with performance ranges from 3 to 1300 MW. Since 2009, Doosan Škoda Power has been a part of the South Korean Doosan group. Building upon the legacy of the original Škoda Works (In Czech: Škodovy závody), Doosan Škoda Power boasts a history spanning over a century in the Czech Republic.
Youngki Lim, a CEO from Doosan Škoda Power added: “This IPO is a key step in our growth strategy. It enables us to strengthen our market position and support our plans for innovation and development. We value the expertise of all our advisors, including Clifford Chance, in helping us achieve this milestone.”
Miloš Felgr, Managing Partner at Clifford Chance’s Prague office, said: “We are proud to support Raiffeisen Bank International, Raiffeisenbank Česká republika, WOOD & Company and Doosan Škoda Power in this highly important transaction. The IPO of Doosan Škoda Power marks a significant moment for the Czech capital markets and reflects the growing interest in high-quality investment opportunities in the region. Our team has been committed to ensuring the success of this project through practical, commercially-driven and effective legal solutions.”
The Clifford Chance team, comprising a strong combination of local expertise and international equity capital markets experience, was led by Prague managing partner Miloš Felgr and London ECM partner Christopher Roe. Milos and Chris were assisted by senior associates Hana Čekalová, Vladimír Rýlich and Anjaneya Das, associate Radhika Sharma, counsel Dominik Vojta and junior lawyer Lukas Ljubovič.
