DP World

The award-winning US$4.2 billion initial public offering (IPO) for DP World Limited represented a number of firsts for the Middle East. As well as being the region’s largest ever IPO, it was the first privatisation of a strategic asset of the Government of Dubai, the first combined international and retail offering on The Dubai International Financial Exchange (DiFX), and involved the first take-out of a convertible Islamic bond (or sukuk).

The Clifford Chance team combined capital markets, corporate and other expertise in London, Dubai and New York to overcome a range of unprecedented legal issues. Notable achievements included working out how to redeem the convertible Islamic bond and how to reconcile the usual local retail offer process with the securities laws or other international jurisdictions.

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