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Cobbetts

Cobbetts wins top role on Qatar construction IPO

Author: Charlotte Edmond

Published: 03/04/2008 02:32

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Cobbetts has bagged the lead role for Qatar-based construction and property company Panceltica as it looks to list on London’s Alternative Investment Market (AIM).

Cobbetts corporate partner Patrick Mitchell is advising the company alongside associate Sue Johnston, with Panceltica expected to float on the market at the end of March with a market capitalisation of more than £236m.

Panceltica specialises in the building and construction of residential and commercial property units, and the group has companies in Dubai, Turkey, New Zealand and the UK. It recently completed a round of pre-initial public offering (IPO) financing, raising over £50m. The IPO is expected to make it the first Qatar-based company to list on AIM.

Regional firm Keeble Hawson advised the nominated adviser — Blomfield Corporate Finance.

Cobbetts’ head of public markets Andrew Wright said: “We are looking at Qatar and all the Gulf states. Along with China and India, the region has been particularly active. This is a time of fear but the right company in the right sector is still getting away.”

The deal is the second AIM admission Cobbetts has advised on in recent weeks, with the firm also instructed to advise independent oil and gas company Enegi Oil on its joint admission to AIM and the Luxembourg Stock Exchange. That deal saw Enegi list with a market capitalisation of around £55m on 20 March, with Cobbetts corporate partner Sefton Collett instructed for the company. Travers Smith corporate finance partner Philip Cheveley advised nomad and broker Cenkos Securities.

The Panceltica deal comes as both London’s main market and junior AIM market see a dearth of IPO activity, with just nine companies listing on AIM during February.

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