Hogan Lovells Advises on $46 Million Master Drilling IPO
29 January 2013
LONDON, 29 January 2013 - Hogan Lovells advised Master Drilling Group Limited in relation to its $46 million initial public offering (IPO) and listing on the Johannesburg Stock Exchange (JSE), which was underwritten by Renaissance Capital. The transaction completed on Thursday 20 December 2012.
There have been only seven other IPOs on the Main Market of the Johannesburg Stock Exchange in the last year and Master Drilling Group, a world-class supplier of technologically advanced mine drilling operations throughout southern Africa, Latin America, Europe and the Middle East, is the only dedicated specialist drilling company listed on the exchange.
The Group intends to use the proceeds of the IPO primarily to fund its ambitious global growth strategy through the purchase of new drill rigs and associated equipment.
The Hogan Lovells team advising Master Drilling Group was led by London corporate partner John Basnage, assisted by partner Nigel Read, senior associate Fiona Carlyle, associates Jamie Huertas and Hazel Peck; and tax partner Philip Harle and associate Matthew Legg.
Commenting on the transaction, John said:
"This IPO is a great achievement given the challenging conditions in the equity capital markets and testament to our expertise in advising on emerging market capital market transactions, particularly in Africa and the mining/natural resources space, where we continue to focus".