Gowling WLG has advised Cordiant Digital Infrastructure Limited on its initial public offering (IPO) which raised gross proceeds of £370 million.
Cordiant Digital Infrastructure Limited is the first UK listed fund to focus on investment in digital infrastructure and will primarily invest in the core infrastructure of the digital economy – data centres, fibreoptic networks and mobile towers – "the plumbing of the internet" – in the UK, Europe and North America.
The proceeds were raised through a total of 370,000,000 ordinary shares issued at 100 pence a share and 46,249,982 subscription shares admitted to trading on the Specialist Fund Segment of the London Stock Exchange's main market. Dealings in the shares commenced on 16 February 2021.
The Gowling WLG team was led by investment funds partner John Reed, supported by associates Emily Airton and Chris Kay and trainee solicitor Scott Wilson.
John said: "We are pleased to have advised Cordiant Digital Infrastructure Limited on its hugely successful IPO. The transaction is one of the largest listed alternatives fund IPOs in recent years. The Company has a very strong pipeline of investment opportunities and we look forward to working with the Company in relation to its future growth plans."
Commenting on Gowling WLG's involvement, Cordiant's managing director Stephen Foss added: "We could not have reached this point in our IPO without John and his team. We've benefited from the group's extensive experience in supporting and advising funds throughout IPO processes and it has been seamless process. We look forward to being a listed company and continuing our strong working relationship with Gowling WLG on a number of fronts."
Gowling WLG's leading investment funds team has a strong reputation in terms of closed end listed funds, advising issuers, investment houses and the banks and brokers that advise them. It brings together experts in tax, corporate, finance, regulatory and dispute resolution to provide a full legal service to its clients.