O’Melveny & Myers LLP represented Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. International plc as joint bookrunners, and Oppenheimer & Co. Inc., Piper Jaffray & Co., and Cowen and Company, LLC as co-managers, in the recent US$312.8 million initial public offering of American Depositary Shares (ADS) of E-Commerce China Dangdang Inc. (Dangdang). Dangdang and the selling shareholders sold 19.55 million ADSs at US$16 per ADS, including 2.55 million ADSs sold when the underwriters exercised their over-allotment option in full.
Dangdang has long been touted as the Amazon.com of China, and this transaction is being considered a landmark among Chinese company IPOs in the US. Through its Web site dangdang.com, the company offers more than 590,000 book titles and a range of other media products, as well as selected general merchandise categories.
The O’Melveny team was led by Beijing partner David Roberts. “This remains a very active time for our capital markets practice. We thoroughly enjoyed working on this great transaction,” noted Roberts.
O’Melveny & Myers is a market leader among law firms in the representation of Chinese companies and their underwriters on IPOs in the United States, Hong Kong, and other jurisdictions.
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