Skadden Arps Slate Meagher & Flom acted as US adviser to Camelot Information Systems, a China-based provider of business software and IT services, in its approximately US$150 million initial public offering of American depositary shares and listing on the New York Stock Exchange.
Camelot’s IPO was the largest US IPO of a Chinese company so far this year and is also the largest IPO of a Chinese IT outsourcing company to date. The company will receive 69% of the proceeds of the sale, with the rest going to owners including New York-based Citigroup’s venture capital funds.
Camelot has major contracts with IBM and Accenture, and makes most of its sales in the PRC, Taiwan and Japan.
The Beijing and Shanghai-based Skadden team was led by partners Greg Miao and Peter Huang, and included counsel Li Kefei. The Los Angeles tax team was led by partner Moshe Kushman.
Beijing-based law firm Jincheng Tongda and Neal (JT&N) acted as counsel to the issuer on PRC matters under lead partner Tian Bin. JT&N is the firm’s long-term adviser on day-to-day contractual matters.
Maples & Calder acted as BVI counsel to Camelot. Jun He Law Offices gave advice on PRC legal matters to the underwriters, while Simpson & Thacher acted as the underwriters’ US counsel.
