Sunshine Oilsands Ltd. (“Sunshine”) completed its $580 million initial public offering (prior to any exercise of the over-allotment option by the underwriters) on the Hong Kong Stock Exchange. The global offering resulted in the issuance of 923.3 million shares, with a portion reserved for Hong Kong retail investors.
Some of Sunshine's key investors include China Life Insurance (Overseas) Company Ltd., Bank of China Group Investment, China Investment Corporation (CIC) and China Petroleum & Chemical Corp. (Sinopec).
Sunshine is Canada's first oil sands company to list on the Hong Kong Stock Exchange and Sunshine's IPO is the largest initial public offering in Hong Kong in 2012 at the time of its closing. Sunshine is a Calgary-based oil sands company engaged in the development of oil sands leases in Alberta's Athabasca region.
Sunshine Oilsands Ltd. was represented by McCarthy Tétrault LLP with a team led by Rick Pawluk and Greg Turnbull, and that included Saptarshi Chakraborty, Cameron Schepp and Matthew Harris (securities and corporate finance); T.J. Kang, Kurtis Bond and Bernice Wong (tax); Kimberly Howard (environmental); Keith Byblow and Paul Blyschak (energy); Michael Ford and Tina Giesbrecht (labour and employment); Michael Briggs (litigation); and Oliver Borgers (competition). Sunshine Oilsands Ltd. was represented in Hong Kong by Freshfields Bruckhaus Deringer with a team led by Teresa Ko and Kenneth Martin, and included James Mythen, Eric Cheung, Ivy Yam and Constance Chou (corporate finance).
Asia Limited, Deutsche Bank AG, Hong Kong Branch and Morgan Stanley Asia Limited acted as joint global coordinators for the offering and were represented in Hong Kong by Skadden, Arps, Slate, Meagher & Flom LLP, as US counsel, with a team led by partner Alec Tracy (corporate finance) and that included partner Moshe Kushman (tax) and associates Sara Baird, Alvin Cheung, James Thompson, and Sheena Winter; as well as Kirkland & Ellis, as Hong Kong counsel, with a team led by Dominic Tsun and Li-Chien Wong and that included Stephanie Lau and Arthur Tso (corporate finance). In Canada, the joint global coordinators were represented by Blake, Cassels & Graydon LLP with a team led by Pat Finnerty and Dan McLeod and that included Sarah Gingrich, Melissa Cook and Chris Salamon (securities and corporate finance); Carrie Aiken Bereti (tax); Jana Prete (energy) and Duff Harper (environmental).