Harneys acted for Arrail Group Limited on its Hong Kong IPO
Harneys acted as British Virgin Islands and Cayman Islands counsel for the successful listing of the shares of Arrail Group Limited (Arrail Group) on the Main Board of the Hong Kong Stock Exchange, raising net proceeds of up to US$88 million in its initial public offering (IPO).
Arrail Dental is a leading premium dental services brand in China and targets patients primarily in Tier-1 cities including Beijing, Shanghai, Shenzhen, Guangzhou, Hangzhou, Tianjin, and Xiamen. They were the largest dental services provider in the premium private dental service market in China in 2020. Morgan Stanley and UBS jointly sponsored the IPO.
The Harneys team for the IPO consisted of global co-head of Banking and Corporate groups Raymond Ng and Hong Kong Senior Associate Annie Liu. Harneys’ associated corporate and fiduciary services arm, Harneys Fiduciary, provided the registered office and principal share registrar services to the client.
Prior to the IPO, Hong Kong Partner Monica Chu and Legal Manager Elyse Kwong advised Arrail Group on various rounds of pre-IPO financing.
Commenting on the deal, Raymond noted that, “With rising demand for healthcare services in China, we are pleased to have supported Arrail Group all the way leading up to the IPO. At the same time, this deal is a salient example of us being a one-stop shop offering together with our closely knitted legal and fiduciary abilities.”
The corporate team at Harneys has a leading Equity Capital Markets (ECM) practice with substantial experience regarding all aspects of capital raising by offshore companies, including IPOs and secondary offerings, rights issues, equity linked securities, including convertible and exchangeable bonds, SPACs and business combinations, as well as private placements, take-privates, takeovers and spin-offs. The firm’s ECM expertise lie in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, Shanghai Stock Exchange and the Luxembourg Stock Exchange.