Shearman & Sterling has worked alongside fellow Wall Street heavyweight Sullivan & Cromwell and leading domestic firm Anderson Mori & Tomotsune to bring to a close the world's largest IPO so far this year.

Capital markets partner and Tokyo office head Masahisa Ikeda led the Shearman team advising the Central Japan Railway Company (JR Central) as issuer and the Japanese government as selling shareholder in connection with the ¥477bn (US$4.28bn) offering.

The offering involved an international offering of shares pursuant to Rule 144A and Regulation S and a concurrent domestic public offering of shares listed on the Tokyo Stock Exchange.

Sullivan & Cromwell and Anderson Mori & Tomotsune advised underwriters
UBS Limited and Nomura International plc. The deal follows Sullivan's work last year as issuer's counsel on the IPO and privatisation of West Japan Railway (JR-West), which was a finalist deal in the equity category at this year's ALB Deals of the Year Awards Japan 2005.

JR Central, a Japanese government-owned entity, operates bullet train services between Tokyo and Osaka. It was established following the privatisation of Japanese National Railways in 1987.

In a separate development, Shearman's Tokyo office has welcomed back as of counsel corporate attorney Kenneth Lebrun from its New York office. Lebrun practiced in the Tokyo office in 2000 and 2001 and specialises in public and private mergers and acquisitions, joint ventures and private equity transactions. He also acts for public companies on corporate governance and takeover defense issues.