Law firm Stephenson Harwood LLP has advised Grit Real Estate Income Group Limited (Grit) on its London IPO.

Grit – which has assets in seven African countries – was already listed on the Johannesburg Stock Exchange and Stock Exchange of Mauritius. Following the London IPO, Grit is now also listed on the Official List of the UK Listing Authority and its shares are traded on the main market of the London Stock Exchange (LSE). Grit is the only Mauritian company currently listed on the LSE.

"This was a strategically significant matter for Grit, extending their stock exchange and investor presence beyond Africa," said William Saunders, partner, Stephenson Harwood. "Our extensive experience advising on such matters meant that we were well-placed to assist Grit on its inaugural European IPO, which makes it the only Mauritian company to be listed on the LSE."

In conjunction with the LSE listing, Grit raised US$132 million by way of an institutional placing in the UK, Mauritius and South Africa. The UK placing was undertaken by finnCap, Exotix Partners and Baden Hill.

The Stephenson Harwood team was led by corporate partner William Saunders, who was assisted by associates Kate Longman, Victoria Silver and David Dowding. Real estate advice was led by partner Simon Brading, with assistance from associate Fraser Rickman.