Allen & Overy has represented VietJet Aviation, Vietnam’s international low-cost airline, on its $170 million IPO and listing on the Ho Chi Minh Stock Exchange (HOSE).

Milbank, Tweed, Hadley & McCloy advised placement agents, namely BNP Paribas, Deutsche Bank, JP Morgan and VietCapital on the IPO’s international aspects while Baker McKenzie was their legal counsel on Vietnamese matters.

VietJet’s IPO is being hailed as groundbreaking as it represents the first HOSE listing documented to international disclosure standards and primarily marketed to global institutional investors, according to a media statement.

Proceeds from the sale of the IPO’s secondary shares will be used to finance top-up issuance of primary shares, which will in turn help fund the expansion of VietJet’s operations.

Last year, VietJet placed the country's biggest-ever aircraft order: 20 Airbus Group SE A321 planes worth $2.4 billion and 100 Boeing Co 737 MAX 200 jets worth $11.3 billion at list prices, reported Reuters. Milbank advised the airline on both deals.

VietJet was founded in 2007 by Nguyen Thi Phuong Thao, Vietnam’s first female billionaire.

The A&O team was led by partners Duc Tran in Ho Chi Minh City and Alex Stathopoulos in Singapore. Partner Nguyen HK Oanh handled the IPO for Bakers.