Cravath Swaine & Moore and Simpson Thacher & Bartlett have advised on the $3bn (£1.62bn) initial public offering (IPO) of Dream-Works Animation, securing the New York duo one of the most closelywatched US IPOs of the year.

Film studio DreamWorks completed the IPO of its DreamWorks Animation spin-off last month following on from the success of the studio’s animated films Shrek 2 and Shark Tale.