Skadden Arps Slate Meagher & Flom and Freshfields Bruckhaus Deringer have taken lead roles on the global private placement of shares in German chemicals company Evonik ahead of its multibillion-euro initial public offering (IPO) on the Frankfurt Stock Exchange.

Evonik – a cosmetics and food manufacturer – has seen around 12% of its shares placed with institutional investors since 22 February, in what is thought to be Germany’s largest-ever pre-IPO capital markets financing.