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Trade bodies speak out against push to drive equity trading on to lit markets
Shares trade 8% above offer price as shipping company completes second listing
TX Group and SMG absorb almost 60% of block as insurer cuts holding to 11.8%
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Equity bankers have suggested that some shareholders might be tempted to come to market to sell secondary shares in accelerated trades, reopening a market largely shut because of pandemic-related volatility. -
Shares in UK newsagent chain WH Smith rose more than 4% on Monday morning after it confirmed it was preparing a capital increase to repair its balance sheet after the spread of the Covid-19 coronavirus led to a large drop in the number of shoppers at its lucrative airport stores.
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Equity investors expect more capital raises this week as companies seek to raise cash to support them through the Covid-19 pandemic. However, investors are demanding issuers be clear as to why they need to raise funds now.
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Chinese biopharmaceutical firm Akesobio has got the greenlight from the Hong Kong Stock Exchange for its IPO, which is expected to raise $200m to $300m, according to a source familiar with the matter.
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Hong Kong-listed Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co has won approval from Shanghai’s bourse to list shares on the Star board.
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Amadeus, the Spanish provider of IT to the travel and tourism industries, has completed a €1.5bn financing involving the simultaneous sale of new stock and convertible bonds to protect its balance sheet after a fall in demand due to Covid-19.
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