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Noba Bank block trade is first from 2025's IPO crop
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Eurazeo sold a 7.8% stake in Moncler, the French-Italian skiwear maker, through an accelerated bookbuild over Wednesday night. The book was covered, though price information suggested Bank of America Merrill Lynch had sold the block at below the underwritten price. -
The opportunity to buy into one of China’s largest private conglomerates, Fosun International, was too good to miss as keen investor participation propelled the company to take up an upsize option and raise a chunky HK$9.30bn ($1.20bn) from an accelerated bookbuild on May 11.
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Acromas Bid Co sold a £239m stake in UK insurance provider Saga on Tuesday evening, giving investors a rare chance to buy a chunk of shares in the company.
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After a lull in UK IPO activity ahead of the general election, prospective issuers are making themselves known again. Companies seeking to float are taking advantage of the surprise outcome of last week’s vote, in which the Conservative Party won an outright victory, scotching fears of weeks of political uncertainty.
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Property developer China Resources Land (CR Land) took advantage of the recent rate cut in China to tap the equity capital market for funding with a large HK$10.1bn ($1.3bn) block on May 12. Despite the encouraging result, it was not all smooth sailing for the issuer, which saw one bookrunner leave the syndicate and its bookbuilding delayed by a day.
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Chinese real estate firm Yuzhou Properties had to navigate a tough market on May 12 when it came up against a much larger HK$10.1bn ($1.3bn) block trade from industry peer China Resources Land. But Yuzhou Properties was still able to get its HK$792m ($102.18m) deal done thanks to support from two anchor orders.
