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Noba Bank block trade is first from 2025's IPO crop
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Commodities trader halves its stake for £132m after shares soar
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This week was supposed to be all about IPOs in the European equity capital market, with the pricing of a string of deals, above all the highly successful €4.25bn privatisation of Aena, the Spanish airports operator. But a carnival of block trades on Thursday stole the show, as sellers from British Telecom to Silvio Berlusconi pounced on a rising market, either to lock in recent gains opportunistically or to further strategic business needs. Jon Hay reports. -
Tuesday brought three block trades in Europe’s equity capital market. The European Bank for Reconstruction and Development sold its whole 5.1% stake in PKP Cargo, a Polish rail freight operator, for Z197m (€47m) via Goldman Sachs and Wood & Co.
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Metro Pacific Investments Corp (MPIC) raised Ps8.9bn ($200m) on February 9 through a top-up placement dominated by demand from long-only funds, as investors took advantage of growth opportunities available in the Philippine stock market. But the action behind the scenes in the run up to the deal was far more exciting, with UBS stealing the show from some of its rivals.
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The Chung family finally managed to shed some of its shares in South Korean conglomerate Hyundai Glovis, raising W1.16tr ($1.06bn) via a block on February 5 that hit the market less than a month after an earlier transaction failed to gain traction. The presence of a domestic bookrunner, longer lock-ups on selling shareholders and more proactive conversations with investors ensured that this time round there was no room for any botch-up.
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The government of India has moved a step closer to a Rp32bn ($514m) divestment of some of its shares in Bharat Heavy Electricals (BHEL), having met with potential bookrunners on the morning of February 11.
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State Bank of India is expected to hit the market in March for its jumbo Rp150bn ($2.4bn) equity raising, in what would be yet another chunky deal for the country’s ECM market.
