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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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Bain Capital Glory exited Gome Electrical Appliances on January 21 via a HK$1.04bn ($134.16m) overnight block, taking advantage of the last available window to execute the trade before the company goes into a blackout period. The stock was sold close to the bottom of the price range, as the private equity firm opted to keep one long-only account happy and ensure good aftermarket performance, rather than push for a higher price. -
Philippine issuers are leading the way among their southeast Asian counterparts in the block trade market, having already raised more than $600m since the start of 2015. The latest to hit the screens was JG Summit Holdings, which netted Ps8.8bn ($200m) from a top-up placement of shares on January 21.
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Bancassurer FirstRand on Tuesday sold 102m of its shares and 23.8m shares of its affiliate, the insurer MMI, in an oversubscribed accelerated bookbuild.
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Issuers remain active in the equity capital markets this week, with IPOs and blocks moving apace, even as markets eagerly await the European Central Bank’s expected announcement on Thursday that it will launch a large-scale bond purchase programme.
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Just six months after Bain Capital Glory shed some of its stake in Gome Electrical Appliances, the private equity firm is back to the ECM market. This time it is looking to completely exit from the Hong Kong-listed firm via a block trade that could earn it as much as HK$1.06bn ($137m).
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First Gen Corp raised Ps7.5bn ($168m) through a placement of shares on January 20 as support from the company’s parent helped drive demand for the trade, even allowing the issuer to price its deal at one of the tightest discounts for a Philippine block.
