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Sfr4.9bn trade is largest European ECM deal since National Grid’s £7bn rights issue in 2024
Offer came as markets recovered and volatility fell
Naturgy and Zurich fall in secondary market after jumbo blocks
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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. -
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.
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Asia’s richest man, Li Ka-shing, has made headlines again. First came the announcement that Cheung Kong Holdings and Cheung Kong Infrastructure (CKI) were acquiring the UK’s Eversholt Rail Group in a multi-billion dollar deal. Then, just hours later, CKI raised HK$4.64bn ($599m) to part-fund the acquisition through a top-up placement, in a deal priced close to the top of guidance thanks to momentum driven by an order from a single global long-only fund.
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FirstRand, the South African bank, today launched an accelerated bookbuild for 102m of its shares and 23.8m shares of its affiliate, the insurer MMI. The blocks are worth about R4.93bn ($424m) and R700m ($60m) respectively.
