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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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Three shareholders in Luye Pharma Group have raised a collective HK$775.6m ($100m) by selling some of their shares in the company, which made its debut on the Hong Kong Stock Exchange in July last year. Books for the block only remained open for an hour, but that was long enough for the deal to be multiple times covered despite the stock being offered at a very tight discount. -
Philippine real estate company Ayala Land raised Ps16bn ($356.2m) through a top-up placement of shares on the evening of January 9, in what was the first large Asian block trade of the year. Driven by reverse enquiry, the deal saw strong demand from the market soon after books opened, with shares holding up well in secondary.
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Europe’s equity capital markets are back in force this week, as a string of companies have launched IPOs after a successfully placed, record-breaking €7.5bn block trade from Santander last Thursday.
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India’s divestment unit has told the three banks shortlisted for the offer for sale of manganese producer Moil to make their pitches on Thursday.
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The first major block deal out of Asia ex-Japan this year failed to get off the ground after South Korea’s Hyundai Glovis pulled a $1.25bn share sale due to insufficient demand from investors, despite the trade offering a hefty discount.
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With less than three months until India’s financial year comes to an end, the government is slowly trying to make some headway with its divestment plan. Pre-marketing kicked off on Monday, January 12, for the sale of the government’s stake in Power Finance Corp, which is expected to net the country some Rp18.71bn ($301m) based on the market capitalisation.
