Equity - All Articles


  • Aramco IPO still on but delay leaves buyers cold

    Saudi Aramco has delayed the launch of its mega IPO for the second time in two years and investors are starting to tire of continued speculation and no hard numbers on valuation.

    • 18 Oct 2019
  • SDCL Energy Efficiency Income Trust completes £100m share sale

    SDCL Energy Efficiency Income Trust, the London-listed fund focused on energy efficiency projects, has raised £100m as it prepares to ramp up its investment activities.

    • 18 Oct 2019
  • Eurazeo block fails to clear after late launch in Paris

    A block trade in Eurazeo, the French private equity firm, was sold on Thursday night but not covered, with banks bemoaning a late launch of the trade.

    • 18 Oct 2019
  • CMGE Tech launches $166m HK IPO

    Chinese mobile game developer CMGE Technology Group has kicked off the roadshow for its up to HK$1.3bn ($166.3m) Hong Kong IPO, finding early support from international investors, according to a source close to the deal.

    • 18 Oct 2019
  • HSBC’s UK plan intact despite global equities review

    HSBC’s plan to develop its UK equities and corporate broking business remains intact, despite its decision to review its global equities business.

    • 17 Oct 2019
  • People moves in brief

    Nomura’s Cicchine heads for Deutsche — Macquarie finds head for new lending group — Citi promotes ECM bankers.

    • 17 Oct 2019
  • Bond underwriting outweighs IPO slump at Morgan Stanley

    Morgan Stanley posted fee growth in underwriting and advisory in its third quarter results on Thursday, leaving Goldman Sachs the outlier among the five big US banks in seeing revenues fall in investment banking.

    • 17 Oct 2019
  • Brexit deal chance lights up UK cap market hopes

    A surprise agreement between the UK government and the European Union has led to renewed optimism for the country's capital markets. There is hope that an orderly Brexit, or even a long extension, will lead to an increase in investment from UK companies, particularly in the form of M&A. Investors are more than willing to finance these deals, write Sam Kerr, Jasper Cox and Mike Turner.

    • 17 Oct 2019
  • Solomon still planning a culture change at Goldman

    A year on from being appointed chief executive, David Solomon is calling for patience in remodelling Goldman Sachs around new growth avenues. But there is much to admire on his first anniversary, writes David Rothnie.

    • 17 Oct 2019
  • Hipgnosis Songs Fund Ltd raises £231m to acquire more catalogues

    Hipgnosis Songs Fund Ltd, the London-listed fund that invests in music catalogues, has concluded its share sale, which the company announced last month to finance the acquisition of new song rights.

    • 17 Oct 2019
  • New Wirecard allegations rock convert market

    Europe’s equity-linked bond market has been rocked this week, this time by fresh allegations of accounting fraud against Wirecard, the German payments processing company, less than a month after SoftBank issued a €900m exchangeable bond designed to derisk its investment in the company. Aidan Gregory reports.

    • 17 Oct 2019
  • Deutsche takes Nomura’s Cicchine for healthcare

    Paolo Cicchine will join Deutsche Bank as vice-chairman of global healthcare coverage.

    • 17 Oct 2019
  • Weichei stuns market, scuttling Ferretti IPO despite deal being covered

    Weichei, the Chinese industrial conglomerate, has shocked equity capital markets by cancelling the IPO of Italian yacht maker Ferretti the morning after books had closed and banks were waiting to be given the go-ahead to start allocating shares.

    • 17 Oct 2019
  • Mapletree Trust seals $335m share sale at tight end

    Mapletree Commercial Trust has raised S$458m ($335m) from a placement of new units, pricing the issue at the top of guidance after a strong turnout from new and existing investors.

    • 17 Oct 2019
  • S Hotels preps $260m Thai listing

    Thailand’s S Hotels and Resorts is set to launch bookbuilding for its IPO next week and is looking to raise up to Bt7.9bn ($260m) from the deal.

    • 17 Oct 2019
  • WH Smith sells new shares to fund US expansion

    WH Smith, the UK retailer, raised £155m of equity capital in a block trade on Thursday morning in order to acquire US firm Marshall Retail Group.

    • 17 Oct 2019
  • Investors praise Ferretti navigation as deal covered

    The IPO of Ferretti, the Italian manufacturer of yachts and super yachts, is finally covered after a long and difficult book building process and investors have praised the willingness of the seller to be flexible on valuation to help the deal across the line.

    • 16 Oct 2019
  • Lack of investor conviction leads to listings bonfire

    IPOs are having another rough October as declining investor sentiment in new listings has led to a number of new deals being postponed. While there are still new deals being launched, markets have become increasingly difficult.

    • 16 Oct 2019
  • Afreximbank press ahead with $250m London listing

    The African Export Bank (Afreximbank) has confirmed its intention to float on the London Stock Exchange, paving the way for a $250m IPO.

    • 16 Oct 2019
  • Hong Kong’s top securities regulator to leave

    The Securities and Futures Commission’s chief executive officer Ashley Alder is set to step down in September next year.

    • 16 Oct 2019
  • Youdao hits road with $101m New York IPO

    Chinese online education platform Youdao has launched bookbuilding for its New York Stock Exchange listing, eyeing up to $100.8m from the deal.

    • 16 Oct 2019
  • HKEX picks new listing chief

    Hong Kong’s stock exchange has hired former employee Bonnie Y Chan as its new head of listing. She will start next year.

    • 16 Oct 2019
  • Brexit deal would be rocket fuel for UK equities

    The astonishing rally in UK domestic equities in the past week as a Brexit deal with the EU started to look more likely showed how important an orderly exit from the bloc is to the market. If there is more progress towards a deal this week, the little loved sector could be primed for a resurgence in capital markets.

    • 15 Oct 2019
  • Goldman slips up as JPM powers ahead

    JP Morgan, Citi and Goldman Sachs kicked off the third quarter results season for investment banks on Tuesday. While debt and equity underwriting revenues grew substantially at JP Morgan compared with the equivalent quarter of last year, they fell at Goldman.

    • 15 Oct 2019
  • Logistrial postpones Frankfurt IPO due to market vol

    German property developer Garbe Industrial Real Estate has postponed the IPO of Logistrial, its logistical properties unit, according to three sources familiar with the matter.

    • 15 Oct 2019
  • ‘Standing room only’ as investors jam Cellnex meetings

    Cellnex, the Spanish wireless telecommunications company, is getting tremendous traction in investor meetings for its €2.5bn rights issue to fund a transformational UK acquisition.

    • 15 Oct 2019
  • Oscar winning DNEG prepares London listing

    DNEG, the UK-based motion picture visual effects company that has worked on blockbuster hits like the Avengers and Harry Potter franchises, has filed initial paperwork to list in London.

    • 15 Oct 2019
  • Helios Towers trades up after IPO despite tough backdrop

    Shares in Helios Towers, the African telecommunications infrastructure company backed by George Soros and Madeleine Albright, rose as much as 4.3% following their debut on the London Stock Exchange on Tuesday morning, despite a jittery market that has seen numerous IPOs pulled or trading below their offer prices.

    • 15 Oct 2019
  • Languang Justbon scores with HK$1.6bn IPO

    Property manager Sichuan Languang Justbon Services Group has raised HK$1.59bn ($202.3m) from its IPO, after a surge of demand from institutional and retail investors, according to a source close to the deal.

    • 15 Oct 2019
  • Powerlong Real Estate raises HK$792m via top-up

    Powerlong Real Estate Holdings pulled off a top-up placement on Monday night, raising HK$791.6m ($100.9m) after pricing the deal toward the bottom of guidance.

    • 15 Oct 2019
  • Ferretti IPO still afloat as banks lower IPO range

    Ferretti, the luxury manufacturer of Italian yachts, has lowered its valuation expectations, and IPO range, for its listing on the Milan stock exchange as banks work to get the deal across the line.

    • 14 Oct 2019
  • LSE defines new green bond class, consults on transition bonds

    The London Stock Exchange has created a new class of sustainability-themed debt security, through looking at the totality of an issuer’s revenue, and is consulting on creating a segment for transition bonds. It has also designed a label for green equity issuers.

    • 14 Oct 2019
  • US life sciences business to list fund in London

    RTW investments, the US-based life sciences and pharmaceutical investment company, is seeking to list a new vehicle fund on the specialist fund segment of the London Stock Exchange.

    • 14 Oct 2019
  • Promotions abound in Citi ECM reorg

    Citi has made significant changes to the leadership of its global equity capital markets team, promoting multiple senior bankers as part of its wider strategic effort to take market share from its Wall Street rivals, according to a source close to the bank.

    • 14 Oct 2019
  • Investors prepare for Aramco IPO but worry about valuation

    Equity investors expect there will be an IPO of Saudi Aramco this year as long as Saudi Crown Prince Mohammed Bin Salman (MBS), and the Saudi government, go ahead with the deal at a valuation below his $2tr aim. But some are concerned the Saudi's will push ahead with whatever value they deem the company is worth, regardless of initial feedback.

    • 14 Oct 2019
  • SoftwareOne covers Sfr700m IPO on day one

    SoftwareOne Holding, the KKR-backed IT services company, is making good progress on its IPO on the SIX Swiss Exchange, despite market sentiment being hit by the poor aftermarket performance of TeamViewer, the German software company that listed in Frankfurt last month.

    • 14 Oct 2019
  • Morgan Stanley-backed Feihe gets greenlight for HK IPO

    Hong Kong’s stock exchange has awarded China Feihe, a baby milk formula producer, its final stamp of approval to list.

    • 14 Oct 2019
  • 3iN shrugs off Brexit vol to bag strong support for £222.8m trade

    Infrastructure investment business 3i Infrastructure (3iN), which is controlled by private equity firm 3i Group, managed to buck Brexit volatility and place 81m new shares into the market, to fund the pay down of a revolving credit facility linked to acquisition financing.

    • 11 Oct 2019
  • Lotte Reit prices record W430bn IPO at top end

    A real estate investment trust backed by conglomerate Lotte Group has raised W430bn ($362.1m) in South Korea’s largest public Reit listing.

    • 11 Oct 2019
  • Sebi unveils new guidelines for depository receipts

    India’s securities regulator has published a detailed framework for the issuance of depository receipts (DRs), potentially giving the country's companies greater access to foreign capital.

    • 11 Oct 2019
  • LSE brands its motley herd green

    What do cardboard boxes, plastic pipes and genetically improved pigs have in common?

    • 11 Oct 2019
  • CMU gets a makeover — EU proposes revamp and policy shift

    A report commissioned by European Union member states suggests rebranding the Capital Markets Union (CMU) a “Savings and Sustainable Investment Union”. Specific proposals include all large sovereign borrowers issuing green bonds, facilitating IPO access for smaller companies, and a group of select countries readying to harmonise insolvency rules.

    • 10 Oct 2019
  • CMU is dead, long live the CMU

    The branding may be on the way out, but there are plenty of reasons to be encouraged about the potential for real progress in the next phase of the Capital Markets Union.

    • 10 Oct 2019
  • People moves in brief

    UBS names levfin head — Mizuho finds four high yield bankers — Fintech firm Nivaura gives role to ex-HSBC syndicator

    • 10 Oct 2019
  • IPOs a tough sell as investors signal retreat

    "Difficult" seems to be the word on the lips of every equity capital market participant this week. Bankers, including those working on super-yacht builder Ferretti's IPO, and deal sponsors have found themselves battling against weak investor sentiment, driven by poor trading in some new deals, market volatility and a desire among fund managers to protect their performance as the year end approaches, writes Sam Kerr.

    • 10 Oct 2019
  • SATS sets range on IPO

    SATS, the Norwegian owner and operator of fitness clubs across the Nordic region, has set a price range on its Oslo IPO that values it at over €450m at the top of the range.

    • 10 Oct 2019
  • PIK block sold amid Russian resurgence

    Equity bankers and investors are hot on Russia and a block on Wednesday night in PIK Group, the country’s largest real estate firm, served as a further example of the remarkable recovery of Russian ECM.

    • 10 Oct 2019
  • China’s Fangdd and Q&K line up US listings

    Fangdd Network Group, an online platform for real estate agents, is planning an IPO on the Nasdaq, having filed draft documents with the US securities regulator this week.

    • 10 Oct 2019
  • US blacklist casts pall over Chinese AI firms planning IPOs

    The US’s announcement this week that it was putting a whole host of Chinese companies on its blacklist for alleged involvement in human rights abuses is set to hit some of them hard. One of the victims is artificial intelligence (AI) leader Megvii Technology, which has been working on a billion-dollar Hong Kong IPO that will now be a challenge. Jonathan Breen reports.

    • 10 Oct 2019
  • Afreximbank pitches deal as 'epicentre' of African trade

    The African Export Bank (Afexrimbank) has filed initial paperwork before a potential float on the London Stock Exchange.

    • 09 Oct 2019
  • 'It's difficult out there' — stressed investors making IPO bookbuilding tricky

    Equity investors remain highly cautious after recent market sell-offs, which is making it harder for IPOs in the market.

    • 09 Oct 2019
  • Hyundai Card sends out RFP for IPO mandate

    Hyundai Card, a South Korean credit card company, has issued a request for proposals to banks to work on its planned IPO.

    • 09 Oct 2019
  • China’s Q&K rental platform eyes $100m US IPO

    Q&K International Group has filed for a Nasdaq IPO of American Depository Shares (ADS) with an aim to raise up to $100m.

    • 09 Oct 2019
  • Hanwha Systems starts pitching $384m IPO to investors

    South Korean company Hanwha Systems, a defence and IT service provider, has set the ball rolling for its up to W460.1bn ($383.6m) IPO.

    • 09 Oct 2019
  • US IPO market not broken — it's simply becoming European

    The postponement of the WeWork IPO last month and the under-performance of other 2019 debutants should not be the cause of woe for the US IPO market, but a sign that investors are adopting similar price discernment to European IPO buyers.

    • 08 Oct 2019
  • Serra: bank equities insulated from ECB APP bubble

    Davide Serra, founder and chief executive of Algebris Investments, presented a bullish case for financials on Tuesday, on the basis that their equity prices have been less manipulated by central bank asset purchase programmes than institutions in other sectors. But he thought that the European Central Bank (ECB) will end up buying banks’ senior unsecured bonds.

    • 08 Oct 2019
  • Cellnex fuels £2bn Arqiva deal with rights issue

    Cellnex, the Spanish wireless telecommunications company, has agreed a deal to acquire the telecoms division of Arqiva for £2bn and is undertaking a €2.5bn rights issue to help fund the transaction.

    • 08 Oct 2019
  • Property manager Justbon launches HK IPO roadshow

    Sichuan Languang Justbon Services Group, a property management company, has kicked off a short IPO roadshow, aiming to raise up to HK$1.67bn ($213.4m) from a Hong Kong SAR listing.

    • 08 Oct 2019
  • Chinese regulator pushes better Star Market research

    The Securities Association of China (SAC) has told onshore securities houses to improve the quality of their research reports on Star Market companies. The move may help securities houses better price IPOs on the bourse, said bankers.

    • 08 Oct 2019
  • HKEX scraps £32bn LSE takeover bid

    Hong Kong Stock Exchanges and Clearing has dropped its plan to acquire the London Stock Exchange Group (LSEG), shelving the £31.6bn bid that would have created a powerhouse among financial marketplaces.

    • 08 Oct 2019
  • MSIM adds to equity team

    Morgan Stanley Investment Management has made two hires to its international equity team.

    • 07 Oct 2019
  • Blow for IPO market as Kaspi delays flotation

    IPO investors have one less deal to buy this autumn after Kazakhstan fintech firm Kaspi decided against proceeding with its London listing on Monday, because of volatile markets and disagreements about valuation.

    • 07 Oct 2019
  • Halyk transaction boosts Nazarbayev’s IPO plans

    Investors are growing more comfortable with Kazakhstan following a $344m trade in Halyk Savings Bank last week, and sources are hopeful the momentum will carry on through to next year as the country’s privatisation wave continues.

    • 07 Oct 2019
  • Linde makes investment in UK hydrogen firm ITM

    Linde, the multinational industrial gas company, is making a strategic equity investment in ITM Power, the UK hydrogen machine manufacturer, as part of a fundraising plan worth up to £58.2m.

    • 04 Oct 2019
  • Odey’s UK equity shorts suffer a bad month

    Hedge funds have been accused of backing UK prime minister Boris Johnson in order to profit from a no-deal Brexit through short positions. But the shorts that Crispin Odey’s fund has outstanding in UK companies look to have failed to deliver over the past month, with share prices of companies rising.

    • 04 Oct 2019
  • Kuala Lumpur Kepong block fetches $158m

    An undisclosed institutional investor has bagged MR663.6m ($158.5m) from offloading its entire position in Malaysian plantation company Kuala Lumpur Kepong.

    • 04 Oct 2019
  • Innovent Bio pockets HK$2.4bn from top-up

    Chinese biotechnology firm Innovent Biologics has raised HK$2.39bn ($304.3m) after selling a chunk of stock through a top-up placement.

    • 04 Oct 2019
  • Kaspi excites investors willing to overlook country risk

    Kaspi.kz, the largest payments and e-commerce company in Kazakhstan, announced on Monday that it would proceed with an IPO on the London Stock Exchange (LSE) after filing a registration document last week.

    • 03 Oct 2019
  • Nazarbayev’s daughter sells 10% of Halyk Bank

    Holding Group Almex, the investment vehicle owned by Dinara Kulibaeva and her husband Timur Kulibayev, closed books on a 10% stake in Halyk Bank on Thursday, sold via a marketed sale of global depositary receipts in London and Astana.

    • 03 Oct 2019
  • Kaspi CEO talks IPO and creating new markets

    As IPO investors are considering the advantages of Kaspi, the Kazakh fintech and e-commerce firm seeking to list in London, its CEO, Mikheil Lomtadze, talked to GlobalCapital about the share sale and the advantages of being the Alibaba of central Asia.

    • 03 Oct 2019
  • Verallia closes books on IPO above bottom of range

    Verallia, the French glass manufacturer, has closed the books on its IPO with the final guidance suggesting an offer price above the bottom of the range, despite difficult equity markets.

    • 03 Oct 2019
  • Bolsonaro bounce drives Brazilian ECM surge

    Brazilian ECM has surged this year, thanks to a belief in president Jair Bolsonaro’s plans for the economy. Brazilian corporates have taken advantage of investor excitement to raise more than $15.4bn in equity financing over the first three quarters of 2019. But this could be just the start, with a wave of privatisation also possible.

    • 03 Oct 2019
  • US threatens Chinese firms as life returns to HK market

    Hong Kong SAR’s equity capital market has come back to life recently with a handful of well-received IPOs. A further boost is also likely if the US goes ahead with its threat of banning Chinese listings on its exchanges, writes Jonathan Breen.

    • 03 Oct 2019
  • Chinese trio target $550m in US listings

    Three Chinese companies joined the queue to list in the US within the past week. Youdao, an online education platform founded by Chinese technology company NetEase, is planning the largest of the IPOs, seeking up to $300m.

    • 03 Oct 2019
  • Topsports prices IPO off floor, pockets $1bn

    Chinese sportswear retailer Topsports International Holdings has raised HK$7.9bn ($1bn) from its IPO on the Hong Kong Stock Exchange, pricing the deal just above the bottom of the marketed range.

    • 03 Oct 2019
  • Neoen tests reception for ESG assets with debut €200m convert

    Neoen, the French renewable energy company, returned to the capital markets on Wednesday, following its popular €697m IPO in October last year, with a debut €200m convertible bond due in 2024.

    • 02 Oct 2019
  • New investors grasp at Kazakh opportunities

    Kazakhstan is becoming a prominent feature of equity capital markets, with a number of deals from the country in the market this month. Sources say that they are seeing new interest from investors who have shown little interest in Kazakh risk before now.

    • 02 Oct 2019
  • Peru crisis adds to political headaches for Lat Am investors

    Latin America equity and bond investors have been left to consider the cost of political volatility in Peru, after the relationship between the country’s president Martín Vizcarra and its congress completely broke down on Monday.

    • 02 Oct 2019
  • China’s Youdao, 36Kr file for US listings

    Youdao, an online education platform founded by Chinese technology giant NetEase, is planning an IPO of American Depository Shares (ADS), having filed a draft prospectus with the US regulator.

    • 02 Oct 2019
  • SSE sheds more light on Star board progress

    The Shanghai Stock Exchange (SSE) has published statistics of the companies that have applied for and listed on the Star board since its launch, giving market participants a closer look at the firms that the bourse has attracted.

    • 02 Oct 2019
  • JS Global tests market appetite for HK float

    Hong Kong-based small appliance maker JS Global Lifestyle Co has kicked off pre-deal investor education for its listing on the stock exchange, according to a source familiar with the matter.

    • 02 Oct 2019
  • Verallia banks aim for a book of quality not quantity

    The IPO of Verallia, the French maker of bottles and jars, is covered at its full size. Sources close to the deal are pleased with the calibre of investors in the book.

    • 01 Oct 2019
  • Globalworth brings new capital raise to fund acquisitions

    Globalworth Real Estate Investments, the London-listed real estate investment trust focused on commercial properties in Romania and Poland, is preparing to raise up to €276.45m of fresh equity to finance its bulging pipeline of acquisitions.

    • 01 Oct 2019