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Qualifying shareholders take up 68% as remainder stays with conditional placees
Underwriting left unused after deal is 33% oversubscribed
Shareholder-backed recapitalisation will help reduce debt and prepare assets for sale or listing
Placing and open offer follows recent acquisition of US annuity provider
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Gecina, the French real estate investment trust, has raised €1bn after its M&A-driven rights issue was nearly three times covered.
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Despite the summer lull, large deals are still going through in EMEA equity capital markets, including one of the year’s larger European acquisition financings, which reached a successful conclusion on Wednesday.
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Indonesia’s Chandra Asri Petrochemical completed the placement portion of its Rph5tr ($378m) rights-plus-block combo on Monday, in a deal that benefited from the issuer’s focus on transparency.
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Quam’s rights issue to raise HK$5.1bn ($656.2m) was under-subscribed, forcing its underwriters to cover the HK$1.2bn shortfall.
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Chandra Asri Petrochemical’s rights-plus-block combo to raise Rph5tr ($378m) is going smoothly. The leads sent out a 'covered' message on Friday morning.
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The Indian government is set to raise Rp4.8bn ($75.2m) through an offer for sale of Hindustan Copper's shares this week, according to an exchange filing.