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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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Hebei Yichen Industrial Group Corp priced its Hong Kong IPO at the low end of its marketing range last week, netting HK$673.5m ($86.8m). -
Another piece of next year’s equity capital markets issuance puzzle was turned over today, when Lonza, the Swiss pharmaceutical and chemical company, announced a Sfr3.3bn rights issue to pay for the acquisition of Capsugel from KKR.
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After the wild ride that was 2016 ECM, banks in Asia are hoping for some breathing space next year. Bankers report a strong pipeline, but worries about Donald Trump and other potentially destabilising macro events continue to cast a shadow. For 2017, the key will be in the execution, writes John Loh.
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NMC Health, the London-listed company that claims to be the leading private sector healthcare operator in the United Arab Emirates, raised £255.4m on Wednesday in an intraday equity bookbuild.
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With the Christmas holidays fast approaching, equity capital markets are demonstrating that the first quarter of 2017 is likely to be busy, with two significant rights issues announced in the past few days.
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UniCredit's €13bn rights issue, which won rousing applause from investors on Tuesday when the share price rose 16% on its announcement, will be one of the centrepieces of what is likely to be a busier year for financial institutions ECM in 2017.
