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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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Veneto Banca’s IPO bookbuild will begin on June 8, but hopes of it achieving its flotation in Milan are dim. “At the bottom of the price range, there are cheaper Italian banks,” said one banker on the deal, encapsulating the problem. -
TBC Bank, Georgia’s second largest London-listed bank, is to follow its bigger rival Bank of Georgia by swapping its global depositary receipts for a full premium listing on the London Stock Exchange.
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The wave of rights issues and capital raisings in the market this summer is so far going smoothly, with good news this week for Banco Popular Español, as its shares and rights perked up in trading.
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Investec, the South African-UK bank and asset manager, raised £138.3m on Thursday with a 5% capital increase, conducted as an accelerated bookbuild by JP Morgan.
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Cobham, the UK aerospace and machine technology maker, has priced its debt-cutting £506.7m rights issue, announced in April, at a heavy discount of 45.4% to Tuesday's closing share price.
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Veneto Banca’s IPO attempt has been set for the latter part of June, but whether it has any better success than Banca Popolare di Verona at finding institutional demand remains in doubt.
