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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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Apax made on Tuesday night its first selldown of stock in Auto Trader, the UK car sales website, since floating the business last March. As had been expected after the IPO was increased, Apax was able to sell virtually its whole remaining stake in one go. -
There are still no block trades or IPOs being done in Europe, but equity capital markets bankers have been keeping themselves busy with rights issues, especially as some of them are proving rather hard to execute.
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Saipem’s unfortunate €3.5bn capital raise could have wide-ranging consequences for other firms desperately in need of fresh cash to weather the commodities downturn.
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With the year not two months old, seven leading equity capital markets banks have got saddled with what is understood to be at least €50m each of Saipem shares, after the rump of its rights issue failed to sell.
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Banca Popolare di Vicenza came a step closer to launching its listing and capital increase this week, as it announced the date of a shareholder meeting to approve the deal.
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Chinese aluminium manufacturer China Hongqiao Group has wrapped up its HK$3.8bn ($487.8m) rights issue, with shareholders signing up for roughly 80% of the offering.
