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Shipbuilder's shares fall 10% after capital raise
Italian shipbuilder is expanding capacity on strong defence demand
Deal priced at 1% premium to Monday's close
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The Securities and Exchange Commission of Pakistan (SECP) has made a series of changes to rules governing companies raising capital in its stock market.
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While some prospective issuers are still busy building their IPO books, and CYBG’s offering is oversubscribed, the cancellation of a deal on Tuesday spoke volumes about the difficulty of doing deals in a equity capital market.
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GCL-Poly Energy Holdings’ rights issue to raise HK$3.47bn ($443.64m) has been poorly received, with the Chinese power firm’s shareholders coming in for just a little more than a third of the offering.
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CMC Markets, the financial spread betting firm, set on Tuesday the price range of its London IPO at a level that will value the firm at up to £794m.
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China Oceanwide Holdings has mooted a one-for-two rights issue to raise HK$4.57bn ($584.27m), as the group seeks to grow its asset base outside of the Mainland via acquisitions.
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Trading in Saipem, the Italian oil and gas engineering company, had to be suspended on Monday, the first day of the firm’s €3.5bn rights issue, due to heightened volatility in the stock.