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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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Filipino property firm DM Wenceslao and Associates Inc has filed for a listing to raise $200m, in a deal led by BPI Capital, Citic CLSA Securities, Deutsche Bank and Maybank. The float is expected to go live in the fourth quarter of this year, say bankers. -
Spain’s construction and energy company Abengoa on Monday announced an unexpected €650m capital raise, which triggered immediate selling in its shares and bonds.
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Investors could not get enough of India’s Syngene International as a more than 32x covered book helped propel the biotech firm to price its Rp5.5bn ($86m) IPO at the top of its indicative price range.
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Chery HuiYin Motor Finance Service Co is seeking to list in Hong Kong via sole sponsor CICC. The automotive financing company filed a preliminary prospectus with the stock exchange on July 31.
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Chinese equities sent jaws dropping again this week after Shanghai posted its sharpest one-day plunge in eight years. While the market quickly picked itself up, equity capital market bankers believe this seesaw action is a huge incentive for mainland investors seeking a haven in Hong Kong, writes John Loh.
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Solvay, the Belgian chemicals company, is buying Cytec in a deal that values the US-based firm at $6.4bn and will be funded in part by a rights issue.
