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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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Hong Kong’s Nord Anglia Education, listed on the New York Stock Exchange, priced its follow-on offering on June 10 at a tight discount of less than 1% and upsized the deal to raise $170m, after receiving a stellar response from investors. -
Shares and rights of the two Italian banks going through recapitalisation rights issues made big moves again on Thursday, but bankers believe the deals for Banca Monte dei Paschi di Siena and Banca Carige will still succeed.
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Two equity accelerated bookbuilds were conducted in Europe on Tuesday evening. One was a private equity selldown of Thule – but more unusually, Capgemini raised €500m for an acquisition, at a 2.9% discount.
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One of the biggest privatisations of recent years is set to begin in the coming months, quite possibly with an accelerated bookbuild, as George Osborne, chancellor of the exchequer, said the time was right for the UK government to begin selling its 79% stake in Royal Bank of Scotland.
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Canada's Manulife Financial Corp is set to start pre-marketing its S$400m ($297m) real estate investment trust (Reit) IPO bound for the Singapore Exchange early next week.
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India’s Bajaj Finance scored a coup with its qualified institutional placement (QIP) launched on June 4, raising Rp14bn ($219.84m) with a tight discount despite nervy market conditions, even as one anchor investor offered to take the entire trade.
