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Follow-ons and Rights issues

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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
London continues to benefit from metal price volatility
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  • Louis XIII Holdings, which is building a luxury hotel in Macau, is looking to tap the ECM market to fund some of the construction and is mulling a combination of placement, convertible bonds and a rights issue.
  • Malaysia’s Mah Sing Group is looking to raise MR630m ($187.1m) in a rights issue to finance land acquisitions.
  • New York-listed Autohome, an online platform for car consumers, has wrapped up its follow-on offering of $361.25m. The deal received a positive reaction from the market, with the Chinese company’s stock climbing on the last day of bookbuilding — after having declined 7.7% since launch.
  • A merger between CitySpring Infrastructure Trust and Keppel Infrastructure Trust to create Singapore’s largest infrastructure business trust will see the combined entity raising some S$525m ($404.57m) from the equity market. The funds will be used to buy a 51% stake in a power plant for S$510m cash.
  • Numericable completed its €4.7bn capital increase this week, bringing to an end the financing for the French cable operator’s acquisition of SFR.
  • Agile Property Holdings’ delayed rights issue saw a massive oversubscription of 2.54 times after its controlling shareholder stepped in to underwrite the entire deal.