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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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Shareholders in Chinese online retailer JD.com, which listed on the Nasdaq in May in a $1.78bn IPO, are looking to sell their holdings in a follow-on offering expected to raise $500m. The trade is only possible because the underwriters of the IPO have waived the lock-up period. -
National Agricultural Holdings is embarking on several placements of primary shares that could rake in up to HK$1.13bn ($145.06m).
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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.
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Malaysia’s Mah Sing Group is looking to raise MR630m ($187.1m) in a rights issue to finance land acquisitions.
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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.
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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.
