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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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South African furniture firm Steinhoff International completed a R7.8bn ($734m) accelerated bookbuild on Wednesday night, in the first step of a rights issue to repatriate funds ahead of a planned Frankfurt listing. -
Pakistan is finally back on equity investors' radars after years of absence, with two deals being priced in June alone. Although regulatory constraints have put off some investors, the country’s awakening is expected to transform its equity market, write Rev Hui and Rashmi Kumar.
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India’s Aban Offshore has raised Rp7.5bn ($125m) through a qualified institutional placement, in a deal that was 2.3 times subscribed and allowed the company to increase the size of its capital raising.
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Banca Monte dei Paschi di Siena’s €5bn rights issue was 99.85% subscribed by the bank’s existing investors.
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The Pakistan government raised Pkr15.4bn ($153m) on June 30 by selling a 3.55% stake in Pakistan Petroleum at a premium to the stock’s market price – the first time it has managed to price a privatisation at a premium.
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Swiss travel retailer Dufry will raise Sfr275m ($307.4m) through a capital raise next month to go towards the financing of its takeover of duty free firm Nuance Group.
