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Follow-ons and Rights issues

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  • Neoen, the French renewable energy company, completed a €600m rights issue at the start of April to help fund it until 2025. Its CFO, Louis-Mathieu Perrin, spoke to GlobalCapital about the deal and explained how green equity stories can still win investors’ attention, despite a recent cooling off in stock valuations.
  • AC Energy Corp, a Philippine renewable power producer, has kicked off a follow-on offering of primary and secondary stock, eyeing up to Ps12.4bn ($256.4m).
  • UK broker Peel Hunt and Santander have joined forces to do deals for UK corporate clients seeking to raise equity capital. Peel Hunt will now have the firepower of Santander’s balance sheet to be able to underwrite both primary and secondary transactions for its large UK clients.
  • Philippines-based renewable power producer AC Energy Corp is drumming up demand for an up to Ps15.7bn ($323.7m) follow-on offering, scheduled for next week.
  • Equity investors continued to show strong demand for follow-on primary deals this week with high take-ups in capital raises for Spain’s Cellnex and UK food and beverage outlet operator SSP.
  • Meituan, a Chinese food delivery company, raised $10bn this week from a combined equity placement and convertible bond issue. Investors flocked to the deal for the investment grade rating and the offer of a highly liquid and volatile stock. Jonathan Breen reports.