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  • HKEX releases guidelines on dual listings, dual class

    The Hong Kong Stock Exchange (HKEX) has released its long-awaited guidelines on dual-class shares, with the move set to allow Chinese firms such as Alibaba Group Holdings to have a secondary listing in the city for the first time.

    • 23 Feb 2018
  • Sembcorp eyes $632m from India energy arm spin-off

    Singapore-listed Sembcorp Industries is planning to spin-off and list its Indian energy unit, which will raise Rp41bn ($632.2m) from a fresh issue of stock, according to a draft red herring prospectus filed on Thursday.

    • 23 Feb 2018
  • Healthineers kick-starts big year for spin-offs

    After the recent equity market volatility, Siemens has decided to push on with the spin-off of its healthcare division, which promises to be the biggest IPO in Germany since the flotation of Deutsche Telekom in 1996. The deal is the first in a promising pipeline of corporate carve-outs this year, writes Aidan Gregory.

    • 22 Feb 2018
  • Southeast Asia ECM pipeline fills up in Year of the Dog

    The pipeline for equity capital raisings out of Southeast Asia is filling up nicely, with issuers from the Philippines, Vietnam, Bangladesh and Singapore looking to launch deals.

    • 22 Feb 2018
  • Equity issuers dip toes back in after rough start to February

    The equity capital market has kicked back into life this week with a number of high profile deals to test investor appetite. But with investors challenging IPO valuations and volatility causing a scare, lead managers might have to start selling deals on their fundamentals rather than relying on bullish market sentiment to do the job.

    • 21 Feb 2018
  • Sebi cracks whip on banks for retail IPO work

    The Securities and Exchange Board of India (Sebi) is cracking the whip on banks managing IPO applications for retail accounts, saying investors may have to be compensated under certain conditions.

    • 21 Feb 2018
  • HG Infra preps Rp4.6bn India listing

    HG Infra Engineering is planning to launch its Rp4.7bn ($72.4m) IPO in India at the end of February.

    • 21 Feb 2018
  • Flemingo Travel eyes Rp24bn in fresh capital from IPO

    Flemingo Travel Retail has filed a draft red herring prospectus with India’s stock market regulator. The company plans to go public using a mix of new and existing shares.

    • 20 Feb 2018
  • Energean's flotation offers pure play on Mediterranean energy

    Energean, the oil and gas exploration company focused on the Eastern Mediterranean, plans to go public on the London Stock Exchange next month to finance the development of gas fields off the coast of Israel.

    • 19 Feb 2018
  • EN+ restructures leadership as Deripaska set to step down

    Oleg Deripaska is to step down from his role as president of EN+, the Russian aluminium and hydropower company, which floated for $1.5bn in London and Moscow in November, and as president of its affiliate Rusal, as part of a pre-planned organisational change in which he will shift focus to other business interests.

    • 19 Feb 2018
  • Siemens Health brings trophy IPO to wary market

    Siemens has begun the IPO process for the highly anticipated spin-off of its health division, Siemens Healthineers, by releasing its intention to float document.

    • 19 Feb 2018
  • Ganfeng Lithium seeks greenlight for HK IPO

    Ganfeng Lithium Co, the world’s largest producer of lithium metals, has filed a draft IPO prospectus with the Hong Kong Stock Exchange.

    • 15 Feb 2018
  • Pain for Novares as volatility sinks its IPO

    French car parts maker Novares has pulled its €260m IPO on Euronext Paris as global equity market volatility meant that the deal could not be achieved at a level which was in "the best interests" of the company.

    • 14 Feb 2018
  • Active managers eye chance to prove themselves amid volatility

    Volatility is still the talk of equity markets after last week's global sell-offs. Prices have stabilised but markets are expected to remain turbulent, raising questions as to whether these conditions will lead to a fundamental shift in how equity investors manage their portfolios.

    • 14 Feb 2018
  • Baidu's iQiyi sets ball rolling for US IPO

    Baidu-backed video streaming platform iQiyi has filed documents with the US market regulator for a listing of American Depository Shares (ADS), according to the Chinese parent company’s quarterly earnings report released on Tuesday.

    • 14 Feb 2018
  • Shenzhen Stock Exchange to woo tech IPOs

    The Shenzhen Stock Exchange (SZSE) may adjust its profitability and share structure requirements for IPOs as technology-oriented listings come to the fore.

    • 14 Feb 2018
  • Tianli Education plans Hong Kong IPO

    Tianli Education International Holdings filed a draft IPO prospectus with Hong Kong’s stock exchange on Tuesday, joining the ever-growing group of Chinese education firms listing in the city.

    • 14 Feb 2018
  • Marble Point US CLO fund lists on LSE

    Shares in US CLO manager Marble Point’s listed loan fund were admitted to the London Stock Exchange on Tuesday, after the firm successfully closed a $42.5m initial public offering on Friday.

    • 13 Feb 2018
  • UK challenger lender TruFin floats for £70m

    TruFin, the UK financial technology and direct lending holding company, has completed its £70m IPO on the London Stock Exchange.

    • 13 Feb 2018
  • Turkish IPOs hold fast despite EM outflows

    The two Turkish IPOs priced this year are trading roughly in-line with their listing prices, despite recent outflows from emerging market ECM. But it is too early to judge whether this represents a positive outlook for Turkish ECM this year, according to sources.

    • 13 Feb 2018
  • Universities target 'patient' investors to buy into innovation

    The worlds of academic research and finance are increasingly merging, as “patient capitalists” look to invest in university spin-outs for social impact and returns — and some equity investors and SRI funds are taking note.

    • 13 Feb 2018
  • Singapore eyes first Bangladeshi IPO in Summit Power

    Singapore is set to host its first IPO from Bangladesh, with Summit Power looking to hit screens in early March, said bankers close to the deal.

    • 13 Feb 2018
  • Vingroup mulls $1bn housing unit spin-off

    Vingroup is considering the spin-off and listing of its residential business Vinhomes in a deal that could be worth around $1bn, according to a source familiar with the matter.

    • 13 Feb 2018
  • GMR Infrastructure picks banks for IPO of airport arm

    India’s GMR Infrastructure has mandated three banks for the spin-off and listing of its airports unit, according to sources close to the matter.

    • 13 Feb 2018
  • CCB, Citic CLSA lead Jiangxi Bank's Hong Kong IPO

    Jiangxi Bank has filed a draft prospectus for its Hong Kong IPO, with the Chinese lender appointing two firms as sponsors.

    • 13 Feb 2018
  • Volatile markets fail to put a dent in home builder Instone’s IPO

    The Frankfurt IPO of German real estate developer Instone finished on a strong note on Wednesday, despite the company having to bookbuild during an extraordinarily volatile week for equity markets.

    • 12 Feb 2018
  • No guidance yet on Novares' €260m Paris IPO

    There has been no book update or price guidance yet on the €260m IPO of Novares, the French plastic car parts maker, according to a source close to the deal. The books are due to close this week.

    • 12 Feb 2018
  • IPO roundup: Spandana preps $150m deal, Indostar eyes $300m

    Indian micro-finance lender Spandana Sphoorty Financial is in the process of mandating banks for a potential $150m IPO, according to a banker at a firm pitching for the deal.

    • 12 Feb 2018
  • Aster DM Healthcare nets eight IPO anchor investors

    Aster DM Healthcare has brought in eight investors including Caisse de dépôt et placement du Québec and First State Investments to anchor its Rp9.8bn ($152.7m) IPO in India.

    • 12 Feb 2018
  • Huami weathers US equity rout as shares pop on debut

    A tightly allocated book helped Huami Corp weather the storm in equity markets, with the New York Stock Exchange-listed company closing 2% higher on its debut.

    • 09 Feb 2018
  • Qingdao Haier mulls debut D-share listing in Germany

    Mainland consumer electronics giant Qingdao Haier is considering launching a flotation of Chinese D-shares on the Frankfurt-based China Europe International Exchange (Ceinex).

    • 09 Feb 2018
  • Aekyung Industry readies W232bn flotation

    South Korean firm Aekyung Industry Co is preparing to launch an IPO that could be up to W231.9bn ($213.3m), according to filing with the Korean market regulator on Thursday.

    • 09 Feb 2018
  • Credit Suisse equity-linked head rejoins Morgan Stanley

    Eva Zhong, who ran Credit Suisse’s equity-linked business in Asia, is rejoining Morgan Stanley to take up a senior equity capital markets role, sources close to the move said.

    • 09 Feb 2018
  • Italo shareholders pushed management to dump IPO for higher PE offer

    Italian high speed train operator Italo pulled its IPO on Wednesday night, the day before the syndicate was due to release a price range, of €1.5bn to €1.6bn, in order to take a €1.98bn offer from New-York based private equity firm Global Infrastructure Partners.

    • 08 Feb 2018
  • Asian ECM brushes off global stock selldown

    Asian stocks added to the rout in global equity markets this week, putting a speed bump in front of the frenetic pace of primary activity. But deals continued to get done through the worst of the selldown, as equity bankers argued that the sell-off was a healthy, and temporary, correction. John Loh reports.

    • 08 Feb 2018
  • Aster DM prepares float, ICICI Sec listing approved

    Aster DM Healthcare is finally set to launch its Rp9.8bn ($152.7m) IPO, having once again scaled back the deal size and changed the syndicate.

    • 08 Feb 2018
  • Agile spin-off pockets $524m from Hong Kong listing

    A-Living Services raised HK$4.1bn ($524.4m) from its IPO this week. It priced the deal below the midpoint of guidance, but it was well-received across all tranches.

    • 08 Feb 2018
  • Volatility returns and valuations challenged but ECM soldier on

    A buoyant January in equities markets has been followed by a difficult start to February, with the first IPOs out of a full pipeline seeing some issues in marketing just as stock markets tumble across the globe.

    • 07 Feb 2018
  • Instone gets covered early in tricky IPO market

    The €478m IPO of Instone Real Estate, the German home builder, is covered at its full size, less than four working days into the bookbuild.

    • 07 Feb 2018
  • ICICI Securities wins approval for Rp30bn IPO

    India’s capital markets regulator has given ICICI Securities the greenlight to hold an IPO, which is expected to raise at least Rp30bn ($467m).

    • 07 Feb 2018
  • MLP Care IPO prices, shareholders will make up shortfall

    MLP Care, the Turkish company that owns the Medical Park chain of private hospitals, priced its IPO on Tuesday after extending the bookbuild and slashing the price range.

    • 06 Feb 2018
  • Light Year, Pacific Millennium plan HK listings

    Mainland firms Light Year Holdings and Pacific Millennium Packaging Group are seeking approval to float in Hong Kong. They both filed draft IPO prospectuses with the city’s bourse on Monday.

    • 06 Feb 2018
  • Del Monte eyes $324m from Philippines spin-off

    Food and beverage company Del Monte Pacific is looking to spin off and list its Philippine subsidiary through a secondary share offering. The company wants to raise as much as Ps16.7bn ($324.1m), according to a filing on Tuesday.

    • 06 Feb 2018
  • Novares begins bookbuilding for Paris IPO

    Novares, the French plastic car parts maker, has begun bookbuilding for its rebooted €260m initial public offering on Euronext Paris.

    • 05 Feb 2018
  • The price is (not always) right

    In the latest Clawback, columnist Philippe Espinasse takes a closer look at two new IPO guidance letters released by the Hong Kong bourse.

    • 05 Feb 2018
  • Agile spin-off bags $524m from Hong Kong flotation

    A-Living Services has priced its Hong Kong IPO below the midpoint of guidance. The company raised HK$4.1bn ($524.2m) after the deal was well-received across all tranches.

    • 05 Feb 2018
  • Drug manufacturer AGP guns for $25m Pakistan IPO

    Pakistan-based pharmaceutical company AGP is set to launch bookbuilding for a Prp2.8bn ($25.2m) offer-for-sale on the country’s stock exchange this week, according to a statement by financial services company JS Global Capital.

    • 05 Feb 2018
  • Aster DM Healthcare rejigs IPO size, syndicate yet again

    Aster DM Healthcare is set to launch its Rp9.8bn ($152.7m) IPO in India next week, after only its latest attempt to scale back the deal size and change the syndicate group.

    • 05 Feb 2018
  • HKEX gives IPO issuers more flexibility on price range

    The Hong Kong Stock Exchange is giving IPO hopefuls more flexibility to price outside of indicative price ranges set during marketing, bringing its listing rules more in line with the US.

    • 05 Feb 2018
  • Instone eyes a €943m valuation as it opens the books

    German housebuilder Instone Real Estate could be worth as much as €943m when it lists on the Frankfurt Stock Exchange this month if its IPO is priced at the top of the range.

    • 02 Feb 2018
  • Enerjisa covered 4.8 times and prices at bottom, MLP covered

    Enerjisa, the Turkish utilities company owned by E.On and Sabanci, has attracted sizeable interest for its IPO, which was covered 4.8 times and priced at the bottom of the range.

    • 02 Feb 2018
  • Nazara Tech seeks green light for Indian IPO

    Mobile gaming company Nazara Technologies is planning to float on India’s stock exchanges through an offer-for-sale (OFS) of secondary equity, and has filed a draft prospectus with the market regulator.

    • 02 Feb 2018
  • India seeks InvIT boost as NHAI picked for share sale

    India plans to monetise its highway assets by packaging them into infrastructure investment trusts (InvITs) for IPOs, the government said during its annual budget presentation.

    • 02 Feb 2018
  • Unclear future for Russian issuance as US sanctions talk returns

    Some of the wealthiest and most influential businesspeople in the Russian Federation received an expected, but still unpleasant, piece of news on Monday with the publication of a US Treasury Department list that is expected to precede new sanctions, write Sam Kerr and Bianca Boorer.

    • 01 Feb 2018
  • Metrovacesa's repriced IPO oversubscribed at discount to NAV

    The IPO of Metrovacesa, the Spanish property developer, finished oversubscribed on Friday after the deal was repriced downwards after reaching the end of its scheduled bookbuild period without any covered message having been given.

    • 01 Feb 2018
  • Galaxy Surfactants goes for the top with India IPO

    Indian specialist chemical producer Galaxy Surfactants closed books for its IPO on Wednesday and is set to raise Rp9.4bn ($146.9m) after the deal was multiple times covered by institutional investors.

    • 01 Feb 2018
  • Huami, Ping An Good Doctor lead China tech IPO march

    The first of China’s much-anticipated pipeline of technology-centric IPOs this year is starting to materialise.

    • 01 Feb 2018
  • India plans to merge and list public insurance trio

    The Indian government plans to merge three public sector general insurance companies into a single entity and float it on the stock exchange, finance minister Arun Jaitley said during the annual Union Budget on Thursday.

    • 01 Feb 2018