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Book to open on Monday, close on Thursday in latest express IPO
A handful of large new listings have emerged from South Africa, Kenya and Angola and more are set to follow
Submarine mast maker's IPO raised €132.8m
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The Pakistan Stock Exchange (PSX) priced its IPO on Monday to raise Prp4.5bn ($42.8m), completing a demutualisation exercise and public offering that has been in the works for years. But while books were oversubscribed, the bourse had to contend with myriad challenges to get across the line, writes John Loh. -
Equity capital market participants were stunned this week when a US bank, thought to be Morgan Stanley, offered to charge nothing to be a sponsor of China Tower’s $10bn Hong Kong IPO — a highly unusual move even by the city’s ultra-competitive standards. But the aggression was not unique, as most banks asked for token fees in the hope of winning the mandate.
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The IPO market in EMEA has been unaffected by the political turmoil that has engulfed the UK, after the general election last Thursday resulted in a hung parliament. One of the largest and most important IPOs of the year achieved coverage on the first day of bookbuilding this week, and several more deals have been announced.
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Guangzhou Rural Commercial Bank Co got its HK$8.06bn ($1.03bn) Hong Kong IPO away on Wednesday, pricing the shares just below the middle of the offered range.
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Banks competing for a role on China Tower’s planned $10bn IPO in Hong Kong have tried to elbow each other out by lowballing sponsor fees, with one US bank even offering to charge nothing to be a sponsor.
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Tejas Networks launched its Rp7.8bn ($120.8m) India IPO on Wednesday with Abu Dhabi Investment Authority as the largest anchor investor.
