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Trade bodies speak out against push to drive equity trading on to lit markets
Shares trade 8% above offer price as shipping company completes second listing
TX Group and SMG absorb almost 60% of block as insurer cuts holding to 11.8%
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Swiss Prime Site, Switzerland's largest listed commercial property company, this week launched a Sfr424m ($456m) rights issue to support its growth plans.
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Acromas Bid Co sold a £239m stake in UK insurance provider Saga on Tuesday evening, giving investors a rare chance to buy a chunk of shares in the company.
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Drug research firm Syngene International has started gauging investor interest for its $100m-$150m IPO on the Indian Stock Exchange with the offering expected to hit the market in June.
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After a lull in UK IPO activity ahead of the general election, prospective issuers are making themselves known again. Companies seeking to float are taking advantage of the surprise outcome of last week’s vote, in which the Conservative Party won an outright victory, scotching fears of weeks of political uncertainty.
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Property developer China Resources Land (CR Land) took advantage of the recent rate cut in China to tap the equity capital market for funding with a large HK$10.1bn ($1.3bn) block on May 12. Despite the encouraging result, it was not all smooth sailing for the issuer, which saw one bookrunner leave the syndicate and its bookbuilding delayed by a day.
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Chinese real estate firm Yuzhou Properties had to navigate a tough market on May 12 when it came up against a much larger HK$10.1bn ($1.3bn) block trade from industry peer China Resources Land. But Yuzhou Properties was still able to get its HK$792m ($102.18m) deal done thanks to support from two anchor orders.
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