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Company ‘made out like bandits’ as investors piled into deal and delta placement
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
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As block trade bankers had predicted, the fireworks are starting again as companies emerge from blackouts. Five deals totalling €2.8bn were in the market on Wednesday night, but there were no auctions: all of them were mandated trades, leaving banks away from the action with nothing to bid on.
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Cellnex, the Spanish telecoms tower business, is expected to start trading in Madrid on Thursday May 7, having priced its IPO on Tuesday evening at €14 a share – the top end of the range.
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Haniel launched on Wednesday evening a combined sale of Metro shares and notes exchangeable into Metro shares, in an overnight deal that could total €1bn and was set to tap heavily into Europe’s increasing trend toward negative yields.
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Windeln.de, the German online baby products seller, dropped 18% today on its first day of trading in Frankfurt – a bitter conclusion to an IPO process that had appeared to run smoothly until then.
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China Water Affairs Group cancelled plans to raise as much as HK$805m ($104m) via a placement of shares, after launching the transaction to investors on the evening of May 5. -
The Chinese and Hong Kong equity capital markets have been thriving since April, as relaxed capital controls on the Stock Connect fired up business. It’s only normal now for other markets to want to follow suit, with talks of Taiwan-Shanghai and Taiwan-Shanghai-Hong Kong links doing the rounds. The thinking is bold, but replicating the success of the Connect will not be easy.
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