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Investors want more mid-cap deals and wider variety of sectors
Cornerstone investors commit roughly €170m as company aims to raise €300m
African mobile payment provider prepares to list, seeking large valuation
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This is shaping up to be one of the busiest weeks for equity block trades in EMEA. Three more trades were launched tonight, as banks battle for market share and – sometimes elusive – profits.
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Books for Thai company Platinum Group’s Bt5.25bn ($162.22m) IPO are fully covered across the range provided during bookbuilding, with investors showing no sensitivity to pricing despite a likely wait for any boost in earnings. -
Controversy-dogged 1Malaysia Development Berhad (1MDB) is to update and resubmit a prospectus for the IPO of its energy arm to Securities Commission Malaysia, in one of the company’s first statements clarifying that a listing is being planned.
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HKBN — Hong Kong Broadband Network — has delivered a strong boost for the city’s ECM market, pricing its HK$5.80bn ($748m) deal at the top of the range to become the largest IPO on the exchange so far this year. The absence of any sensitivity on pricing meant books were multiple times covered, making allocations very tricky and meaning that 25% of the investors went away empty handed.
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Cowell e Holdings — a maker of front-end camera modules for mobile devices — has begun testing investor appetite for its $150m-$200m IPO, with its link to Apple expected to be a key selling point.
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India’s new budget brought mixed news for ECM bankers hoping for changes to tax rules for real estate investment trusts (Reits) and infrastructure investment trusts (InvITs). The government delivered much-needed clarity on some aspects of the tax regime, but big gaps still remain, with the stage not yet set to welcome the country’s first Reits, writes Rashmi Kumar.
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