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Shipping company issues new shares as it raises stake in peer to roughly a fifth
Investors want more mid-cap deals and wider variety of sectors
Cornerstone investors commit roughly €170m as company aims to raise €300m
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M&A activity in Vietnam is set to get a big surge from July, as laws governing foreign investment into domestic companies will be relaxed by the government in a bid to attract more overseas investors. The prospects of more debt and capital raisings to follow are high, but while international businesses are keen to expand their footprints in the southeast Asian country, finding the right targets will pose the biggest challenge.
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3SBio Inc, a biotech firm based in China, is looking to raise $400m-$500m from an IPO in Hong Kong, in what would be its second outing as a listed concern after delisting from Nasdaq in 2013. -
The Indian government is looking for one more bank to lead its Rp18.3bn ($293m) divestment from Power Finance Corp after Standard Chartered, which was among three bookrunners chosen in December to handle the offering, bowed out of the trade following the closure of its global equities business.
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Europe’s IPO market has made its busiest start to a year ever, Dealogic noted this week, with $10bn of deals already priced. But while that is an impressive record, it is also slightly surprising as the blowouts that fulfilled all their sellers’ hopes — notably this week’s €4.26bn privatisation of airports group Aena — have proven to be exceptions.
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This week was supposed to be all about IPOs in the European equity capital market, with the pricing of a string of deals, above all the highly successful €4.25bn privatisation of Aena, the Spanish airports operator. But a carnival of block trades on Thursday stole the show, as sellers from British Telecom to Silvio Berlusconi pounced on a rising market, either to lock in recent gains opportunistically or to further strategic business needs. Jon Hay reports.
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Tuesday brought three block trades in Europe’s equity capital market. The European Bank for Reconstruction and Development sold its whole 5.1% stake in PKP Cargo, a Polish rail freight operator, for Z197m (€47m) via Goldman Sachs and Wood & Co.
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