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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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HDFC Bank was set to price a blockbuster Rp100bn ($1.6bn) trade on the evening of February 5, with bankers expecting investors to fork out money at the tightest possible discount for the second Indian ECM transaction of more than $1bn to hit the market in the past week. -
Barclays is seeking a stronger footing in Asia Pacific ECM, with the creation of a new role of head of blocks origination. The bank has struggled to make headway in terms of market share in the region, but its strong Japanese franchise, accompanied by its new emphasis on the more profitable blocks business, shows the firm is moving in the right direction, reports Rashmi Kumar.
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The Chung family is making its second attempt at offloading some of its shares in South Korean conglomerate Hyundai Glovis, launching a block trade of up to W1.17tr ($1bn) on the afternoon of February 5. The deal comes only a few weeks after a similar transaction was pulled from the market, having failed to appeal to investors.
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The two largest European IPOs in the market look likely to achieve high pricing, as they continue to attract strong demand from investors thirsty for liquid deals.
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Three block trades are in the market, as secondary placement activity remains busy. The most exotic of the trades is for Sergey Galitsky, founder of the Russian retailer Magnit, who is selling up to 1m shares in the business – apparently to finance improvements to the stadium at his football team, FC Krasnodar.
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Investors may be favouring large and liquid IPOs at the moment, but they are willing to make exceptions. That much was clear from the successful flotation of Lucas Bols, the Dutch distiller, which was priced on Tuesday at the midpoint of its range, giving it a €196m market capitalisation, and traded up on its debut on Wednesday.
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