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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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South Korean companies Hyundai Innocean and LIG Nex1 are gearing up for their 2015 IPOs, with both issuers looking to start non-deal roadshows for their listings soon. -
Korean Air Lines is looking to raise W500bn ($453m) from a rights issue, which could lead to a public offering of stock if existing shareholders do not subscribe to all the shares. The South Korean flag carrier is attempting to restructure its financial profile, but the market reacted negatively to the trade, pushing the company’s share price down by nearly 5% after the details were disclosed.
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Cytos Biotechnology, a Swiss company that has been struggling for years, has asked holders of its remaining convertible bonds to agree to a mandatory conversion to equity at a fraction of the original conversion price. Reaching a deal with bondholders is the company’s last chance to remain a going concern.
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Société Générale has hired two bankers, including a Bank of America Merrill Lynch managing director, in new roles to its equity platform in Germany and Austria, as part of a plan to strengthen corporate finance capabilities in Europe.
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Palm Hills Development, the Egyptian property company, will convene a meeting of its board of directors on January 12 to discuss launching a rights issue.
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Indian equity bulls are gearing up for a busy period with the rally that began in the middle of 2014 expected to lead to a pick-up in issuance this year. The government will certainly provide some much-needed action through divestments of state-owned entities, but all eyes are on the pipeline of new IPOs, which are expected to bolster the country’s equity capital market.
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