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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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China Petrochemical Development Corp (CPDC) netted $132m this week from a zero coupon convertible bond, taking advantage of the cheaper pricing on offer in the equity-linked market over straight debt. Six months in the making, the Taiwanese company’s deal was one of a kind in Asia ex-Japan, carrying standby letters of credit from not one, but two local banks. And with a chunky amount of asset swap, the trade had features that benefited both the chemicals company and investors, writes Rashmi Kumar. -
Cheil Industries became the biggest listing from South Korea since 2010 when it priced its W1.52tr ($1.4bn) IPO at the top of the range on the evening of December 5. The blockbuster demand for the trade posed a big challenge during allocations, with a handful of investors ending up with no stock at all while many bidders received just token allocations.
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While Dalian Wanda and Linekong are hoping for success with their IPOs, M800 has a different story to tell. It was looking to close an up to $150m IPO in Hong Kong before the end of the year, but has postponed the deal to avoid going up against Dalian and BAIC Motor, which wrapped up its IPO this week.
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The Hong Kong IPO market was off to a busy week, with Dalian Wanda Commercial Properties and Linekong Interactive rushing to complete chunky deals before the markets break for Christmas. But the flood of activity also left one victim in its wake, as M800 chose to delay bookbuilding until January rather than compete with its rivals for investor attention.
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India’s divestment plan is off to a good start, with the government offloading a 5% stake in Steel Authority of India (Sail) on December 5 to raise around Rp17.15bn ($277m) in a day-long trade that was well received by institutional and retail investors.
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Korea Electric Power Corp (Kepco) has raised W211.2bn ($190m) by exiting LG U+, selling its remaining 4.4% stake in the telecommunications company via a block trade on December 8. The deal, widely expected by investors, comes four months after the South Korean conglomerate halved its holding through another transaction that drew a good response from the market.
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