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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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Another rash of block trades appeared in the European market this evening, though not as many as yesterday’s seven. The crop of four deals was led by a trade of €350m in Belgian nappy maker Ontex, where private equity groups TPG and Goldman Sachs are selling down after its IPO in June.
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The initial public offering of RenoNorden, the Norwegian waste collection firm, had by Wednesday received sufficient demand from investors to get done within the price range, just two days after the deal was launched.
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State-owned Kazakhstan Electricity Grid Operating Co (Kegoc) has extended the subscription period for its initial public offering to December 5, having managed to fill only a third of the book a day before the original deadline. -
Much improved conditions in the European equity markets, along with time pressure building at year end, yesterday triggered a minor landslide of block trades. Seven in European-listed stocks were launched on Tuesday night. An eighth, in Aercap Holdings, the Amsterdam-headquartered aircraft lessor, was being traded in the US.
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Chinese online travel booking company Tuniu Corp, which counts Ctrip Investment Holdings and Qihoo 360 Technology as some of its shareholders, is eyeing a $100m follow-on offering before the end of the year.
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China’s largest nuclear power producer, CGN Power, has priced its IPO at the top of its range to raise HK$24.5bn ($3.2bn), thanks to overwhelming demand from institutional and retail investors. But final allocations have proved a challenge, with some bankers complaining about the lack of transparency.
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