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Existing investors and sector specialists back logistics landlord’s push into tech
Streamlining of IPO process just two months after consultation closed as the market prepares for post-summer IPO activity
Sale comes after the expiry last month of a pre-emptive acquisition rights agreement between the main family holding companies
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The crash in share prices as the coronavirus pandemic has gathered pace is soon likely going to force some sellers to execute equity block trades to cover loans secured against stock, or just to access capital quickly. But these sellers are going to have to stomach heavy discounts to get the liquidity required to execute trades, as one company proved on Monday night.
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The Philippine Stock Exchange suspended all trading on Tuesday, after the country’s president announced stricter coronavirus quarantine measures for Luzon, the northern island home to the capital Manila.
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Chinese biotechnology firm InnoCare Pharma has priced its HK$2.2bn ($288m) IPO at the top of the marketed range, following solid demand from institutional and retail investors, according to bankers close to the deal.
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An extraordinary demonstration of support from the US Federal Reserve over the weekend has done nothing to lift investors' spirits, with fears about the economic consequences of Covid-19 showing through in equities, credit and even the rates market on Monday morning.
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Lawrence Stroll, the billionaire and Formula One racing magnate, has been instrumental in pushing ahead with UK car manufacturer Aston Martin’s capital raise, restructured on Friday, meaning the company’s turnaround plan, which includes a rights issue, is still going ahead.
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Finablr’s shares have been suspended and the company has warned that it may go out of business just ten months after ts IPO.
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