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’Another ‘successful’ IPO
Remember that ‘succesful’ Enel Green Energy float?
The one where the dozen or so bookrunners and joint bookrunners were forced to price the stock at the bottom end of a lowered range and with mainly retail investors?
(The IPO,
Enel Green Energy – A successful IPO?
What’s your description of a successful IPO?
Is it one where three quarters of the stock ended up in the hands of retail investors at the bottom end of a lowered price range?
Is it one where the heavily indebted issuer was trying to raise at least €3bn but only got €2.6bn?
According to one of the joint bookrunners on the Enel Green Energy IPO it is:
Abbey Alliance & Bungle Bank Plc
Why is Banco Santander looking to float 20 per cent of its UK business at a much reduced valuation of £16bn?
The answer is because it needs to, reckons Andrew Lim of Matrix:
Our own view is that Santander needs to do this deal to improve Basel III capital ratios relative to European peers.
And they’re off
Betfair has hit the ground running on Friday morning:
Betfair set the offer price for the sale of 15 per cent of the company at £13 a share. The benefits of a limited free float eh?
What price Betfair?
What valuation will the market put on Betfair when the online betting exchange lists on the LSE in a month’s time?
Based on the numbers released on Tuesday, a market capitalisation of £1.5bn looks very optimistic.
Betfair is, well, a fair bet
Now here’s an online-based IPO that sane investors could actually consider backing.
From RNS on Tuesday morning:
Betfair today announces its intention to apply for admission to the premium listing segment of the Official List of the UKLA and to trading on the main market of the London Stock Exchange (“Admission”) and to proceed with an initial public offering of Shares (“the Offer”).
Crash and burn, or when F1 meets FX
Vroom!
That’s the speed at which retail punters can be parted from their money on one of the many forex trading platforms that have sprung up in the past decade.
And now you, dear readers, are being offered a slice of the action.
Is Skype the one?
It’s been a year marked by inconsistency for initial public offerings, and the tech sector has been no exception. There was a long period of drought until three companies — RealD, Qlik Technologies, and Smart Technologies — filed in quick succession last month.
Ocado (IPO) tombstone
Click on the tombstone for further biographical detail.
Snap news
Breaking pre-market news on Thursday,
- Dimension Data recommends £2.1bn/120p a share cash offer from Nippon Telegraph — statement.
- Fairfield Energy postpones IPO “in light of market conditions”
The Art of AgBank IPO
“What the multitude cannot comprehend is how victory may be produced for them out of the enemy’s own tactics.”
- Sun Tzu, The Art of War
News reaches us that China’s closely-watched Agricultural Bank IPO has so far experienced lacklustre public demand from investors — while the institutional portion had been 10 times oversubscribed.
Party like it’s 1999 (updated)
Here they are: the details of what will probably be the most hyped and overvalued IPO since the mad days of dot.comedy bubble.
Presenting Ocado, an online shop that delivers Waitrose groceries from a state-of-the-art warehouse in Hertfordshire.
Snap news
Breaking pre-market news on Monday,
- Prudential finally launches record-breaking £14.5bn rights issue; issues trading update – statement and statement.
- BHP Billiton to review Australian operations and investment plans in light of super tax – statement.
Party like it’s 2007: KKR finally files for a NYSE listing
In 2007, the (financial) world was a very different place. Blackstone had just become the first ever private equity firm to offer itself up to the public. That $7.8bn initial public offering was roughly seven times subscribed,
Outshone by Shanghai’s rising sun?
Foolish Pru! You picked the wrong Asian secondary listing. For Monday has brought yet more news of the Shanghai Stock Exchange’s bid for complete world domination. (Quaking in your boots yet, Hong Kong?)
Specifically,
Chinese IPOs: still overpriced?
China’s biggest IPO this year, Huatai Securities, made a positive a debut on Friday, apparently defying speculation risk appetite had waned on the mainland.
But is this really a sign that risk appetite has returned,
Sino-Russian finance
A date for Asian diaries:
Event: Russia – Capital Raising and Investment Summit – Hong Kong
When: April 12 – 14
Where: The Four Seasons, HK
Keynote Speaker: Ronald Joseph Arculli, chairman of Hong Kong Exchanges and Clearing Ltd.
Tiger Airways burning bright…
Meet Tiger Airways, a Singapore-based budget carrier set up in 2004 to serve the Australasian market.
Read Tiger Airways IPO prospectus, filed today, Tuesday, with the Monetary Authority of Singapore.
Rusal’s red pen treatment
You probably had better things to do over the festive period than plough through the 1,141 page IPO prospectus for Oleg Deripaska’s UC Rusal.
Which gives us the opportunity to highlight page 3 of the document.
Ocado set for likely IPO with new finance director
Ocado will announce on Wednesday that it is appointing an experienced investment banker as a finance director in the clearest signal yet that the online retailer is gearing up for an initial public offering,
Lex: Santander
Santander has done well in turning around its Brazilian bank, but is it time to cash out?
Santander’s decision to issue new shares equivalent to a 15 per cent stake in its Brazilian bank has therefore fuelled concerns that Spain’s biggest bank may secretly need more capital.One explanation is that Santander’s chairman,
Bubbles…
. . . and before you ask that isn’t a reference to the late Michael Jackson’s pet chimp, but China’s latest runaway IPO.
From FT.com:
Bawang International, a Chinese herbal shampoo maker, shined on its market debut in Hong Kong on Friday,