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IPO-book.com topped 35,000 page views this week, and has now had visitors from not less than 96 countries and 799 cities around the world.
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Year: 2011
It’s the liquidity, stupid
HONG KONG (Dow Jones Investment Banker) – Singapore Exchange Ltd. (SGX) may have made headlines this year with the listing of one of Asia’s largest IPOs, Hutchison Port Holdings Trust, and, potentially, with the proposed flotation of Manchester United F.C., but Chinese mid-caps are increasingly leaving the shores of the Lion City to seek a quotation in Hong Kong. The reasons include, above all, greater liquidity, a wider following on the part of sell-side research analysts and, ultimately, a higher valuation.
Trying us on for size
Hongguo International Holdings, a shoemaker and retailer based in Nanjing, is set to begin investor education for an IPO of US$200 million to US$300 million in Hong Kong. Book building is due to start towards the middle of next month, subject to market conditions.
South China Morning Post opinion article
The market rout and volatility in Asia, and around the world, is likely to lead to an increasing number of cornerstone tranches in IPOs. Very much a feature of new listings in Hong Kong and, to a lesser extent, Singapore, cornerstone investors are large institutions that commit in advance to buying a fixed, pre-agreed allocation in a transaction.
SGX joins Premier League with Man. United float
HONG KONG (Dow Jones Investment Banker) – News that Manchester United plans to list 25% to 30% of its shares in a US$1 billion IPO on Singapore’s SGX came as a surprise – HKEx was very much expected to play host to the club, rather than Singapore’s smaller listing venue. A long-standing global focus at the exchange and clever marketing, as well as technical factors, may explain the decision. read
New China Life – fresh impetus for insurance stocks
HONG KONG (Dow Jones Investment Banker) – New China Life Insurance Co. Ltd (NCI) is set to come to market in both Hong Kong and Shanghai in October, with an IPO of US$3 billion to US$4 billion. If successful, it would become only the fifth listed insurance company from mainland China.
A good year – getting better – for Asian convertibles?
HONG KONG (Dow Jones Investment Banker) – It’s gone largely unnoticed against the background of some eye-catching equity deals in Asia in the first half of the year – including the listings of Glencore, Hutchison Port Holdings Trust, Samsonite and Prada S.p.A. – and the recent market meltdown, but 2011 has so far been a pretty good year for convertible bonds.
Sheng Siong’s confusing IPO messages
HONG KONG (Dow Jones Investment Banker) – Supermarket operator Sheng Siong kicked off its domestic Singapore IPO on August 5 through OCBC Bank. The offer price is SGD0.33, translating into a deal size of US$96 million equivalent. Excluding a 15% overallotment option, the IPO comprises 351.5 million shares – representing just over 26% of the company – of which about 57% are for new money, with the balance being sold by the founding family.
Baroque Japan should put IPO plans on ice
HONG KONG (Dow Jones Investment Banker) – Japanese fashion retailer Baroque Japan Ltd. is eyeing an IPO of up to US$300 million in Hong Kong, through CLSA and UBS. It may perhaps be better advised to wait until its international store network becomes wider, and the brand more mature.
China Shipping Nauticgreen’s Chinese box surprise
HONG KONG (Dow Jones Investment Banker) – China Shipping Nauticgreen Holdings Company Limited (CSN) has just started bookbuilding for a proposed IPO of up to US$192 million in Hong Kong, led by Deutsche Bank and China Merchants Securities. Pricing is set for August 10. Less volatile than that of shipping lines, the business is expected to grow, thanks in part to a substantial newbuild ship overcapacity over the next couple of years which should drive freight prices down. With a likely single digit P/E, valuation is reasonable too – a welcome change from some recent Hong Kong offerings.