An intraday wall-cross took place before
THEûTRADE ûWHICHûWASûWELL
mAGGEDûGIVENûTHEû
recent expiry of Nordic Capital’s 75-day
lock-up following a 9% sale in March.
The book on last Tuesday’s deal was
multiple times subscribed and amounted to
around 100 lines.
Allocation was skewed to wall-crossed
shareholders, and a tight result was
achieved since clean-up trades usually
INDICATEûTHEûLASTûSIGNIlCANTûLIQUIDITYûEVENTû
for a while, a banker working on the deal
said.
Coverage came within 10 minutes of
launch after the deal arrived, with
messaging saying it was covered from wall-
crossing. It launched with reference to
market, but wall-crossed investors had
shared their ideas on pricing beforehand.
Shares fell around 1% last Wednesday
following the sell-down, but stayed above
pricing throughout the day. They were
hovering around SKr55.15 just after 3pm.
They rose throughout the week to around
SKr56.40 by Friday at midday.
.ORDICû#APITALûmOATEDû2ESURSûWITHûTHEû
Bengtsson family in April 2016, and cut its
stake three times before exiting fully last
week. The sales took place in March 2019,
February 2018 and March 2017.
Carnegie, Morgan Stanley and SEB were
bookrunners on the clean-up.
SWITZERLAND
SWISS RE POSTS REASSURE REG DOCSwiss Re has kicked off the long-
anticipated London listing of its REASSURE
business, posting a registration document
last Friday.
Pre-marketing on the all-secondary IPO is
expected to start on June 14, a banker
working on the deal said, and then a price
range and bookbuilding should begin two
weeks later.
Early conversations with investors indicate
strong interest in the potential dividend yield
on offer from ReAssure, which is expected to
be around £265m per year. It will likely draw
strong demand from yield investors, long-
term institutional money from
predominantly UK funds as well as
continental money and US accounts, the
banker said.
The main comp is London-listed
insurance company Phoenix Life.
:URICH
BASEDûREINSURERû3WISSû2EûlRSTû
ALLUDEDûTOûmOATINGû2E!SSUREûINû!UGUSTûû
The business has assets of £68.7bn and 4.3m
policies. It has a highly acquisitive business
model, carrying out four acquisitions since
2012 and adding 2.6m policies and £44.9bn
in assets in the same period.
)TûHASûITSûSIGHTSûSETûONûAûFREE
mOATûOFûATû
least 25% and is expected to be eligible for
inclusion in the FTSE UK indices.
Credit Suisse is sponsor, and global
coordinator with Morgan Stanley and UBS,
and all three are bookrunners with BNP
Paribas and HSBC.ALUFLEXPACK TO LIST ON SIXTechnology group Montana Tech
Components is making a long-term pledge
to stick with packaging business ALUFLEXPACK
following its IPO, similar to the commitment
it made to Varta when the battery business
was listed in 2017.
4HEûBASEûDEALûFORû!LUmEXPACKûISûALLûPRIMARYû
SHARES ûWITHûSECONDARYûSHARESûCONlNEDûTOûTHEû
15% greenshoe. The owner has agreed to a
LENGTHYûTWO
YEARûLOCK
UPû4HEû6ARTAûmOATûWASû
also primary-heavy and had the same lock-up.
3IGNIlCANTLY û-ONTANAûHASûNOTûBROKENûTHEû
lock-up even when Varta shares trade at 2.5
times the IPO price.
!LUmEXPACKûMAKESûmEXIBLE û
predominantly aluminium, packaging for
tea, coffee, pharmaceuticals, pet food,
confectionery and dairy products.
The company is targeting primary
proceeds of €140m, although some of the
cash will go towards redeeming shareholder
loans granted to pre-fund some of the
company’s growth initiatives.
Approximately €30m will be used to
expand production facilities in Croatia for
stand-up pet food pouches. Another €30m
will be invested at other production sites
and selectively on streamlining and
automation facilities. Around €80m will be
used on acquisitions, including a low
double-digit euro million amount already
invested to acquire Turkish company
!RIMPEKSûINû3EPTEMBERûTHATûWASûlNANCEDû
by Montana.
Montana will remain a majority
shareholder post-money and intends to holda majority stake in the long term.
!LUmEXPACKûMANAGEMENTûANDûTHEûCOMPANYû
are locked up for a year.
“This is a very sensible shareholder, in
terms of being long-term committed, and
they are looking at new funding and getting
the company ready for the future rather
THANûAûQUICKûmIP vûSAIDûAûBANKERûINVOLVEDûINû
!LUmEXPACKSû)0/
He said that the deal has been well pilot-
lSHEDûANDûSOMEûLONG
ONLYûINVESTORSûHAVEû
already signed NDAs to spend more time
looking at the numbers ahead of launch.
Management will visit the US as part of the
roadshows under Rule 144A.
)Nû û!LUmEXPACKûHADûFULL
YEARûSALESûOFû
€191.8m, with revenues of €50.6m in the
lRSTûTHREEûMONTHSûOFû ûVERSUSûõMûINû
û4HEûADJUSTEDûlRST
QUARTERû%BITDAû
margin was 13.9%.
Headquartered in Switzerland,
!LUmEXPACKûHASûPRODUCTIONûFACILITIESûINû
Switzerland, France, Turkey and Croatia and
has approximately 1,150 employees.
Berenberg is global coordinator, and
bookrunner with ZKB. Raiffeisen Centrobank is
co-lead.UK
INVESCO CUTS DOWN AJ BELL STAKEInvesco sold 9.3% of British investment
platform AJ BELL on Thursday evening, in an
ABB which fetched £144.4m in proceeds.
Sole bookrunner Numis waived Invesco’s
180-day lock-up a few days early, which
related to AJ Bell’s IPO in early December
2018.
A total of 38m shares were sold at 380p
apiece, representing a 5% discount to
Thursday’s close of 400p.
Invesco now holds 16.1% of AJ Bell.
AJ Bell listed on the London Stock
Exchange in December 2018, in an all-EMEA COMMON STOCK MANAGER LEGAL ADVISERS
1/1/2019 TO DATE
No of Total Share
Legal adviser issues US$(m) (%)
1 Allen & Overy 2 3,825.3 8.9
2 Linklaters 4 2,070.3 4.8
3 White & Case 5 1,354.6 3.2
4 Lenz & Staehelin 1 1,327.1 3.1
5 Clifford Chance 2 1,245.0 2.9
6 Freshfields Bruckhaus 4 913.6 2.1
Deringer
7 Latham & Watkins 3 819.0 1.9
8 Cleary Gottlieb Steen 3 813.9 1.9
& Hamilton
9 Homburger 1 589.5 1.4
10 Hogan Lovells 2 469.9 1.1
Total 323 43,024.5
Source: Refinitiv SDC code: AX4EMEA COMMON STOCK ISSUER LEGAL ADVISERS
1/1/2019 TO DATE
No of Total Share
Legal adviser issues US$(m) (%)
1 Freshfields Bruckhaus 3 3,747.2 8.7
Deringer
2 Kirkland & Ellis 2 2,654.4 6.2
3 Allen & Overy 3 1,629.1 3.8
4 BianchiSchwald 1 1,327.1 3.1
=4 Niederer Kraft & Frey 1 1,327.1 3.1
6 Cooley 6 1,246.3 2.9
7 Latham & Watkins 3 1,044.1 2.4
8 Davis Polk & Wardwell 2 913.4 2.1
9 Uria Menendez 1 868.5 2.0
10 Paul, Weiss 2 858.4 2.0
=10 Slaughter and May 2 858.4 2.0
Total 323 43,024.5
Source: Refinitiv SDC code: AX3