IFR 03.08.2019

CapitaLand Group, which in aggregate
holds about 38.04% of CRCT, will fully take
up its entitlement.
The shareholder offering will close on
August 13.
DBS and JP Morgan are joint bookrunners.
The company will use the proceeds to
lNANCEûPARTûOFûTHEûPROPOSEDûACQUISITIONûOFû
#APITA-ALLû8UEFU û#APITA-ALLû
!IDEMENGDUNûANDû#APITA-ALLû9UHUATINGû
for about S$505.4m.

HYALROUTE TURNS TO PRIVATE
FINANCING

HYALROUTE COMMUNICATION GROUP is considering
raising about US$200m–$300m from a
PRIVATEûlNANCINGûAFTERûDROPPINGûAûPLANûTOû
list in the US this year, said people with
knowledge of the matter.
4HEûlBRE
OPTICûNETWORKûPROVIDERûINû
-YANMARûANDû#AMBODIAûlLEDû
CONlDENTIALLYûFORûAû53û)0/ûOFûABOUTû
US$700m in April and was planning
to wrap up the listing in the second
quarter at the earliest, IFR reported
earlier.
The company, however, decided to drop
the plan for now as market conditions are
challenging for the listing of frontier-
market assets, said the people.
The proposed listing was expected to
give foreign investors rare exposure to the
two South-East Asian countries.
Goldman Sachs and Morgan Stanley led
the transaction with Citigroup and Credit
Suisse.
Headquartered in Singapore, HyalRoute
has a nationwide backbone network of
27,480 route kilometres and a metro duct
network of 2,209 route kilometres in
-YANMAR ûACCORDINGûTOûTHEûCOMPANYSû
website.
In Cambodia, HyalRoute has a
nationwide backbone network of 21,809
route kilometres and a metro duct
network of 1,532 route kilometres.

EUROPE/MIDDLE

EAST/AFRICA

ISRAEL

INMODE ENGAGES INVESTORS
WITH NASDAQ IPO

Boasting a celebrity clientele that includes
THREEû+ARDASHIANS ûTWOû2EALû(OUSEWIVESû
and ’90s popstar Paula Abdul, INMODE is
bringing its new mode of cosmetic surgery
to the public markets.

The Israeli-based medical aesthetics

specialist launched bookbuilding this

week on its IPO targeting up to US$80m.

4HEûlNANCINGûWOULDûFUNDûSALESûANDû

marketing effort for its FDA-approved

facial aesthetic products, and more

importantly, secure a Nasdaq-listing that

will give it greater access to capital.

Barclays and UBS are marketing 5m

shares at US$14.00–$16.00 each for pricing

on Wednesday August 7.

Inmode’s medical devices use radio

frequency (RF) energy to contour fat and

tighten skin with minimal scarring.

The company has six products that are

FDA-approved for 18 cosmetic procedures. It

sells medical devices to doctors and generates

recurring revenue from sales of single-use

handsets that are used in each procedure.

Inmode has 3,900 of the devices

INSTALLEDûATûDOCTORSûOFlCESûINûûCOUNTRIES

4HEûCOMPANYûISûPROlTABLEûANDûFAST

growing.

Inmode expects to post US$15.6m–$15.8m

of net income on US$38.6m–$38.8m of

revenues in the second quarter. That is more

THANûDOUBLEûTHEûPROlTSûANDûAûûREVENUEû

increase from the comparable year-ago period.

Inmode is targeting a valuation on the

IPO of US$500m, about 4.2-times forward

sales at the current run rate. That is

expensive relative to the 1.7-times of laser-

surgery comp Cutera, but the less invasive

nature of Indmode’s RF treatment is a key

selling point.

TEL AVIV STOCK EXCHANGE SHARES

JUMP ON DEBUT

Shares in TEL AVIV STOCK EXCHANGE traded up

on their debut last Thursday, rising around

29% from IPO pricing to close the day at

NIS9.15 each.

The IPO raised NIS225m (US$64m), and

priced above the midpoint of the offering

range at NIS7.10 per share.

It attracted demand from institutional

investors from across the world with the

RETAILûPORTIONûCOMPLETEDûLASTû-ONDAY

Around 31.7m shares were up for grabs,

representing 31.7% of the company.

Jefferies MANAGEDûTHEûmOAT

Tel Aviv Stock Exchange sold a nearly

ûSTAKEûTOûINVESTMENTûFUNDû-ANIKAYû

Partners and another 19% to four other

investors in 2018. The private sale valued

the exchange at NIS551m at the time.

NORWAY

BORR DRILLING’S DULL NYSE IPO

Borr Drilling’s US$46.5m NYSE IPO was,

somewhat predictably, dull.

The Norwegian offshore drilling rig

operator on Wednesday added the NYSE

LISTINGûTOûITSûEXISTINGûmOATûONû/SLOû"ORSûTOû

little fanfare.

The NYSE stock opened trading

on Wednesday at US$9.50 and treaded

water thereabouts throughout the

session, closing at US$9.77 on volume of

just 198,000 shares (US$1.9m of total

turnover).

Goldman Sachs and DNB Capital Markets

had placed 5m shares, just 4.5% of

outstanding, on Tuesday at US$9.30, a

roughly six-cent discount to the US-dollar

equivalent close in Norway.

A NYSE listing was the goal for Borr, and

lNANCINGûAûSECONDARYûCONSIDERATION

The equity offering boosts Borr’s cash

holdings to roughly US$220m, small relative

to US$1.5bn of long-term debt and ongoing

operating losses.

As of June 30, Borr had only 16 of its 27

rigs under contract with the remaining 11

warm-stacked and another eight newbuilds

on order.

Borr also has some agreements in place to

help secure contracts. The offshore driller

EXPECTSûTOûBEGINûEXECUTINGûUNDERûAû-EXICANû

JV a contract with Pemex in August and has

a separate deal with Schlumberger, its

largest shareholder.

Schlumberger is subject to the

180-day lock-up on its 15.1m shares, a

13.7% stake.

Continued operating losses, including

US$58m lost in Q1 on revenue of US$51.9m,

highlight the depth of the company’s woes,

EVENûIFûDAYûRATESûHAVEûBEGUNûTOûlRM

SOUTH AFRICA

EQUITES ABB RAISES R750m IN FRESH

CAPITAL

EQUITES PROPERTY FUND raised R750m

(US$51.7m) through an intraday accelerated

bookbuild last Thursday.

A total of 37.1m new shares were sold at

R2.022 each, representing a 1.2% discount

to Wednesday’s close of R2.047, and a

wider 4.7% discount to Thursday’s open of

R2.10.

The company said it was targeting at least

R500m when it launched the deal on

Thursday morning.

Shareholders approved a capital increase

OFûUPûTOûMûNEWûSHARESûATûANû!'-ûHELDû

on July 26.

The shares are expected to start trading

by August 12, subject to approval by the

Johannesburg stock exchange.

Last Friday shares were around R20.30

just after 3.30pm in London.

Java Capital was the bookrunner.

EQUITIES EMEA