to the acceleration as well as coronavirus-
based concerns about international travel
and falling equity markets.
Trading in Nacon shares was limited, with
just over 1m shares changing hands on debut,
representing around 5.5% of the base deal. The
mOATûHADûBEENûTIGHTLYûALLOCATED ûWITHûTHEûTOPû
20 orders taking around 80% of the deal.
Despite opening at €5.89, the stock closed
below IPO pricing on its second day at €5.30, and
was down 2% on Friday late morning at €5.19.
Berenberg, Gilbert Dupont and Louis Capital
Markets were bookrunners.BIOMERIEUX SELL-DOWN RAISES €49mA minor shareholder in biotech company
BIOMERIEUX sold 0.5% of the company for
€49.2m on Tuesday night in a deal run by
BNP Paribas.
A total of 0.6m shares were sold at €82
each, a 3% discount to Tuesday’s close of
€84.55 per share.
Seller Groupe Industriel Marcel Dassault is
left with around 4.6% of Biomerieux and retains
representation on the board of directors.
A wall-cross preceded bookbuilding, which
lasted for one hour and closed around 5:45pm
in London. Allocations were concentrated
WITHûTHEûTOPûlVEûORDERSûTAKINGûûOFûTHEûDEALû
and the top 10 taking around 80%.
Shares in Biomerieux closed down 0.35%
on Wednesday at €84.25, and ended the
week at €81.70.
Biomerieux designs, develops and
manufactures in vitro diagnostic systems for
tuberculosis and respiratory infections. It is
developing two new tests to detect the novel
coronavirus on a highly accelerated
development path with launch planned for
one of them by the end of March.GERMANY
PERMIRA SELLS 11% OF SURGING
TEAMVIEWERAn 11% sell-down in software business
TEAMVIEWER raised €704m on Tuesday after a
wall of reverse enquiry, both to private equity
owner Permira and the IPO syndicate banks,
and a run up in the stock in the days before.
4HEûSALEûISûTHEûlRSTûSINCEû4EAM6IEWERûmOATEDû
in a €1.97bn Frankfurt IPO in September as the
provider of subscription tools for remote
desktop access and virtual meetings has
become a hot stock as coronavirus spreads.
TeamViewer shares surged 22.6% between
the close on Thursday and the end of
Monday’s session. Shares lost some ground
ahead of Tuesday evening’s launch but were
still up more than 20% at €34.94 each.
Permira, which acquired TeamViewer in
2014, trimmed its stake to 51.5% from 62.5%.Goldman Sachs and Morgan Stanley, the two
global coordinators on the IPO, carried out a
small wall-crossing exercise on Tuesday that
provided more than enough interest to cover
the sale. A banker involved said the
unsolicited interest from investors was one of
the highest he had ever seen, with investors
also appealing directly to Permira to sell.
Books opened around the London close,
offering 22m shares, representing around 40
days’ trading, by IFR calculations.
Formal coverage took approximately 15
minutes, with investors guided to pricing at
€32 just over an hour later. Pricing at €32
was an optically wide 8.3% discount to the
€34.90 close, notwithstanding the swift rise
in the shares and the size of the transaction.
A book of more than 100 lines was
multiple times covered, with the top 20
orders taking approximately 80% of the stock
and Permira heavily involved in allocations.
It is in the alternative asset manager’s
interest to allocate cautiously, considering
Permira is still left with a majority of the
shares, now subject to a 90-day lock-up.
Having bought in to the company in 2014
Permira is overdue an exit and a good
aftermarket will hasten the selling process.
TeamViewer took its time to become an
IPO success, trading below the €26.25
PRICINGûFORûTHEûlRSTûTHREEûMONTHSûFOLLOWINGû
its €1.97bn Frankfurt IPO. The stock rallied
STRONGLYûINû$ECEMBERûmYINGûTHROUGHûTHEû
issue price in a 20%-plus gain in the run-up
to year-end. In 2020, the stock has largely
traded above €30 and opened at €33.10 on
Wednesday, closing at €34.25. Alongside
heavy market falls on Friday, the stock was
down 6.6% shortly before midday at €32.71.
The IPO was priced at the top of the range
and bankers involved as well as away from
the deal were non-plussed as to the initial
poor performance of what had been
considered one of the year’s most promising
IPO candidates. The more recent share
performance has been seen as validation of
the original IPO pricing and late upsize.ITALY
SIA CLOSE TO CHOOSING
IPO BANKS)TALIANûPAYMENTSûlRMûSIA said on Thursday
that it has appointed JP Morgan ASûlNANCIALû
adviser for all extraordinary transactions,
including a possible IPO.
The underwriting syndicate structure will
BEûDElNEDûATûAûLATERûSTAGEûFORûTHEû)0/ ûWHICHû
is expected to raise US$1bn-$1.5bn.
Several bankers vying for syndicate roles
had expected the syndicate to be decided
last week. SIA was not immediately
available for comment.The company also announced its 2019
lNANCIALûRESULTSûSHOWINGû%BITDAûATûõM û
up 28.1% year-on-year.
Earlier reports suggested JP Morgan and
UniCredit were the most likely candidates to
lead SIA’s IPO.
One ECM banker said there is no reason
for SIA to delay choosing banks despite
uncertainty in Italy and beyond, with the
deal set to be the country’s largest this year.
Likewise, a delay to the IPO timetable is seen
as unlikely given the strong early reception to
SIA’s story and how far along the process already
is, with the IPO likely to happen by summer.
Another ECM banker said everyone is after
a spot on the syndicate given the large deal
size and that the company is in an appealing
sector. Reports suggest a valuation of €4bn.
Virus-struck Lombardy is home to Italy’s
lNANCIALûCENTREû-ILAN ûBUTûMOSTû%#-û
meetings are still going ahead, according to
local bankers. Some international meetings
have been transferred to video calls.
As well as affecting face-to-face investor
contact time, the coronavirus outbreak is
creating extra demands for companies
hoping to market IPOs.
“If you’re going ahead, you’ve got to have
a very clear and strong rationale and
messaging around how the coronavirus will
impact your business,” said one banker
involved in Italian ECM.INTERCOS PLANS MILAN FLOATCosmetics producer INTERCOS has hired BNP
Paribas, Morgan Stanley and UBS as global
COORDINATORSûFORûAû-ILANûmOAT ûALONGûWITHû
bookrunner Jefferies.
Financial adviser Rothschild and legal
advisor White & Case also join the line-up,
which notably excludes Italian banks.
A person close to the deal said Intercos is
evaluating timing “on the basis of the
development of the general situation”.
Local reports had suggested a summer
mOATûANDûAûPOTENTIALûVALUATIONûOFûAROUNDûInternational Financing Review March 7 2020 81EQUITIES EMEAUS EQUITIES
BOOKRUNNERS: 1/1/2020 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C3r1 Goldman Sachs 24 3,709.60 16.1
2 Morgan Stanley 22 2,998.98 13.0
3 JP Morgan 25 2,554.62 11.1
4 BofA 21 2,365.72 10.3
5 Citigroup 15 1,536.65 6.7
6 Barclays 13 1,186.28 5.1
7 Jefferies 18 1,140.00 4.9
8 Cowen & Co 16 927.12 4.0
9 UBS 10 887.01 3.8
10 Wells Fargo 14 828.87 3.6
Total 122 23,071.3010 IFR Equities and SE 2323 p 77 - 87 .indd 81 06 / 03 / 2020 19 : 36 : 29