HDFC AMC DELAYS IPO OF UP TO RS35bnHDFC ASSET MANAGEMENT has delayed the
launch of its up to Rs35bn (US$512m) IPO
after the market regulator last week asked it
to scrap a pre-IPO share placement to
lNANCIALûADVISERS ûPEOPLEûWITHûKNOWLEDGEû
of the transaction said.
The IPO was originally due to open for
subscription from July 11 to July 13 and the
price range was to be announced last week.
HDFC AMC issued shares worth Rs1.5bn
(US$22m) to 140 distributors in April. This
prompted other AMCs to complain to the
Securities and Exchange Board of India that
such an issue would affect the ability of the
lNANCIALûADVISERSûTOûGIVEûNEUTRALûADVICEûTOû
their clients. As a result, Sebi has asked
HDFC AMC to cancel the placement and
refund the money to the distributors.
Sebi could not be immediately contacted
for comment.
“It will take one or two weeks for HDFC
AMC to sort out this whole issue. We have
been asked to stop all marketing of the IPO
UNTILûAûNEWûTIMETABLEûISûlNALISED vûAûBANKERû
on the deal said.
HDFC AMC is one of India’s leading
mutual fund companies, with assets of
Rs2.93trn as of December 31 2017. Its net
PROlTûROSEûTOû2SBNûFORûTHEûYEARûTOû-ARCHû
31 2017 from Rs4.78bn in 2015/16.
Shareholders Housing Development
Finance Corp and Standard Life Investments
are looking to sell a combined 25.5m shares,
or a stake of 12.1%, in the IPO. Of the shares,
8.6m, or a stake of 4.1%, will come from
HDFC and 16.9m, or an 8% stake, will be
from Standard Life.
According to the draft prospectus, HDFC
owns close to 57.4% of the AMC and Standard
Life controls 38.2%. A group of individual
investors hold the remaining interest.
Axis, Bank of America Merrill Lynch, Citigroup,
CLSA, HDFC Bank, ICICI Securities, IIFL Holdings,
JM Financial, JP Morgan, Kotak, Morgan Stanley
and Nomura are the bookrunners.
FLEMINGO TRAVEL PUSHES IPO TO AUGUSTFLEMINGO TRAVEL RETAIL has pushed back the
launch of a Rs25bn (US$363m) IPO to early
August from June because of weak market
conditions, people with knowledge of the
transaction said.
The operator of duty-free shops will sell
primary shares for Rs24bn and 1.1m secondary
shares. Shareholder Flemingo Duty Free Shop
Mumbai is the vendor of the secondary shares.
Flemingo has outlets at airports in India,
Sri Lanka and Africa.
It reported a net loss of Rs1.14bn for the
lNANCIALûYEARûTOû-ARCHû ûDOWNûFROMûAûLOSSû
of Rs1.18bn in 2016.
Axis, Credit Suisse, HSBC, ICICI Securities and
Yes SecuritiesûAREûBOOKRUNNERSûONûTHEûmOATJAPAN
SOFTBANK TO HOLD IPO BEAUTY
CONTESTSoftBank Group will hold a beauty contest
this month to select bookrunners for the
IPO of its mobile phone unit, DealWatch
reported last Friday.
The timing puts the listing of SOFTBANK
CORP on track for the second half of the year
in a deal that bankers said earlier could raise
as much as ¥2trn (US$18bn).
Nomura, Mitsubishi UFJ Morgan Stanley
and Mizuho are already advising on the
LISTING ûBUTû3OFT"ANKûWILLûMAKEûAûlNALû
decision on lead managers after the beauty
contest, according to DealWatch, a
Thomson Reuters publication.
SoftBank Group announced preparations
for the spin-off in February and has since
RElNANCEDûORûAMENDEDûITSûOUTSTANDINGûDEBTû
to remove guarantees from the mobile
PHONEûSUBSIDIARYû)TûISûEXPECTEDûTOûlLEûFORû
the listing on the Tokyo Stock Exchange in
July, and may also consider a dual listing on
an overseas exchange.PHILIPPINES
DOUBLEDRAGON PRICES FOLLOW-ONDeveloper DOUBLEDRAGON PROPERTIES is set to
raise Ps4.1bn (US$76m) from a follow-on
stock offering after pricing the offer at the
bottom of the Ps30–Ps40 range.
The institutional offer closed the week
before last while the retail offer was
scheduled to close last Friday.
About 135m shares are being sold, of
which an international long-only institution
bought a sizeable chunk.
BPI Capital and Maybank ATR Kim Eng are the lead
underwriters. Maybank is also an international
bookrunner with Credit Suisse and UBS.EUROPE/MIDDLE
EAST/AFRICABELGIUM
FNG RETAIL CHAIN RE-IPO PICKS UP €60mFashion retail chain FNG priced a slightly
restructured Euronext Brussels re-IPO on
Friday, cutting a planned secondary tranche.
FNG is already listed in Amsterdam and is
raising funds on that line before listing in
Belgium, with Brussels to become the
market of reference post-money.
At launch, there was potential for an up to
€85.7m-€95.15m deal size, with provision
FORûAûûUPSIZINGûANDûlXEDûSECONDARYû
proceeds of €15m.
In the end, the business opted not to sell
the maximum number of primary shares or
exercise the upsizing option and the
secondary tranche was dropped.
As a result, 2.2m primary shares were
sold at €27, off the bottom of a €26.25-EMEA EQUITIES
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues US$(m) (%)
1 Goldman Sachs 40 9,009.86 9.9
2 JP Morgan 34 7,759.38 8.5
3 Citigroup 32 5,558.33 6.1
4 Morgan Stanley 34 4,653.47 5.1
5 Credit Suisse 20 4,515.59 5.0
6 BAML 18 4,220.89 4.6
7 UBS 17 4,068.40 4.5
8 Deutsche Bank 26 3,858.15 4.2
9 Barclays 23 3,503.38 3.8
10 Berenberg Bank 27 2,516.87 2.8
Total 516 91,151.97
Including all domestic and international deals and rights issues
Source: Thomson Reuters SDC code: C4cr
EMEA IPOs
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues US$(m) (%)
1 Citigroup 14 2,114.58 8.5
2 JP Morgan 11 2,010.70 8.1
3 Deutsche Bank 10 1,650.27 6.6
4 Morgan Stanley 12 1,602.38 6.4
5 Goldman Sachs 9 1,534.37 6.2
6 BAML 7 1,392.52 5.6
7 UBS 5 1,289.76 5.2
8 BNP Paribas 5 1,223.83 4.9
9 Berenberg Bank 9 1,172.87 4.7
10 Credit Suisse 8 1,030.59 4.1
Total 102 24,852.31
Including all domestic and international deals
Source: Thomson Reuters SDC code: C7cEMEA RIGHTS ISSUE UNDERWRITING
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues US$(m) (%)
1 Barclays 8 1,914.86 11.0
2 HSBC 4 1,334.46 7.6
3 Goldman Sachs 3 880.81 5.0
4 EFG Hermes 1 865.58 5.0
5 Santander Global 5 807.88 4.6
6 Investec 1 773.37 4.4
7 Credit Agricole 3 769.36 4.4
8 Citigroup 3 644.57 3.7
9 JP Morgan 2 569.14 3.3
10 BNP Paribas 4 545.94 3.1
Total 52 17,446.40Source: Thomson Reuters SDC code: C8fr