€29.75 price range, for a deal size of €60m.
As shares are already listed on the
Amsterdam line, there was no provision for
a greenshoe.
FNG had communicated earlier in the
week that it was covered at a minimum deal
size of €50m and that there would be no
SECONDARYûSHARESûSOLDûINûTHEûmOAT
Pricing represents an estimated 2019 EV/
Ebitda of six, with an average for a peer
group including Gerry Weber, Tom Tailor,
Superdry, Ted Baker, JD Sports, Next, H&M
and Inditex of 7.5.
In a highly concentrated book, the top 10
orders took 95% of the IPO, including a
€9.5m cornerstone commitment from PMV,
the investment arm of the Flemish
government. The book was dominated by
Belgian long-only accounts and family
OFlCESûWITHûJUSTûûGOINGûTOûRETAILû
investors.
The new shares begin trading on July 9.
ING and "ELlUSûare joint global
coordinators and joint bookrunners with
ABN AMRO and Bank Degroof Petercam.
GERMANY
SUBSCRIPTION BEGINS FOR CONSUS
CAPITAL INCREASE
Subscription began last Tuesday for a €287m
capital increase in CONSUS, a German
residential real estate developer with a focus
on the country’s top nine cities.
Proceeds will be used to fund growth,
alongside selected add-on acquisitions and
continued deleveraging, the company said.
The rights issue, which is not
underwritten, comprises 39.9m new shares
representing approximately 50% of the
existing share capital on an 11-for-23 basis
at €7.20. Pricing has been set at a tiny 2%
discount to TERP.
The transaction has backing from its
largest shareholder, Aggregate Deutschland- but only up to a point. Aggregate has a
pre-money stake of 68.6% and has said it
will partially exercise its subscription rights
for at least €75m, or 26% of the capital
increase.
Consus CEO Andreas Steyer has also
committed to subscribe for €2m of shares in
the rights issue.
Rights trading runs until July 12, with
subscription running to July 16 and any
rump to be dealt with on July 18. The new
shares will be entitled to dividend rights
dating back to January 1 2017.
#ONSUSûSHARESûCLOSEDûmATûTOûPRICINGûATû
€7.20 on Thursday.
Deutsche Bank and UBS are joint global
coordinators and joint bookrunners with
Baader Bank.
PARTIAL GREENSHOE EXERCISE FOR CAR
PARTS MAKER STSThere was a partial exercise of the 15%
secondary greenshoe for German car parts
maker STS GROUP on Tuesday at the end of
the full stabilisation period, during which
TIMEûTHEûSHARESûONLYûCLOSEDûmATûTOûTHEû)0/û
price on debut.
There were 172,172 shares exercised out
of 300,000 provided by Munich investment
group Mutares, increasing the deal size to
õMûFROMûõMûANDûTHEûFREE
mOATûTOû
36% from 33% on the base deal.
The IPO priced at €24, below the €26–€32
range, with books oversubscribed at €26 but
not by enough to ensure an orderly
aftermarket. Even with the price cut, the
stock closed at €23.98 on its second day and
had fallen to €21.75 by last Monday’s close.
The stock closed at €21 on Thursday.
Hauck & Aufhauser was sole global
coordinator and joint bookrunner with
-AINlRST.NORWAY
OPERA OPENS NASDAQ TABNorwegian software developer OPERA, owned
by Shenzhen-listed Beijing Kunlun Tech, has
lLEDûFORûAû.ASDAQû)0/ûOFûUPûTOû53M
!CCORDINGûTOûAûREGULATORYûlLING û"ITMAIN û
IDG Capital Fund and IDG Capital Investors
have committed to buy shares totalling
US$50m, US$9.5m and US$471,000,
respectively at the IPO price.
The Norwegian company, best known for
its Opera web and mobile browser, was
bought by a Chinese consortium of internet
lRMSûINûûFORû53M
Beijing Kunlun Tech owns 48% of the
company and Zhou Yahui through Keeneyes
Future owns 19.5%. Zhou owns a 25.9% stake
in Beijing Kunlun, for which he serves as
chairman and CEO.
The company posted operating revenue of
53MûINûTHEûlRSTûTHREEûMONTHSûOFû û
representing an increase of 55% from
53MûINûTHEûlRSTûTHREEûMONTHSûOFûû
It generated a total operating revenue of
US$128.9m last year.
Opera served 321.7m average monthly
ACTIVEûUSERSûINûTHEûlRSTûTHREEûMONTHSûOFû
2018, of which 239.4m were smartphone
and PC users, compared with 202.6m
smartphone and PC users during the same
period in 2017.
Proceeds will be used for R&D to strength
THEûCOMPANYSûARTIlCIALûINTELLIGENCE
DRIVENû
content and improve the brand’s marketing
across markets.
CICC and Citigroup are leading the deal.ROMANIA
ALRO TO LIFT FREE-FLOAT WITH
US$590m RE-IPOAluminium producer ALRO is to re-IPO in
Bucharest, with its largest shareholders
Vimetco and Conef offering secondary
SHARESûTOûLIFTûTHEûFREE
mOATûFROMûTHEûCURRENTû
1.8%.
Holding an 84.2% pre-money stake,
Vimetco is offering 356.8m shares. Conef,
with a 3.8% stake is offering 26.9m shares.
They will be sold at a maximum price of
L6.18 for a deal size of L2.37bn (US$590m).
Alro shares closed Thursday at L4.03 for a
market cap of L2.87bn.
/NûCOMPLETION ûTHEûFREE
mOATûWILLûRISEûTOû
53.7% on the base deal, increasing to 59.15%
on full exercise of a 10% greenshoe of
38.37m shares. Approximately 15% of the
stock will be offered to retail investors.
Alro’s business consists of mining and
RElNINGûOFûRAWûMATERIALSûTOûTHEûPRODUCTIONûEQUITIES EMEAEMEA COMMON STOCK ISSUER LEGAL ADVISERS
1/1/2018–30/6/2018
No of Total Share
Legal adviser issues US$(m) (%)
1 Sullivan & Cromwell 4 8,444.8 9.3
2 Latham & Watkins 3 5,512.7 6.1
3 Linklaters 6 3,483.4 3.8
4 Freshfields Bruckhaus 6 2,856.4 3.1
Deringer
5 Clifford Chance 4 2,307.6 2.5
6 White & Case 7 1,906.2 2.1
7 Advokatfirmaet 5 1,371.9 1.5
Thommessen
8 Bredin Prat 2 1,109.9 1.2
9 Allen & Overy 5 1,103.8 1.2
10 Werksmans Attorneys 3 974.3 1.1
Total 516 91,160.1
Including all domestic and international deals and rights issues
Source: Thomson Reuters SDC code: AX3
EMEA COMMON STOCK MANAGER LEGAL ADVISERS
1/1/2018–30/6/2018
No of Total Share
Legal adviser issues US$(m) (%)
1 Sullivan & Cromwell 6 6,907.4 7.6
2 White & Case 14 4,443.0 4.9
3 Latham & Watkins 8 3,062.9 3.4
4 Freshfields Bruckhaus 3 2,881.3 3.2
Deringer
5 Linklaters 13 2,722.9 3.0
6 Allen & Overy 6 2,590.1 2.8
7 Shearman & Sterling 3 1,856.8 2.0
8 Simmons & Simmons 6 1,260.3 1.4
9 Stibbe 2 1,228.6 1.4
10 Davis Polk & Wardwell 4 1,176.6 1.3
Total 516 91,160.1
Including all domestic and international deals and rights issuesSource: Thomson Reuters SDC code: AX4