The offer comprised 300m shares at 100p
each.
The book was heavily skewed to long-only
investors, supported by UK, US and
Continental European real estate specialists.
4HEREûWASûALSOûSIGNIlCANTûCONCENTRATION û
with the top 20 orders taking 65% of the IPO,
with long-only orders representing more
than 70% of demand. A retail component
had more than 10% of the shares on offer.
The real estate pipeline is valued at €1.8bn
and contains properties largely in Germany,
Italy, the Netherlands, Poland and Spain. At
launch, Tritax said that proceeds are
expected to be deployed within six to nine
months of admission.
The fund is targeting an ordinary share
dividend yield of 4.75% and a total return on
the ordinary shares of 9%. There is also a
placing programme of up to 500m shares to
be issued by June 13 2019.
Jefferies and Kempen are joint bookrunners
and advisers, Scott Harris managed an
intermediaries offer.
ASA TARGETS £71m-£136m LONDON
LISTING
-ICROlNANCEûLENDERûASA INTERNATIONAL has
begun bookbuilding its £71m-£136m
London Stock Exchange IPO.
Books are open until 4pm on July 12 for an
all-secondary offering of 25m to 40m shares in
the company, which provides small loans to
1.8m predominantly female entrepreneurs
and small business owners in 12 countries.
The price has been set at 285p-340p for a
market capitalisation of £285m-£340m. The
FREE
mOATûISû
ûRISINGûTOûUPûTOûû
on full exercise of a 15% secondary
greenshoe.
Pricing represents an estimated 2019 P/E
OFû
ûWHICHûISûAûSIGNIlCANTûDISCOUNTûTOû
the closest peer, Bandhan Bank of India,
which trades at around 30.
Interest is expected to be led by frontier
funds but a banker involved said that there
had been good general interest, although
the deal is small.
Management was in Dubai on Sunday
and then London and Asia last week,
moving on to the US and Continental
Europe this week.
Citigroup is sole global coordinator and
joint bookrunner with EFG Hermes and
Investec. KBW is lead manager. There is a
2.75% base fee, with a 1.5% discretionary
incentive fee.ASHOKA RAISES £46m FOR INDIAN
INVESTMENTSASHOKA INDIA EQUITY INVESTMENT TRUST has raised
£46m from its London Stock Exchange IPO, with
the shares opening above pricing on Friday.
The trust invests mainly in securities
listed in India and companies with a
SIGNIlCANTûPRESENCEûINû)NDIAû!FTERû
admission, the company will launch a share
issuance programme of up to 200m shares,
expiring after 12 months.
The trust launched with a target of
£100m, although a banker working on the
mOATûSAIDûTHATûTHEûMAXIMUMûSIZINGûWASû
always aspirational and £46m was a good
response for a niche strategy fund.
The IPO involved 45.64m shares at £1,
with 30.7m sold in a placing, 6.95m in an
offer for subscription and 7.98m shares
through an intermediaries offer.
The banker said that private wealth
TOOKûAûSIGNIlCANTûAMOUNTûOFûTHEû
institutional book and there was a good
response from retail investors. A book of
AROUNDûûLINESûWASûWELLûDIVERSIlEDûANDû
not too concentrated at the top, with
much of the money coming from UK
accounts. There were approximately 90
meetings throughout the UK during the
roadshow.
The shares opened at 103.5p on Friday
ANDûWASûTRADINGûmATûTOûTHATûLEVELûINûTHEûLATEû
morning.
The trust expects to make 20-40
investments in what it calls high conviction
opportunities.
Peel Hunt was sole sponsor and placing
agent.URANIUM TRADER YELLOW CAKE CLOSES
UP 2% ON DEBUTUranium trader YELLOW CAKE began trading
on AIM on Thursday, with the shares
OPENINGûmATûTOûTHEûPûPRICINGûINûTHEû
£152m IPO.The stock almost immediately dropped
below and fell to 193p, but pulled back in
the afternoon to around 200p, closing up 2%
at 204p.
Notably, there was no greenshoe, so no
option for stabilisation. Trading was very
thin.
4HEûSTOCKûOPENEDûmATûTOûPRICINGûONû&RIDAY û
pushing up to 201p in the late morning.
!ûBANKERûWORKINGûONûTHEûmOATûSAIDûTHATû
the deal was comfortably oversubscribed,
with demand coming largely from investors
that were highly knowledgeable about
uranium. The book was concentrated, with
the top 10 accounts taking approximately
60% of the stock.
The proceeds will be used to purchase
8.1m pounds of uranium at US$21.01 per
pound under its contract with Kazakhstan
uranium importer and exporter
Kazatomprom, versus a spot price of
US$22.55 per pound on June 25.
Berenberg and Numis were joint
bookrunners.SMALL INCREASE FOR HIPGNOSIS IPO
FUNDRAISINGAn offer for subscription has increased
fundraising for HIPGNOSIS SONGS FUND to £202.2m,
having already raised £200m from a placing.
The fund offers exposure to songs and
associated musical intellectual property
RIGHTS ûWITHûAûPIPELINEûOFûALREADYûIDENTIlEDû
songs from award-winning songwriters.
The IPO comprised 200m shares in the
placing priced at 100p, with a further 50m
provided for the offer for subscription.
The fund is targeting 10% or more per
annum total NAV returns over the medium
term, with a 5% annual dividend yield once
FULLYûINVESTED ûANDûAûlRSTûDIVIDENDûEXPECTEDû
in November 2018.
Trading begins on July 11.
NPlus1 Singer was sole bookrunner.AMIGO FULLY EXERCISES GREENSHOE
AFTER FOUR DAYSGuarantor loan provider AMIGO HOLDINGS has
fully exercised the 10% greenshoe on its
£326.8m London Stock Exchange IPO in
which shares began trading on June 29.EQUITIES EMEAECM DEALS: WEEK ENDING 6/7/2018
Stock Country Date Amount Price Deal type Bookrunner(s)
Tianli Education China 04/07/2018 HK$1.3bn HK$2.66 IPO (Primary) CICC
Inke China 04/07/2018 HK$1.16bn HK$3.85 IPO (Primary) CICC, Citigroup, Deutsche
FNG Brussels 05/07/2018 €60m €27.00 Marketed follow-on (Primary) ING, Belfius, ABN AMRO, Bank Degroof Petercam
SMCP France 05/07/2018 €105m €22.25 Accelerated bookbuild (Secondary) JP Morgan
Ashoka India Equity Invt Trust UK 03/07/2 018 £46m 100p IPO (Primary) Peel Hunt
Foresight Solar Fund UK 03/07/2018 £48.1m 107p Marketed follow-on (Primary) Stifel
Hipgnosis Songs Fund UK 05/07/2018 £202.2m 100p IPO (Primary) NPlus1 Singer
Tritax Eurobox UK 03/07/2018 £300m 100p IPO (Primary) Jefferies, Kempen