The offering allowed existing holders,
mostly Goldman Sachs-managed real
estate/private equity fund Whitehall
Real Estate Partners, to sell 6.5m Golden
shares.
Whitehall received 4m shares or about
15.2% (at the time) of Golden as part of the
latter’s US$850m cash and stock-based
purchase of American Casino &
Entertainment Properties last year.
That deal was announced in June but
closed in late October, bringing three
Vegas casinos into the Golden fold,
including the Stratosphere.
JP Morgan, Morgan Stanley and Macquarie
Capital (the latter passive) led the offering,
pricing the 6.5m shares at US$28.00 or an
all-in discount of 12%. This followed a 9.1%
STOCKûPRICEûDECLINEûONûTHEûlRSTûDAYûOFû
marketing, but the large size of the
offering - at about 100 days’ average daily
trading volumes in the past six months -
may have weighed on the stock price.
The three banks were all part of the debt
lNANCINGûSYNDICATEûFORûTHEû-!
Taking stock instead of all cash still
proved a wise move for the seller.
Golden’s stock price has surged from
around US$17.00 at the time of the deal (the
stock consideration was based on a 10-day
weighed average price at the time of
US$17.05) to a close of US$31.70 before the
offering was launched.CARDLYTICS FILES FOR US$75m IPOCARDLYTICS, a technology platform that helps
marketers reach consumers based on their
PURCHASINGûHISTORY ûPUBLICLYûlLEDûONû*ANUARYû
12 for a US$75m IPO that could launch later
this month.
Led by former Capital One Financial
executives, Cardlytics purchases data from more
THANû ûlNANCIALûINSTITUTIONSûANDûAPPLIESû
analytics that allow companies to measure the
sales impact of their marketing spending.
#ARDLYTICSûHASûBEENûINûCONlDENTIALûlLINGû
SINCEûLASTû!PRIL ûlLINGûSIXûhSECRETvû
amendments before showing its hand
publicly.
The company increased revenues by 19%
to US$91.1m in the nine months ended
September 30, but made a net loss of
US$21m in the same period.4HEûCOMPANYûISûBACKEDûBYû6#ûlRMSû
Canaan Partners, Polaris Venture Partners
and Discovery Capital as well as marketing
ANDûANALYTICSûCOMPANYû!IMIAûANDûlNANCIALû
SOFTWAREûlRMû&IDELITYû)NFORMATIONû3ERVICES
Bank of America Merrill Lynch and JP Morgan
are slated to lead a syndicate of six
underwriters.
Cardlytics’s business is heavily
dependent on Bank of America and a
LIMITEDûNUMBERûOFûlNANCIALûPARTNERS ûANDû
this is listed as a key risk factor in the
prospectus.DUFRY SEEKS US$800m-PLUS
FROM HUDSON IPOSwiss-listed travel retailer Dufry hopes to
raise as much as US$827.8m via the NYSE
IPO of US and Canadian airport news stand
and duty-free concessionaire HUDSON.
Launched on Friday, the IPO will see
Dufry sell 39.4m shares in a US$19-$21
marketing range for pricing on January 31.
Credit Suisse, Morgan Stanley, UBS, Bank of
America Merrill Lynch and Goldman Sachs lead a
lRMûUNDERWRITINGûSYNDICATEEQUITIES AMERICASECM DEALS: WEEK ENDING 19/1/2018
Stock Country Date Amount Price Deal type Bookrunner(s)
Sherritt International Canada 17/01/2018 C$115.0m C$1.40 Accelerated follow-on (Primary) Paradigm Secs, Eight Cap, National Bank Financial
BeiGene Cayman Is./ 17/01/2018 US$750.0m US$101.00 Follow-on (Primary) GS, MS, Cowen, Leerink Partners
China
China Hongqiao China 15/01/2018 HK$6.24bn HK$9.60 Follow-on (Primary) CLSA, CMB International, UBS
China Jinmao China 12/01/2018 HK$3.33bn HK$3.70 Follow-on (Primary) GS, HSBC
Country Garden China 16/01/2018 HK$7.88bn HK$17.13 Follow-on (Primary) GS
Future Land Development China 17/01/2018 HK$1.56bn HK$5.86 Follow-on (Primary) DB, Citigroup
Microport Scientific China 18/01/2018 HK$386m HK$8.40 Follow-on (Secondary) JP Morgan
Shanghai Pharmaceuticals China 18/01/2018 HK$3.13bn HK$20.43 Follow-on (Primary) MS, Haitong International, China Merchants Secs
Royal Unibew Denmark 15/01/2018 DKr969.5m DKr350 Accelerated follow-on (Secondary) Danske Bank, SEB
Fnac Darty France 16/01/2018 €267.96m €91 Accelerated follow-on (Secondary) Societe Generale
Terna Energy Greece 18/01/2018 €52.2m €4.35 Accelerated follow-on (Primary Axia Ventures, Euroxx Secs, LXM Group
and Secondary)
Israel Chemicals Israel 16/01/2018 NIS2.393bn NIS13.60 Accelerated follow-on (Secondary) UBS
Taptica International Israel 15/01/2018 £38.25m 4 50p Accelerated follow-on (Primary Berenberg, Finncap
and Secondary)
UroGen Pharma Israel 18/01/2018 US$59.9m US$41.00 Follow-on (Primary) Jefferies, Cowen, Oppenheimer
Al Rajhi REIT Saudi Arabia 14/01/2018 SR427m SR10 IPO (Primary) Al Rajhi
Kakao South Korea 17/01/2018 US$1bn US$121.04 IPO (Primary) Citigroup, GS
React Group UK 15/01/2018 £42m 45p Accelerated follow-on (Secondary) Whitman Howard
ADT US 18/01/2018 US$1.47bn US$14.00 IPO (Primary) MS, GS, Barc, DB, RBC CM, Citigroup, BAML, CS
Agios Pharmaceuticals US 18/01/2018 US$528.7m US$67.00 Follow-on (Primary) JP Morgan, GS, Cowen
Americold Realty US 18/01/2018 US$724.8m US$16.10 IPO (Primary, Secondary) BAML, JP Morgan, RBC Cap Markets
Arrowhead Pharmaceuticals US 17/01/2018 US$52.5m US$5.25 Accelerated follow-on (Primary) Jefferies, Barclays, Cantor
AveXis US 16/01/2018 US$400.0m US$102.00 Follow-on (Primary) GS, Jefferies, BAML
Boot Barn US 17/01/2018 US$103.5m US$17.25 Follow-on (Secondary) JPM, Piper Jaffray, Jefferies, Wells Fargo,
Robert W Baird, Cowen
Genocea Biosciences US 16/01/2018 US$53.4m US$1.00 Accelerated follow-on (Primary) Cantor
Golden Entertainment US 18/01/2018 US$182.0m US$28.00 Follow-on (Secondary) JP Morgan, MS, Macquarie
Intrexon US 16/01/2018 US$75.0m US$12.50 Accelerated follow-on (Primary) JMP Secs, Stifel
Keane Group US 17/01/2018 US$243.1m US$18.25 Follow-on (Secondary) Citigroup, JP Morgan, Barclays, BAML, GS, MS
New Residential Investment US 16/01/2018 US$427.5m US$17.10 Accelerated follow-on (Secondary) CS, JP Morgan, BAML, BTIG, B Riley, UBS
Nine Energy Services US 18/01/2018 US$161.0m US$23.00 IPO (Primary) JP Morgan, GS, Wells Fargo
Paratek Pharmaceuticals US 17/01/2018 US$50.0m US$16.10 Accelerated follow-on (Primary) BTIG