COUNTRY REPORT INDONESIABrickwork has assigned a AA– (structured
obligation) rating to the notes.
In July, the company raised Rs3bn from
four-year zero-coupon bonds at a yield of
9.75%.
SYNDICATED LOANS
› SBI SIGNS FIVE-YEAR LOAN
STATE BANK OF INDIA has signed a US$750m
five-year loan with eight lenders joining in
general syndication.
Axis Bank , Barclays , BNP Paribas , Citigroup ,
DBS Bank , First Abu Dhabi Bank , HSBC ,
Mitsubishi UFJ Financial Group , Mizuho Bank ,
SBI Capital Markets and Standard Chartered
were the mandated lead arrangers and
bookrunners of the bullet facility, which
was signed on September 20. The MLABs
pre-funded the loan on July 26.
Allahabad Bank , Mega International Commercial
Bank , National Bank of Kuwait , Punjab National
Bank Dubai and Shinsei Bank joined as MLAs,
while Bank of Taiwan Singapore and Taipei
Fubon Commercial Bank Singapore came in as
lead arrangers. Punjab National Bank Hong Kong
joined as an arranger.
The loan paid a top-level all-in pricing of
115.35bp based on an interest margin of
105bp over Libor and a remaining life of
4.83 years.
Funds were for working capital, general
banking and other corporate purposes.
In June, SBI closed a US$500m three-
year term loan with eight banks joining in
general syndication. Axis, Barclays, BNP,
Credit Agricole, DBS, HSBC, MUFG, Mizuho,
First Abu Dhabi Bank, StanChart, UOB,
Wells Fargo and Westpac were the MLABs
on the financing, which paid a top-level
all-in pricing of 103.18bp, based on an
interest margin of 85bp over Libor and an
average remaining life of 2.75 years.
For full allocations, see http://www.ifrasia.com.
EQUITY CAPITAL MARKETS
› GODREJ AGROVET SETS IPO RANGE
Animal-feed maker GODREJ AGROVET has set a
price range of Rs450–Rs460 per share for its
proposed IPO of up to Rs11.6bn (US$177m).
The top of the price range translates to
a P/E ratio of 53.12 for the year to March
31 2017, versus a multiple of 23.62 for the
Nifty 50 index over the same period.
Godrej Agrovet said in a public notice
that it will sell primary shares totalling
Rs2.92bn, while existing stakeholders
Godrej Industries will make available
Rs3bn of secondary shares and V-Sciences
Investments will put up 12.3m shares. The
primary tranche was reduced from Rs3bn
after the company sold 192,901 shares for
Rs84.88m to a group of investors.
The average cost of acquiring the Godrej
Agrovet shares was Rs30.64 for Godrej
Industries and Rs154.60 for V-Sciences.
The offer will be open for subscription on
October 4–6.
Axis , Credit Suisse and Kotak are the
bookrunners.› PRINCE PIPES EYES RS8BN IPOPRINCE PIPES AND FITTINGS aims to launch an IPO
of Rs5bn–Rs8bn early next year, according
to a person with knowledge of the plans.
The company plans to file the draft
prospectus soon with the Securities and
Exchange Board of India.
Prince manufactures polyvinyl chloride
pipes at five factories in the country.
Edelweiss and JM Financial are bookrunners
on the IPO.› IFCI TO SELL MORE OF NSEIFCI said it planned to sell an additional
0.86% stake in NATIONAL STOCK EXCHANGE OF INDIA
on top of the 0.69% already being sold in
the bourse’s proposed IPO.
IFCI holds a stake of around 3.05% in
NSE. IFCI said the stake would be sold to
one or more buyers either in part or in full.
NSE’s Rs60bn–Rs70bn IPO has been
delayed as an investigation is under way on
charges against it of giving unfair access to
certain trading members.› PRATAAP COMPLETES LISTINGPRATAAP SNACKS ’ Rs4.8bn IPO was 47.39 times
covered last Tuesday, when the books
closed.
National Stock Exchange data shows that
the institutional tranche was covered 76.89
times, while the high-net-worth investor
and retail tranches were 101.15 and retail
8.48 times covered, respectively.
The IPO involved Rs2bn of primary
shares and 3m secondary shares, sold at the
top of the Rs930–Rs938 price range.
Edelweiss and JM Financial were the
bookrunners.› MASFS SETS IPO PRICE RANGEPersonal and SME finance firm MAS FINANCIAL
SERVICES is targeting proceeds of Rs4.6bn
from its proposed IPO on setting a price
range of Rs456–Rs459 per share.
The IPO will be open for subscription on
October 6–10, MASFS says in a press release.
The firm will sell primary shares
for Rs2.33bn and secondary shares for
Rs2.27bn in the IPO. Stakeholders DeutscheInvestitions und Entwicklungsgesellschaft
(DEG), Nederlandse Financierings–
Maatschappij voor Ontwikkelingslanden
(FMO) and Sarva Capital are selling the
secondary shares.
The shares will be listed on BSE and
National Stock Exchange.
In the year ended March 31 2017, MASFS
posted revenue of Rs3.6bn and net profit of
Rs685m, up 26% year on year.
Motilal Oswal is the bookrunner.› OCTOBER 9 OPEN FOR IEE IPOINDIAN ENERGY EXCHANGE has set the price range
for its Rs10bn IPO at Rs1,645–Rs1,650,
according to a public notice.
Around 6m secondary shares, or 20% of
the post-issue paid-up capital, will be sold.
The IPO would open for subscription on
October 9–11.
The vendors are 11 shareholders,
including Tata Power, AF Holdings,
Multiples Private Equity Fund, Madisons
India, Aditya Birla Private Equity and
Golden Oak Mauritius.
The shares will be listed on the BSE and
National Stock Exchange.
IEE is one of two electricity exchanges in
India and started operations in 2008.
Axis , IIFL Holdings and Kotak are the
bookrunners.› CMS TARGETS DECEMBER IPOCMS INFO SYSTEMS intends to launch an IPO of
up to Rs12bn in December, according to a
person with knowledge of the plan.
The company said in a regulatory
filing that the float would involve 44.4m
secondary shares from controlling
stakeholder Sion Investment Holdings, an
affiliate of Baring Private Equity Asia.
CMS is one of India’s largest cash-
management companies and manages the
flow of cash in 100,000 ATMs and retail
points. The company was formed in 2009
before Baring PE Asia acquired it in 2015.
Axis Capital , Kotak and UBS are the
bookrunners.INDONESIA
DEBT CAPITAL MARKETS
› STRONG OFFSHORE DEBUT FOR GEOGEO ENERGY RESOURCES attracted orders of over
US$1.2bn from 140 accounts for a debut
US$300m offering of five-year non-call
three bonds. (See News.)