IFR International - 28.07.2018

INDIA

AAKASH FILES PROSPECTUS FOR UP TO
RS10bn IPO

AAKASH EDUCATIONAL SERVICESûHASûlLEDûAûDRAFTû
PROSPECTUSûFORûANû)0/ûOFûUPûTOû2SBNû
53M ûWITHûAûTARGETEDûLAUNCHûBEFOREû
-ARCHûû
!ROUNDûMûSECONDARYûSHARESûWILLûBEû
SOLDûINûTHEû)0/ ûWITHûSELLERSûINCLUDINGû
FOUNDERSû*#û#HAUDHRY û!AKASHû#HAUDHRYû
ANDûOTHERûMEMBERSûOFûTHEû#HAUDHRYûFAMILY
&OUNDEDûINû ûTHEûCOMPANYûCOACHESû
STUDENTSûFORûNATIONALûLEVELûEXAMINATIONSûTOû
JOINûENGINEERINGûANDûMEDICALûCOLLEGESû!SûOFû
-ARCHûû ûTHEûCOMPANYûEMPLOYEDû
 ûFACULTYûMEMBERSûANDûOPERATEDûû
CLASSROOMûCENTRESûACROSSûûCITIESûINû)NDIAû
/FûTHESE ûûCENTRESûAREûOPERATEDûTHROUGHû
FRANCHISEEûARRANGEMENTS
4HEûCOMPANYûEARNEDûAûNETûPROlTûOFû
2SBNûINûTHEûlNANCIALûYEARûTHATûENDEDûONû
-ARCHûû ûVERSUSû2SMûINû
Citigroup, CLSA and Kotak are the
BOOKRUNNERS

ACT TAKES ITS TIME ON US$400m IPO

ATRIA CONVERGENCE TECHNOLOGIES is moving
SLOWLYûONûITSûPLANûFORûAû53MnMû
)0/ûAFTERûAûFALLûINûTHEûSHARESûOFûLOCALLYûLISTEDû
PEERS ûPEOPLEûWITHûKNOWLEDGEûOFûTHEû
TRANSACTIONûHAVEûSAID
The Bangalore-based broadband internet
SERVICEûPROVIDERûHADûNOTûlXEDûAûTIMETABLEû
FORûTHEû)0/ ûWHICHûHASûBEENûEXPECTEDûINûTHEû
SECONDûHALFûOFûTHISûYEAR
-OBILEûPHONEûOPERATORû2ELIANCEûIOû
)NFOCOMMûISûPLANNINGûTOûSTARTûOFFERINGû
broadband services from November, which
HASûTRIGGEREDûFEARSûOFûAûPRICEûWARû3HARESûOFû
broadband companies Dish TV, Bharti Airtel
and Tata Communications have fallen as a
RESULT
IOSûENTRYûINTOûMOBILEûINTERNETûSERVICESû
DISRUPTEDûTHATûMARKETûCONSIDERABLYûANDû
hit the earnings of incumbents such as
"HARTIû!IRTEL û)DEAû#ELLULARûANDû6ODAFONEû
)NDIA
0RIMARYûSHARESûOFû2SBNû53M ûANDû
MûSECONDARYûSHARESûWILLûBEûSOLDûINûTHEû
)0/
)NVESTMENTûFUNDû!RGANû-AURITIUSûANDû
PRIVATEûEQUITYûlRMû4!û&6#)ûAREûAMONGûTHEû
VENDORSûOFûTHEûSECONDARYûSHARESû!RGANû
CURRENTLYûOWNSûûOFûTHEûCOMPANYûANDû4!û
û4HEûRESTûOFûTHEûSHARESûAREûOWNEDûBYû
FOUNDERû#HINNASWAMYû3UNDERû2AJUûANDû
SOMEûINDIVIDUALûSHAREHOLDERS
)NûTHEûPROSPECTUS û!#4ûSAYSûITûISû)NDIASû
third-largest wired broadband internet
SERVICEûPROVIDERûWITHûMûCUSTOMERSûASûOFû
THEûENDûOFûLASTûYEAR ûAûûMARKETûSHARE

!#4ûEARNEDûAûNETûPROlTûOFû2SBNûINûTHEû

lNANCIALûYEARûTOû-ARCHûûûUPûFROMû

2SBNûINû

Citigroup, HDFC Bank, ICICI Securities and JP

MorganûAREûTHEûBOOKRUNNERS

CREDITACCESS GRAMEEN PLANS IPO

IN AUGUST

-ICROlNANCEûlRMûCREDITACCESS GRAMEEN is

TARGETINGûTHEûLAUNCHûOFûITSû2SBNn2SBNû

53MnM  û)0/ûINû!UGUSTûPEOPLEû

WITHûKNOWLEDGEûOFûTHEûTRANSACTIONûSAID

0RIMARYûSHARESûOFû2SBNûANDûMû

SECONDARYûSHARESûWILLûBEûSOLDûINûTHEû)0/û

Controlling shareholder CreditAccess Asia

OWNSûûOFûTHEûCOMPANYûANDûWILLûBEûSELLINGû

THEûSECONDARYûSHARES

CreditAccess Grameen will be the second

)NDIANûMICROlNANCEûlRMûPLANNINGûANû)0/û

THISûYEARûAFTERû3PANDANAû3PHOORTYû%QUITASû

(OLDINGSû!5û3MALLû&INANCEû"ANKûANDû

5JJIVANûAREûTHEûCOUNTRYSûOTHERûLISTEDû

MICROlNANCEûCOMPANIES

4HEûCOMPANYûREPORTEDûAûNETûPROlTûOFû

2SMûINûTHEûlNANCIALûYEARûTHATûENDEDûONû

-ARCHûûûVERSUSû2SMûINûû

0ROlTûFELLûBECAUSEûOFûHIGHERûPROVISIONINGûFORû

BADûLOANS

Credit Suisse, ICICI Securities, IIFL Holdings

and KotakûAREûTHEûBOOKRUNNERS

JAPAN

INVINCIBLE RAISING ¥42bn FROM NEW

UNITS

INVINCIBLE INVESTMENT, a Japanese real estate

investment trust, is set to raise ¥42bn

53M    ûINûAûFOLLOW

ONûOFFERINGûOFûNEWû

UNITS

4HEû2%)4ûPLANSûTOûSELLûûUNITSûINûTHEû

BASEûDEALûATûcûPERûUNITûREPRESENTINGûAû

DISCOUNTûOFûûTOûTHEûCOMPANYSûCLOSEûOFû

cûLASTû7EDNESDAY

!BOUTûûOFûTHEûSHARESûORûûUNITSû

are being sold to international investors and

ûTOûDOMESTICûINVESTORSû4HEû

international-domestic tranche allocation is

DIFFERENTûFROMûTHEûORIGINALûPLANûOFûû

VERSUSû

There is an overallotment option of

ûUNITS

The domestic public offering ran from

*ULYûûTOû*ULYû

The company will use the proceeds to

lNANCEûTHEûPURCHASEûOFûSIXûHOTELûPROPERTIESû

Any remaining proceeds will be used for

FUTUREûACQUISITIONS

Mizuho Securities, Morgan Stanley and SMBC

Nikko weREûTHEûJOINTûGLOBALûCOORDINATORSû

4HEYûWEREûALSOûJOINTûBOOKRUNNERSûANDûLEADû

managers with Citigroup and Nomura in the

INTERNATIONALûOFFERING

WORLD CO PLANS TSX RELISTING

Clothing company WORLD CO is planning to

RELISTûONûTHEû4OKYOû3TOCKû%XCHANGEûWITHûAû

TARGETEDûMARKETûCAPITALISATIONûOFûAROUNDû

cBNû53M û4HOMSONû2EUTERSû

$EAL7ATCHûREPORTEDûLASTûWEEK

Nomura and SMBC Nikko have been

appointed to advise on the listing,

tentatively scheduled for the end of

3EPTEMBERû4HEûDEALûMIGHTûINCLUDEûAûGLOBALû

OFFERING

7ORLDû#OûDELISTEDûINûûWHENûITûWASû

TAKENûPRIVATEûINûAû53BNûMANAGEMENTû

BUYOUT

&OUNDEDûINûûTHEû+OBE

HEADQUARTEREDû

fashion clothing company adopted a holding

company structure last year to spin off

brands into separate companies aligned by

BUSINESSûMODELûANDûMARKETINGûCHANNELS

)TûHASûALSOûEXPANDEDûINTERNATIONALLYûINû

RECENTûYEARSûFORûEXAMPLEûESTABLISHINGûAû

joint venture with Thai conglomerate SAHA

'ROUPûINû

7ORLDû#OûPOSTEDûREVENUEûOFûcBNûINû

THEûYEARûTOû-ARCHûûDOWNûFROMûcBNû

AûYEARûEARLIERûACCORDINGûTOûTHEûCOMPANYSû

WEBSITEû(OWEVERûOPERATINGûINCOMEûROSEûTOû

cBNûFROMûcBNûOVERûTHEûSAMEûPERIOD

MALAYSIA

QSR TARGETS AUGUST IPO FILING

QSR BRANDSûTHEûOPERATORûOFû+&#ûANDû0IZZAû(UTû

INû-ALAYSIAûANDû3INGAPOREûAIMSûTOûlLEûTHEûDRAFTû

PROSPECTUSûFORûANû)0/ûOFû53MnMûWITHû

the Securities Commission in August, a person

WITHûKNOWLEDGEûOFûTHEûTRANSACTIONûHASûSAID

The Malaysian poultry producer and

restaurant operator is targeting a launch

BEFOREûYEAR

END

132ûHIREDûBANKSûINûLATEûûANDû

INTENDEDûTOûPROCEEDûWITHûTHEû)0/ûLASTûYEARû

BUTûHELDûBACKûBECAUSEûOFûTHEûWEAKNESSûINû

THEûLOCALûCURRENCYûANDûSTOCKMARKETûAHEADûOFû

THEû-AYûûFEDERALûELECTIONSû!TûONEûTIMEû

ITûCONSIDEREDûANûASSETûSALEûINSTEADûOFûANû)0/

Citigroup, Credit Suisse and Maybank are the

JOINTûGLOBALûCOORDINATORS

132ûISûTHEûSOLEû+&#ûFRANCHISEEûINû

-ALAYSIAû3INGAPOREû"RUNEIûANDû#AMBODIA

4HEûCOMPANYûWASûTAKENûPRIVATEûINûû

by a consortium of CVC and Employees

0ROVIDENTû&UNDû"OARDûINûPARTNERSHIPûWITHû

*OHORû#ORPORATION

PHILIPPINES

ROBINSONS BANK LIKELY TO GO PUBLIC

ROBINSONS BANK is to be turned into a

UNIVERSALûBANKûANDûGOûPUBLICûWITHINûTHEû