IFR International - 28.07.2018

UAE

ADIB TARGETS DH1bn RIGHTS ISSUE

ABU DHABI ISLAMIC BANK said on Thursday that it
INTENDSûTOûRAISEû$HBNû53M ûTHROUGHûAû
RIGHTSûISSUE ûWITHûTHEûBANKSûBOARDûALSOû
APPROVINGû53Mû4IERûûSUKUKûANDûTHEû
REPAYMENTûOFû53BNûSUKUKûRAISEDûINû û
THEûlRSTûSHARIA
COMPLIANTû4IERûûINSTRUMENT
4HEûOFFERINGûCOMPRISESûMûSHARES û
REPRESENTINGûJUSTûUNDERûûOFûEXISTINGû
SHAREûCAPITAL ûPRICEDûATû$HûEACHû4HEû
SHARESûCLOSEDûONû4HURSDAYûATû$H
Vice-chairman Khamis Buharoon said in a
statement that proceeds will be used to
maintain a solid capital buffer while
CONTINUINGûSTRONGûGROWTH
4HEûBANKûLASTûISSUEDûEQUITYûINû û
RAISINGû$HMûTHROUGHûAû
FOR
ûRIGHTSû
ISSUEûTHATûWASûNEARLYûTHREEûTIMESûCOVERED

UK

METRO BANK BACK WITH £303m
FUNDRAISING

METRO BANKûRAISEDûaMûTHROUGHûANû
ACCELERATEDûBOOKBUILDûONû4UESDAYûEVENING û
WITHûTHEûBOOKûALREADYûCOVEREDûFROMûINDICATIONSû
OFûINTERESTûFOLLOWINGûAûWALL
CROSS ûAûBANKERû
INVOLVEDûINûTHEûDEALûSAIDûONû7EDNESDAY
)TûCOMESûALMOSTûEXACTLYûAûYEARûAFTERûAû
VIRTUALLYûIDENTICALûBOOKBUILDûINû
"OOKSûOPENEDûSHORTLYûAFTERûTHEû5+ûMARKETû
CLOSE ûOFFERINGûMûNEWûSHARESûWITHûlXEDû
PRICINGûATûaûEACH ûmATûTOûTHEûMARKETû
CLOSEû4HEûNEWûSHARESûREPRESENTEDûûOFû
EXISTINGûSHAREûCAPITAL
4HEûBANKERûSAIDûTHATûKEYûEXISTINGûSHAREHOLDERSû
CAMEûINTOûTHEûBOOK ûJOINEDûBYûNEWûLONG
ONLYû
NAMESûFROMûTHEû53ûANDûTHEû5+û!TûLAUNCH û
-ETROû"ANKûCHAIRMANû6ERNONû(ILLûINDICATEDû
HEûWOULDûINVESTûUPûTOûaMûINûTHEûPLACING
There was a lengthy wall-cross in
ADVANCE ûTHEûBANKERûSAID
RBC was global coordinator with joint
BOOKRUNNERSûJefferies and Keefe Bruyette & Woods
4HEûFUNDSûWILLûSUPPORTûTHEûBANKSûGROWTHû
FOLLOWINGûTHEûaMûACQUISITIONûOFûAû5+û
MORTGAGESûPORTFOLIOûINû-ARCHû4HEûEXTRAûCAPITALû
WILLûALSOûBEûUSEDûTOûACCESSûDEBTûMARKETSûINûTHEû
FUTURE ûTHEûCOMPANYûSAIDûINûAûSTATEMENT
Metro carried out a near identical capital
increase a year ago almost to the day, when
ITûLAUNCHEDûANOTHERûûOFFERINGûATûaû
PERûSHARE
4HEûSAMEûBANKSûWEREûINVOLVED ûALTHOUGHû
2"#ûWASûPROMOTEDûTOûGLOBALûCOORDINATOR ûWHILEû
+EEFEû"RUYETTEûû7OODSûRANûLASTûYEARSûTRADE
4HEûCHALLENGERûBANKûWASûESTABLISHEDûINû
ûINûTHEû5+ûWITHûTHEûAIMûOFûDISRUPTINGû
THEûTRADITIONALûHIGHûSTREETûBANKINGûMARKET

SUPERDRY CO-FOUNDER SELLS 6.7%

STAKE

*ULIANû$UNKERTONûFORMERûCHIEFûEXECUTIVEû

and co-founder of SUPERDRYûSOLDûAûûSTAKEû

INûTHEûFASHIONûRETAILERûONû-ONDAYû*ULYûû

NETTINGûPROCEEDSûOFûMOREûTHANûaM

A wall-crossing during the day on Monday

provided indications of interest for more

THANûûOFûTHEûSHARESûONûOFFERûWHICHû

REPRESENTEDûûOFûEXISTINGûSHAREûCAPITALû

ANDûAPPROXIMATELYûûDAYSûTRADING

"OOKSûOPENEDûJUSTûAFTERûTHEûCLOSEûINû,ONDONû

WITHûREFERENCEûTOûTHEûMARKETûCLOSEûOFûaû

ANDûWEREûCOVEREDûAFTERûJUSTûOVERûHALFûANûHOURû

Just before 7pm investors were warned that

ORDERSûBELOWûaûRISKEDûMISSINGûOUT

4HEûDEALûWRAPPEDûUPûATûPMûWITHû

PRICINGûATûaûAûûDISCOUNTûTOûTHEû

CLOSEûFORûAûaMûTOTAL

The trade was dominated by UK money

with pricing driven by a couple of very large

ORDERSûWITHûTHEûTOPûûORDERSûTAKINGû

APPROXIMATELYû

3UPERDRYûSHARESûOPENEDûATûaûONû

4UESDAYûMORNINGûANDûlNISHEDûTHEûDAYûDOWNû

ûATûa

UBSûWASûSOLEûBOOKRUNNERûWITHûInvestec as

CO

BOOKRUNNER

$UNKERTONûSTEPPEDûDOWNûFROMû3UPERDRYûINû

-ARCHû(EûRETAINSûANûûSTAKEûINûTHEû

COMPANYûWHICHûISûSUBJECTûTOûAû

DAYûLOCK

UP

DS SMITH REPORTS 96.5% TAKE-UP FOR

£1bn RIGHTS ISSUE

5+ûPACKAGINGûBUSINESSûDS SMITH has reported

ûTAKE

UPûFORûITSûaBNûRIGHTSûISSUEû

proceeds from which part fund the

õBNûACQUISITIONûOFû%UROPAC

4HEREûWEREûACCEPTANCESûFORûMûOUTûOFû

MûOFFEREDûONûAû

FOR

ûBASISûATûPûAû

ûDISCOUNTûTOû4%20ûOFûPûBASEDûONû

THEû*UNEûûCLOSEûOFûP

!ûRUMPûOFûMûSHARESûWASûSOLDûONû

7EDNESDAYûMORNINGûATûPû4HEûSHARESû

OPENEDûATûPûANDûCLOSEDûTHEûDAYûATûP

Goldman Sachs WASûLEADûlNANCIALûADVISERû

alongside JP Morgan and both are joint

BOOKRUNNERSûWITHûCitigroup

FULL GREENSHOE FOR FAST-RISING ASA

Stabilisation manager Citigroup has fully

EXERCISEDûTHEûûSECONDARYûGREENSHOEûFORû

MICROlNANCEûLENDERûASA INTERNATIONAL

!3!û)NTERNATIONALûPRICEDûITSûaMû

,ONDONû3TOCKû%XCHANGEû)0/ûATûPûTHEû

MID

POINTûOFûTHEûP

PûPRICEûRANGEû4HEû

STOCKûCLOSEDûONûDEBUTûUPûMOREûTHANûûATû

PûANDûTHEûSHARESûHAVEûROCKETEDûSINCEû

THENûCLOSINGûONû4UESDAYûATûPûWHENûTHEû

GREENSHOEûWASûEXERCISED

4HEûSHARESûCLOSEDûONû7EDNESDAYûATûPû

ANDûATûPûONû4HURSDAY

4HEûFULLûEXERCISEûOFûTHEûM

SHAREû

GREENSHOEûTAKESûTHEûTOTALûDEALûSIZEûTOû

aMûANDûTHEûFREE

mOATûTOû

Citigroup was sole global coordinator and

JOINTûBOOKRUNNERûWITHûEFG Hermes and

InvestecûKBWûWASûLEADûMANAGER

GRIT FOLLOW-ON AND LONDON LISTING

EXTENDS

"OOKBUILDINGûWASûEXTENDEDûFORûTHEûFOLLOW

ONû

and London listing of pan-African real estate

investor GRIT REAL ESTATE INCOME GROUP

/RDERûBOOKSûFORûTHEûPLACINGSûINû3OUTHû

!FRICAûANDû-AURITIUSûWEREûEXTENDEDûUNTILû

PMûINûBOTHûJURISDICTIONSûONû&RIDAYû*ULYûû

from Thursday originally, with the London

LINEûCLOSINGûASûEXPECTEDûONû4HURSDAY

4HEûRE

)0/ûCOMPRISESûMûSHARESûATû

53ûWITHûPROVISIONûFORûANûUPSIZEûTOû

MûSHARESûINûTHEûEVENTûOFûSUFlCIENTû

OVERSUBSCRIPTIONû4HEûEXTENSIONûISûNOTû

EXPECTEDûTOûIMPACTûONûTHEûADMISSIONûDATEû

FORûTHEû,ONDONûLINEûOFû4UESDAYû*ULYû

FinnCapûISûlNANCIALûADVISERûANDûJOINTû

placing agent with AXYS Stockbroking, Baden

Hill, Exotix Partners and PSG Capital

ENDAVA PRICES HIGH

ENDAVAûAû5+

DOMICILEDû)4ûSERVICESûlRMû

WRAPPEDûUPûITSû)0/ûTOûACHIEVEûAû.EWû9ORKû

3TOCKû%XCHANGEûLISTINGûWITHûABOVE

RANGEû

PRICING

Morgan Stanley, Citigroup, Credit Suisse and

Deutsche Bank combined efforts on the

PLACEMENTûOFûMû!$3ûATû53ûVERSUSû

THEû53

ûMARKETINGûRANGEûANDûMû

SIZING

%NDAVAûISSUEDûMû!$3ûTOûRAISEû53Mû

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BROADLYûMAINTAINEDûTHEûSAMEûû

PRIMARYSECONDARYûSPLITûASûENVISAGEDûONûTHEû

ORIGINALûMû!$3ûSIZING

!ûMû!$3ûGREENSHOEûCOULDûTAKEûTOTALû

PROCEEDSûTOû53M

"ANKERSûSAIDûTHEûBOOKûWASûMULTIPLEûTIMESû

COVEREDûANDûTHISûWASûTHEûlRSTû)4ûSERVICESû

lRMûTOûPRICEûABOVE

RANGEûSINCEû

AMERICAS

UNITED STATES

SUMMER IPO ACTIVITY HEATS UP

!SûSEASONEDûCOMPANIESûDEALTûWITHûBLACKOUTSû

surrounding quarterly earnings, unseasoned

private counterparts crowded the capital

MARKETSûWITHû)0/S

EQUITIES AMERICAS