ASIA-PACIFIC
AUSTRALIA
TRANSURBAN COMPLETES FIRST STEP
OF A$4.8bn FUNDRAISINGTRANSURBAN GROUP, an Australian road
network operator, has raised A$3bn
(US$2.15bn) from the institutional portion
of a A$4.2bn entitlement offer. The
company is also raising A$600m from two
companies separately from the rights issue.
The institutional entitlement offer had a
take-up rate of about 96%, while the
institutional shortfall bookbuild was well
supported by existing institutional investors
and new investors, according to a company
announcement.
Transurban is selling rights shares at
A$10.80 each on a 10-for-57 basis. A total of
278m shares were sold in the institutional
entitlement offer.
The shares not taken up by existing
shareholders were sold at A$11.80 each.
The retail portion of the entitlement offer
runs from September 7 to September 18.
Transurban announced the A$4.2bn
underwritten entitlement offer late in
August to partly fund an acquisition of a
controlling stake in a Sydney toll road.
The company is leading a consortium to
buy 51% of unfinished toll road WestConnex
for A$9.3bn from the New South Wales state
government, which will retain a 49% stake.
In addition to the entitlement offer,
Transurban is selling shares at A$10.85 each to
two consortium members, AustralianSuper
and Tawreed Investments, to raise A$600m.
The company will use A$4.2bn from the
funds raised for the acquisition and A$600m
for general corporate purposes.
Macquarie, Morgan Stanley and UBS are the
underwriters of the transaction.NEARMAP COMPLETES A$70m
PLACEMENTAustralian aerial mapping company NEARMAP
has raised A$70m (US$50m) from a fully
underwritten institutional placement.
The company sold 43.75m shares at a
fixed price of A$1.60 each, representing a
discount of 11.1% to the company’s closing
price of A$1.80 last Wednesday.
The deal was strongly oversubscribed,
according to the company.
Canaccord Genuity and Macquarie were the
joint lead managers.
The company will use the proceeds for
sales and marketing and to fund
international expansion.CHINA
ESR MANDATES FOR IPOESR, a pan-Asia logistics real estate
developer, owner and operator, has
mandated three banks as joint sponsors to
arrange a Hong Kong IPO of about US$1.5bn
in 2019, according to people familiar with
the situation.
The three banks are Bank of America Merrill
Lynch, CLSA and Deutsche Bank. Credit Suisse
and Goldman Sachs will also join as joint
global coordinators.
IFR reported in July that ESR, backed by
private-equity firm Warburg Pincus, was in
discussions with potential advisers for a
planned IPO.
ESR and Warburg Pincus both declined to
comment on the mandate.
ESR, headquartered in Hong Kong, was
formed from the merger of e-Shang and
Redwood in January 2016. e-Shang was co-
founded by Warburg Pincus and two
entrepreneurs, Sun Dongping and Jeffrey
Shen, in 2011.
According to ESR’s website, its investors
include APG, Canada Pension Plan82 International Financing Review September 8 2018ASIA-PACIFIC EQUITIES
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Morgan Stanley 67 13,884.34 8. 4
2 Goldman Sachs 57 10,307.97 6.3
3 Citigroup 66 10,162.58 6. 2
4 UBS 49 9,335.83 5. 7
5 BAML 19 7 ,374.32 4 .5
6 CICC 19 7 ,208.32 4 .4
7 Credit Suisse 33 5,478.89 3.3
8 JP Morgan 36 5,421.04 3.3
9 Citic 36 5,407.09 3.3
10 Sumitomo Mitsui Finl 53 3,776.41 2.3
Total 1,65 1 16 4,639.51
Including all domestic and international deals and rights issues
Source: Thomson Reuters SDC code: C4a1ASIA-PACIFIC EQUITIES (EX-JAPAN)
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Morgan Stanley 45 11,651.66 7 .9
2 Goldman Sachs 56 10,255. 40 7 .0
3 Citigroup 60 9,631.06 6.5
4 UBS 46 9,063.05 6. 2
5 CICC 19 7 ,208.32 4 .9
6 BAML 16 6,780.17 4 .6
7 Citic 36 5,407.09 3. 7
8 Credit Suisse 32 5,305. 76 3.6
9 JP Morgan 32 4,651.10 3. 2
10 Guotai Junan Securities 23 3,440.73 2.3
Total 1,49 7 147 ,234.51
Including all domestic and international deals and rights issues
Source: Thomson Reuters SDC code: C4a2WEEK IN NUMBERS
Five times
n IN JULY, TILRAY WAS THE FIRST
CANNABIS COMPANY TO COMPLETE AN
IPO ON A US EXCHANGE. LESS THAN TWO
MONTHS LATER ITS SHARES SOARED
TO A US$89.86 CLOSE ON WEDNESDAY,
MORE THAN FIVE TIMES THE US$17
PRICING IN ITS US$153m IPO. IN THE
INTERIM, LARGER PEER CANOPY GROWTH
SECURED A US$4bn INVESTMENT FROM
CONSTELLATION BRANDS10%
n FUNDING CIRCLE HAS OPTED TO^
DE-RISK ITS IPO BY RECRUITING DANISH
BILLIONAIRE ANDERS HOLCH POVLSEN
AS A CORNERSTONE INVESTOR. THE
COMPANY IS EXPECTED TO HAVE A 25%
FREE-FLOAT FOLLOWING THE LISTING,
INCLUDING POVLSEN’S 10% STAKEUS$144m
n QUTOUTIAO SURPRISED THE MARKET
WHEN IT LAUNCHED A NASDAQ IPO OF
UP TO US$144m. THE CHINESE NEWS
AGGREGATOR HAD EARLIER FILED FOR A
US$300m IPO. THE TWO OTHER CHINESE
COMPANIES LISTING IN THE US, NIO
(US$1.3bn) AND 111 (US$149m) ARE ALSO
RAISING LESS THAN THEIR EARLIER
FILING AMOUNTSUS$18.50
n SHAREHOLDERS IN FASHION RETAILER
TILLY’S WERE CHEERED TO SEE GOOD
QUARTERLY EARNINGS DRIVE THE SHARE
PRICE FROM BELOW US$18 TO OVER US$25
ONLY FOR THE CO-FOUNDERS TO LAUNCH
A SELL-DOWN REPRESENTING MORE
THAN A QUARTER OF THE COMPANY AND
PUSH PRICING BACK DOWN TO US$18.5079%
n SHOE AND FASHION RETAILER
FOOTASYLUM DELIVERED ITS SECOND
PROFIT WARNING OF THE YEAR LAST WEEK,
HAVING ONLY COMPLETED ITS £43.4m IPO
IN NOVEMBER 2017. ON FRIDAY MORNING,
SHARES WERE TRADING AT 34.05p, DOWN
79% FROM THE 164p IPO PRICE10 Equities and SE 2250 p81-98.indd 82 07/09/2018 20:19:31