Lotte Tour Development shares were up
50% in the year to-date at W14,650 as of last
Thursday.
The company is co-developing the Jeju Dream
Tower complex in partnership with Chinese
state-owned developer Greenland Group. Lotte
Tour controls 59% of the joint venture.
Expected to open in October next year,
the 38–storey Dream Tower will include a
Grand Hyatt-branded hotel and a casino. It is
poised to be the highest building on Jeju
Island.
Mirae Asset Daewoo is the sole lead manager
and bookrunner of the share offer.
THAILAND
TCC INVITES BANKS FOR ASSET
WORLD IPO
TCC Group has invited banks to pitch for a
US$1bn–$1.5bn IPO of its local property unit
ASSET WORLD CORPORATION.
The Stock Exchange of Thailand IPO is
likely next year.
!7#ûOWNSûANDûDEVELOPSûRETAIL ûOFlCEûANDû
hospital properties.
The TCC Group, which has interests in
beverage, retail and property, is owned by
Charoen Sirivadhanabhakdi. Thai Beverage,
Berli Jucker and Frasers Property are part of
the group.
TCC group could not be immediately
reached for comment.
EUROPE/MIDDLE
EAST/AFRICA
EMEA IPO PIPELINE THINS IN RUN-UP
TO YEAR-END
The EMEA IPO pipeline has thinned out
SIGNIlCANTLY ûWITHûAûHANDFULûOFûEMERGING
markets companies plus a few small
developed markets deals currently live.
Three remain in limbo.
EUROTORG of Belarus, Romania’s
ELECTROGRUP INFRASTRUCTURE, the state
selldown in NOVA LJUBLJANSKA BANKA, and the
AIM IPO of South African mining business
KROPZ are all pre-marketing.
!ûREGISTRATIONûDOCUMENTûHASûBEENûlLEDû
for a Kazakhstan and London GDR listing of
KAZATOMPROM, with pre-marketing
dependent on feedback.
German electric scooter maker GOVECS is
due to wrap up the marathon bookbuilding
for its€65.5m-€78.6m Frankfurt IPO on
November 8. DFV DEUTSCHE
FAMILIENVERSICHERUNG and France’s THEMIS
BIOSCIENCE are still in the early stages of pre-
marketing, targeting €100m and up to €60m
respectively.
French building materials business
CONSOLIS, Israeli network provider ECI TELECOM
and Egyptian construction and engineering
group HASSAN ALLAM HOLDING are all in limbo
CURRENTLY ûHAVINGûlNISHEDûPRE
MARKETINGû
and considering next steps on a day-by-day
basis.
There have been no updates on the AIM
listing of GREEN MAN GAMING since a listing date
was pushed back to mid-October.
German tech investor PRIMEPULSE had been
on hold until Friday morning, when books
opened with a price range of €22-€27 for a
deal size of €110m-€135m.
If all deals were to complete, that would
represent an aggregate volume of
approximately US$3bn, rising to nearly
US$4bn if a quartet of fund listings also
successfully completes.
That compares favourably with the
November/December tally in 2016 of
US$2.73bn from 10 deals, but well below the
US$9.96bn recorded in 2015 from 17 deals,
or the US$7.73bn last year from 19 deals.
“It will be quiet in terms of IPOs, but the
2019 pipeline is good and that means there
WILLûBEûPLENTYûOFûPILOTûlSHING ûBUTûALSOûSOMEû
accelerated action once the earnings season
is over,” said a head of syndicate.
“It will be lower levels of IPO activity than
historically, but much of that decision-making
came during the summer and more recently
as market conditions worsened. There are
HIGH
PROlLEûDEALSûTHATûWEREûDUEûTOûCOMEûTHATû
HAVEûBEENûPUSHEDûOUT ûSUCHûASû"ELlUSûANDû
Volvo. Of the larger banks, each was expecting
TOûDOûAROUNDûlVEûTOûTENûDEALS ûANDûWELLûENDûUPû
WITHûMOREûLIKEûTHREEûTOûlVEûEACHvAUSTRIA
THEMIS BEGINS PRE-MARKETING
AMSTERDAM IPOTHEMIS BIOSCIENCE has begun pre-marketing
for a Euronext Amsterdam IPO as it gears up
for Phase 3 clinical trials of its treatment for
Chikungunya, a mosquito-borne viral
disease that has no approved vaccine.
4HEûALL
PRIMARYûmOATûISûEXPECTEDûTOûRAISEû
up to €60m, with an anticipated two-plus-
two schedule putting the launch of
bookbuilding around October 29 and pricing
around November 9.
The lead treatment MV-CHIK recently
completed Phase 2 clinical trials and is in
preparation for Phase 3, with proceeds from
the IPO to fund the trials, including
manufacturing of the vaccine, reporting of
topline data through to submission and
regulatory approval. Funds will also be usedto drive R&D, expand commercialisation
and for general corporate purposes.
The treatment is a variant of the measles
vaccine. There have been outbreaks of
Chikungunya in over 100 countries in the
Caribbean, South America, India, Southeast
Asia, Africa and, in 2017, Europe.
The Phase 3 clinical trial is expected to
STARTûINûEARLYû ûWITHûlNALûRESULTSûINûTHEû
second half of 2020.
As is often the case with technology and
BIOTECHûmOATSûINûTHEû53 ûTHEREûISûEXPECTEDûTOû
be investment in the IPO from existing
SHAREHOLDERSû0ILOT
lSHINGûHASûALREADYûBEENû
carried out in Europe and the US.
Themis has previously raised €25.4m
from investors including Ventech, Omnes
Capital, Wellington Partners, Grunderfonds
and Global Health Investment Fund.
Themis is also working on other treatments,
on its own and through partnerships, focusing
on vaccines for RSV, Noro virus, CMV, Zika
virus, MERS and Lassa fever.
NIBC and Stifel Nicolaus Europe are joint
bookrunners, with Erste Group as co-
bookrunner.EGYPT
SARWA SINKS IN AFTERMARKETShares in Egypt’s SARWA CAPITAL closed more
than 11% below pricing on their Monday
DEBUT ûWITHûTHEûSHARESûlNISHINGûTHEûDAYûATû
E£6.54 versus pricing for the E£2.17bn
(US$121m) IPO at E£7.36 per share.
After rising to E£6.60 by Wednesday’s
close, the shares were on the slide again on
Thursday, closing at E£6.50.
The original price range was
E£7.04-E£8.00 per share. A total of 265.7m
shares were sold.
Belton Investment Banking was sole
bookrunner on the deal.HASSAN ALLAM CAIRO-LONDON LISTING
ON HOLDThe dual-listing of construction company
HASSAN ALLAM HOLDING in London and Cairo is
on hold, a banker working on the deal said.
Investor education was supposed to run
until the end of this week, but as of
Thursday the process has been paused, due
to concerns around achievable pricing.
The banker said sentiment in Egypt is
weak following the poor performance of
recently listed Sarwa Capital.
After debuting on the Egypt Stock
Exchange on Monday, shares in Sarwa
Capital closed at E£6.54, 11.1% down from
its IPO pricing of E£7.36, but has since
remained around that level, closing
Thursday at E£6.50.EQUITIES EMEA