IFR International - 20.10.2018

As well as grappling with the negatives
from Sarwa, there is also pessimism in
London following several IPO cancellations
and others that are on hold.
Hassan Allam’s listing is targeting
US$70m in primary proceeds. A substantial
secondary sale and greenshoe were expected
TOûMOREûTHANûDOUBLEûTHATûlGURE
EFG Hermes and Renaissance Capital are joint
global coordinators, together with Arqaam as
joint bookrunner.

FRANCE

NEOEN SHARE PRICE UP ON
MARKET DEBUT

Shares in renewables company NEOEN traded
UPûONûAûLIGHTûlRSTûDAYûOFûTRADINGûLASTû
Wednesday, as shareholders held on to their
stakes after a tightly allocated book.
The shares opened on debut at €17.10,
3.6% up from IPO pricing of €16.50. On Friday
afternoon, they were trading at €18.00.
Final pricing came at the low end of the
original €16-€19 price range. On Wednesday
2.2m shares changed hands - 5.8% of the
38m shares placed in the IPO.
“The incredibly low number of shares
TRADEDûONûTHEûlRSTûMORNINGûSHOWSûJUSTûHOWû
tightly allocated this book was,” a banker on
the deal said. “In higher-volatility markets
we want to have a slightly more
concentrated book, to really ensure every
share is going into the right hands. There
was little margin for error.”
There were around 100 orders on the
€628m deal, with the top 10 taking 70% and
the top 20 taking 85%.
Concerns about Neoen’s aftermarket
performance took priority due to poor
market conditions, another banker said,
LEADINGûTOûAûlNALûNARROWEDûõ
õûRANGEû
despite the presence of orders in the book
above that level.
The company’s appeal to a specialised
renewables and long-only audience, as well
as four existing commitments covering
almost half the deal, also helped it to
navigate the choppy waters of recent weeks.
Primary proceeds totalled €450m, after
27.27m new shares were sold. Secondary
proceeds brought in €178m for funds managed
by Omnes Capital and Bpifrance selling 10.8m
shares - the majority sold by Omnes Capital.
As well as selling shares, Omnes Capital
also subscribed to €34.9m of shares through
a new fund named FPCI Capenergie III.
Majority shareholder Impala, owned by
Neoen founder Jacques Veyrat, made the
largest commitment and subsequently
subscribed to around €169m in the offering.
It maintained its majority stake and now
owns 51.2% of Neoen.

New shareholder Fonds Stratégique de

Participations bought €105.6m of shares and

owns 7.5%, while Celeste Management

contributed €46.2m to the offering after

committing to at least €25m.

Three shareholders - FPCI Capenergie II,

FPCI Fonds ETI 2020 and Impala - are

providing an 11% greenshoe.

JP Morgan and Natixis were joint global

coordinators, the latter in cooperation with

ODDO BHF, and joint bookrunners with

Barclays and Societe Generale. Carnegie was co-

lead manager. Lazard advised.

GL EVENTS RAISES €106.7m IN

RIGHTS ISSUE

%VENTSûMANAGEMENTûlRMûGL EVENTS has

reported 94.5% take-up for its €106.7m rights

issue, with the capital increase receiving

SIGNIlCANTûBACKINGûFROMûSHAREHOLDERS

In total, there were subscriptions for

5.66m out of 5.99m new shares offered on a

one-for-four basis at €17.80 each, an 18.9%

discount to the TERP of €21.96. However,

total demand reached €133.5m, or 125%

subscription, with the excess demand

covering the shortfall in exercised rights.

As expected, major shareholders

0OLYGONEûANDû3OlNAûSUBSCRIBEDûFORûõMû

and €18.9m, respectively, maintaining their

53.5% and 15.9% stakes.

CM-CIC Market Solutions and Natixis were

joint bookrunners.

GL Events shares closed at €18.34 on

Monday and were around €18.08 on Friday

afternoon.

GERMANY

PRIMEPULSE DOWNSIZES FRANKFURT

LISTING

Tech investor PRIMEPULSE has downsized the

target for its Frankfurt IPO to €110m-€135m,

after initially saying it would seek to raise

€250m.

A price range of €22-€27 was set on

Friday, and with 5m shares set to be issued,

this means the total deal size could be as

little as half of the original.

A banker said the company felt the smaller

size was right considering the valuation.

“The broader market hasn’t affected

sentiment on this one,” the banker said.

“Even in the best of markets this would be a

story that would resonate well with a small

group of investors given the size and the

theme.”

Bookbuilding will run from Monday

October 22 to October 31. The process will

be slightly shorter than usual because

management has already met some key

investors, a banker on the deal said.

Management will spend time in

continental Europe before going to London.

4HEûFREE

mOATûISûûRISINGûTOûûWITHû

the greenshoe. Pricing puts the market

capitalisation at around €647m-€794m,

when early indications had targeted a

market cap of €1bn or higher.

4HEûlRSTûDAYûOFûTRADINGûWILLûBEû.OVEMBERû

The three co-founders Stefan Kober,

Raymond Kober, and Klaus Weinmann will

maintain their majority stake after the IPO.

The trio will provide a 15% secondary

greenshoe.

Primepulse invests in medium-sized

technology companies. Its investment

portfolio includes holdings in Cancom,

image processing company Stemmer

Imaging and lawnmower manufacturer Al-

Ko. Stemmer, in which Primepulse is the

majority shareholder, listed earlier this year

in an €88.4m IPO at €36 per share and was

trading around €43 on Friday afternoon.

Deutsche Bank and Hauck & Aufhaeuser are

joint global coordinators, joined by -AINlRSTû

Bank as joint bookrunner.

TTL BETEILIGUNGS SETS TERMS FOR

CAPITAL INCREASE

Real estate group TTL BETEILIGUNGS UND

GRUNDBESITZ has set terms but not pricing for

a pre-placing and capital increase that could

total around €52m, with primary proceeds

to be used for growth, including

acquisitions.

The rights issue comprises 8.78m new

SHARESûONûAûlVE

FOR

ûBASISûWITHû

subscription running during October



.OVEMBERûûANDûRIGHTSûTRADINGûlNISHINGû

on November 5. The capital increase alone

will raise €37.4m for the company, based on

Monday’s close of €4.26 per share.

At that pricing, the combined pre-placing

and capital increase totals €52m.

Pricing will be announced on October 24

following an accelerated bookbuild that is

expected to begin on October 23. The pre-

placing will involve up to 7.12m new shares

alongside 3.475m secondary shares. The

new shares offered in the placing include

rights given up by existing shareholders for

the placing.

Bankhaus Lampe is sole bookrunner.

ISRAEL

NOVARTIS-BACKED GAMIDA CELL

LAUNCHES IPO

Israeli stem cell therapy specialist GAMIDA CELL

is looking to raise US$53m in a Nasdaq IPO.

BMO Capital Markets and RBC Capital Markets

are marketing 3.57m shares at U$13-$15

each for pricing on Thursday, October 25.