The offering is backed with US$30m insider
support, including Novartis Pharma.
Novartis is Gamida’s largest shareholder
with a 21.6% stake. The investment dates
back to 2015 when Novartis invested US$5m
in a Series C round.
The pharmaceutical giant reupped on a
US$40m Series F that closed last summer.
Gamida Cell is marketing its IPO at 1.1-1.3
times the US$11.33 Series F price.
Gamida Cell is using proceeds to launch a
Phase III trial of its stem cell treatment for
various types of leukaemia. Proceeds from the
IPO will keep Gamida Cell funded until it reports
top-line data from the study in early 2020.
ITALY
TWO-THIRDS OF PIOVAN GOES TO FIVE
ACCOUNTS
Plastics industry supplier PIOVAN’s €156m
)0/ûWASûCLOSEûTOûAûCLUBûDEAL ûWITHûlVEû
accounts allocated two-thirds of the
offering.
Bookbuilding wrapped up a day early on
Tuesday as the key investors had already
come into the book and allocations were
wrapped up that evening. However, the
trading date could not also be brought
forward, so there were two days between
pricing and debut.
Shares began trading on Friday at €8.30
PERûSHARE ûmATûTOûTHEû)0/ûPRICE ûANDûHELDû
around that level until late afternoon. They
then broke through the issue price to touch
a low of €8.16 before moving back to issue
price within the hour. The shares ended the
day at €8.35, with a VWAP of €8.30047.
Piovan’s market cap is €423m, and its EV/
Ebitda for 2017 is 13.2 times at the offer
price.
The all-secondary listing saw 18.76m
shares sold by controlling shareholder
0ENTAlNû)TûISûALSOûPROVIDINGûMûSHARESûASûAû
15% greenshoe option.
Despite the deal’s relatively small size, a
banker on the deal said the Italian IPO
appealed to several high-quality, long-only
accounts due to its unique global presence
in a highly fragmented market.
A debt-free balance sheet and a strong
management roadshow also worked in its
favour despite tricky market conditions.
Goldman Sachs and UniCredit were joint
bookrunners on the IPO with Lazard
advising.KAZAKHSTAN
URANIUM PRODUCER KAZATOMPROM
MULLS LONDON LISTINGKazakhstan’s KAZATOMPROM, the world’s
largest uranium producer, is considering a
London GDR listing.
Its registration document was approved
by the FCA last Monday so the miner could
PUBLISHûANûINTENTIONûTOûmOATûINûONEûWEEK û
but a banker on the deal said it might be a
longer wait as demand needs to be carefully
assessed in the current shaky market.
The offering would consist of existing
shares sold by Samruk-Kazyna, Kazakhstan’s
main sovereign wealth fund.
The government-owned company said its
uranium production was estimated to be
ûOFûGLOBALûSUPPLYûINûû)TûBENElTSû
from pre-emptive rights to uranium
deposits in Kazakhstan, and it supplies
uranium to eight of the 10 largest global
nuclear power companies.
It also supplies uranium to Yellow Cake, a
fund that listed on AIM earlier this year to
play on the expected rise in value in
uranium.
Samruk-Kazyna will own at least 75%
following the potential IPO.
)TûRECORDEDûAûNETûPROlTûOFû4BNû
53M ûINûTHEûlRSTûSIXûMONTHSûOFûTHEûYEAR û
more than triple the T29.9bn in 2017. Adjusted
%BITDAûINûTHEûlRSTûSIXûMONTHSûWASû4BN
Credit Suisse and JP Morgan are joint global
coordinators with joint bookrunners CICC,
Halyk Finance and Mizuho International.LUXEMBOURG
CONFIDENT START FOR SHURGARDSHURGARD SELF STORAGEûENDEDûITSûlRSTûWEEKûASû
a public company with its shares up 10%
from the IPO, defying the current negative
noise around new issues.
Trading began solidly on Monday with the
stock opening at €24 versus pricing on
October 12 at €23 for a €500.25m IPO.
Shares closed on Monday at €24.135 when
1m shares had traded, about 23% of the IPOsize, and continued to trade up every day to
reach €25.30 at Friday’s close.
4HEûFREE
mOATûISû ûBUTûCANûRISEûTOû
28.1% on full exercise of a 15% greenshoe.
BNP Paribas, JP Morgan and Societe Generale
are joint global coordinators and joint
bookrunners with HSBC and Kempen.SLOVENIA
NLB BEGINS PRE-MARKETING LJUBLJANA
AND LONDON IPONOVA LJUBLJANSKA BANKA began pre-marketing
its long-awaited Ljubljana Stock Exchange
and London GDR listing on Monday,
following the submission of its registration
document the previous week.
As part of European Commission
requirements regarding Slovenia’s bailout of
NLB in 2011, the government through its
SDH subsidiary has to sell 50% plus one share
of the bank before the end of 2018, with
another 25% to be sold by the end of 2019.
Through the IPO, the state will sell 50%-
75% of the bank.
An aborted Ljubljana and London GDR
listing in 2017 set a valuation of €1.1bn-
€1.4bn, but a banker involved said that the
valuation had improved since the state set
up a fund to cover possible damages against
NLB.
NLB is being sued by Croatian banks that
took over deposits related to the now-
defunct Ljubljanska Banka, and the state
wanted to bring NLB to market without
concerns about the lawsuit that had
previously affected valuation.
A price range is expected around October
26, with books likely to open on October 29
until November 9. Retail investors will be
OFFEREDûûOFûTHEûmOAT
Deutsche Bank and JP Morgan are joint
global coordinators and joint bookrunners
with Citigroup. Wood & Co is co-lead manager.SOUTH AFRICA
OLD MUTUAL SELLS NEDBANK STOCK TO
COMPLETE UNBUNDLINGOLD MUTUAL completed its unbundling from
NEDBANK at the beginning of last week,
reducing its stake to 19.9% from 52%.
On Wednesday evening, approximately
5.49m shares in Nedbank were sold on
behalf of US-based Old Mutual shareholders
who were not able to accept the share
unbundling under 144A regulations. Old
Mutual will retain a 19.9% strategic minority
stake in Nedbank.
The stock was effectively aggregated and
sold through an accelerated bookbuild,EQUITIES EMEAEMEA EQUITIES
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 54 12,853.26 9.9
2 Goldman Sachs 55 11,177.27 8.6
3 Morgan Stanley 48 7,937.89 6.1
4 Citigroup 44 7,456.68 5.7
5 Credit Suisse 34 6,554.62 5.0
6 UBS 29 5,966.42 4.6
7 BAML 30 5,867.29 4.5
8 Deutsche Bank 37 5,628.23 4.3
9 Barclays 35 4,563.21 3.5
10 Investec 25 3,687.41 2.8
Total 776 130,463.17
Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4cr