Sponsor Cromwell Property Group will
subscribe to its entitlement, as will existing
investors Gordon Tang, Celine Tang and
Hillsboro Capital.
4HEûFUNDSûAREûBEINGûRAISEDûTOûlNANCEûTHEû
acquisition of 23 properties in the
Netherlands, Finland and Poland for a total
cost of €384m. The REIT will raise debt for
the remaining amount.
DBS, Daiwa, Morgan Stanley and UBS are the
underwriting banks.
CEREIT raised €556m through an IPO last
year managed by Goldman Sachs, UBS, DBS,
Citic CLSA and Daiwa.
LUYE MEDICAL PUSHES IPO TO NEXT YEARHealthcare services provider LUYE MEDICAL
GROUP has pushed back the launch of a
Singapore Exchange IPO of up to US$500m
to next year because of volatile market
conditions, people with knowledge of the
transaction said.
The IPO was originally targeted for
October this year.
Luye Medical is part of Chinese entrepreneur
Liu Dianbo’s Luye Life Sciences group.
Bank of America Merrill Lynch, Credit Suisse
and UBS are the banks on the transaction.
Singapore-based Luye Medical runs 52
healthcare facilities in Australia, China,
Singapore, South Korea and New Zealand.
Luye Pharma, another Luye Life Sciences
subsidiary, was previously quoted in
Singapore before it delisted in 2012. It listed
in Hong Kong in 2014.
Fullerton Medical was the last healthcare
company to attempt an SGX listing, in 2016,
but it had to pull its S$213m (US$154m) IPO
after anonymous complaints about the fee
structure of its business.
EUROPE/MIDDLE
EAST/AFRICA
AUSTRIA
THEMIS OPENS BOOKS ON
€35m-€41.76m IPO
"IOTECHûlRMûTHEMIS BIOSCIENCES has launched
bookbuilding on its €35m-€41.76m
Euronext Amsterdam IPO.
Themis is raising cash to fund Phase III
clinical trials on its treatment for mosquito-
borne viral disease Chikungunya, which at
present lacks an approved vaccine.
The offering consists of 3.6m shares at
€9.70-€11.60 each, and a 15% greenshoe
option. The price range values the biotech at
€85.4m-€102.1m.
A cohort of six existing shareholders has
committed to contribute €8.6m in the IPO.
Themis has also secured a €1.4m investment
through convertible loan notes from Omnes
Capital, that will convert at settlement at
the offer price.
Books close on November 8 and trading is
due to commence on November 9.
NIBC and Stifel Nicolaus Europe are joint
bookrunners, with Erste Group as co-bookrunner.EGYPT
HASSAN ALLAM CANCELS AFTER LONG
PAUSEConstruction group HASSAN ALLAM HOLDING has
cancelled its US$200m IPO. The deal has
been on hold for some time after
completing pre-marketing.
There is no expectation of an imminent
revival of the deal, but a banker involved
said that he expected it will be looked at
again in the new year.
EFG Hermes and Renaissance Capital were
joint global coordinators and joint
bookrunners with Arqaam.FRANCE
WENDEL CUTS STAKE IN BUREAU VERITAS&RENCHûINVESTMENTûlRMû7ENDELûCUTûITSûSTAKEû
INûCERTIlCATIONûBUSINESSûBUREAU VERITAS to
35.7% last Monday, following a €400m
selldown of a 4.73% stake. The stake was not
fully distributed by sole bookrunner
Goldman Sachs (see Top News).
The sale comprised 20.9m shares at
€19.12 each, a 5% discount to Monday’s close
of €20.12, and represented approximately
23 days’ trading. Wendel retains 51.9% of
voting rights, and it has agreed to a lengthy
lock-up period of six months.
!ûSPOKESPERSONûFROMû7ENDELûCONlRMEDû
that it does not have any plans for further
sell-downs, given the good level of
governance afforded by its majority control.GERMANY
FLATLINE - PRIMEPULSE HAS NO PULSEAfter the close on Wednesday, tech investor
PRIMEPULSE announced that it had cancelled
its Frankfurt IPO due to market conditions.
The original intention to raise €250m had
already been downsized to €110m-€135m when
books opened just under two weeks previously.
Deutsche Bank and Hauck & Aufhauser were
joint global coordinators and joint
bookrunners with -AINlRSTû"ANK.GOVECS TRIMS SIZE OF MARATHON IPOAfter stretching bookbuilding to eight
weeks, electric scooter manufacturer GOVECS
has trimmed its IPO target by 15%, after it
struck a new production agreement with
Spanish company Rieju. On the back of the
deal with Rieju, Govecs has cut €10m from
its fundraising.
Books are due to close on November 8,
with the company seeking proceeds of
€55.5m-€66.6m, after originally targeting
€65.5m-€78.6m.
$IFlCULTûMARKETûCONDITIONSûFORû)0/SûANDû
the small size of the deal, which is likely to
lead to an illiquid stock, mean it is still
uncertain if the deal will succeed, but a
banker on the deal said the recent positive
news from the company could persuade
investors to turn up for the listing.
A contractual commitment agreed with
Spanish motorcycle manufacturer Rieju for
production capacity of up to 12,000
e-scooters per year means Govecs can reduce
its proposed investment in its production
capacity in Poland, the company said.
It also announced a new licence
agreement with BMW last week, which
allows Govecs to use safety technology with
the aim of creating e-scooters that do not
require helmets.
In its third quarter results, Govecs said its
break-even point will fall to the low end of
the 24-30 month period it previously
communicated, and said the upper end of
the €24m-€28m sales forecast will be
achieved in 2018.
In the smaller deal, 5.25m primary shares
will be offered, down from the original
6.25m. The 300,000 secondary shares
offered by shareholder Dquadrat remains
the same, as does the price range of €10-€12
per share.
Dquadrat is also offering a 15% secondary
greenshoe, comprising 832,500 shares.
Commerzbank and Bankhaus Lampe are joint
bookrunners on the deal.DFV SETS RANGE FOR UP TO €80.5m
FRANKFURT LISTINGInsurance tech company DEUTSCHE
FAMILIENVERSICHERUNG has set a price range of
€17-€23 for its €59.5m-€80.5m Frankfurt
listing. The market capitalisation is
€214m-€290m.
The base deal is all primary, with proceeds
from the sale of 3.5m primary shares to be
used by DFV to expand sales and marketing,
as well as invest in the product portfolio.
4HEûFREE
mOATûISûJUSTûUNDERû ûRISINGûTOû
just over 32% on full exercise of a 525,000
share secondary greenshoe.
Bookbuilding began on October 30 and
runs through to November 9, with a tradingEQUITIES EMEA