debut on November 14. Management started
roadshows in Frankfurt and travelled to
London and Paris last week.
Hauck & Aufhauser is sole global
coordinator and joint bookrunner with
-AINlRST.
DEMIRE RAISING €150m FOR ACQUISITIONSReal estate company DEMIRE is raising €150m
through a rights issue, with subscription
beginning on Tuesday and running through
to November 12. There will be no rights
trading.
Proceeds will be used to fund several
property acquisitions for up to €350m, with
the balance to be dealt with through debt
lNANCING
Approximately 34.5m new shares are on
offer on a 17-for-36 basis at €4.35. The shares
closed on Monday at €4.12, slightly down
from the previous Friday’s close of €4.14.
The stock closed at €4.18 on Thursday.
AEPF, the company’s largest shareholder
with 49.58% of the share capital, has agreed
to subscribe on a pro rata basis and purchase
any shares for which subscription rights are
not exercised.
Baader Bank is sole bookrunner.
ISRAEL
ECI TELECOM HALTS US$230m LONDON
LISTING
Israeli network provider ECI TELECOM has
cancelled its US$230m London Stock
Exchange IPO, three days into
bookbuilding.
The listing had already been postponed
FORûFOURûWEEKSûBEFOREûBOOKSûlNALLYûOPENEDû
on October 29th.
On Thursday investors were informed
that the IPO has been shelved due to current
market conditions and despite good investor
interest, a banker close to the deal said.
There is no indication of when or if the
IPO will restart.
ECI had been targeting US$230m of
primary to support growth and reduce debt,
including repayment of US$63.5m of an
existing senior credit facility, US$3.4m of
accrued PIK interest and a US$2.1m pre-
payment premium.
There was also a 10% secondary greenshoe
option. A price range of 145p-185p gave the
company a market capitalisation of
US$424m-$449m.
Bookbuilding was due to wrap up on
Thursday November 1, the day the IPO was
halted.
Barclays was sole sponsor and joint global
coordinator with UBS and both are joint
bookrunners alongside Canaccord Genuity.
ITALY
EARLY COVERAGE FOR GAROFALO
HEALTH CARE IPOPrivate healthcare company GAROFALO HEALTH
CARE’s €66.8m-€73.4m IPO has been covered
after two days of bookbuilding.
Books opened last Wednesday, and
INVESTORSûWEREûNOTIlEDûTHATûBOOKSûWEREû
oversubscribed on the total deal size
including a 10% greenshoe on Friday
morning. The deal is covered within
guidance, or at the bottom of the range, at
this early stage at least.
A maximum of 20m new shares will be
sold at €3.34-€3.67 each, representing 25% of
the company post-money. The range gives
the company a pre-money valuation of
€200.40m-€220.2m.
Garofalo has secured an anchor
investment of at least €27.3m from British
PRIVATEûEQUITYûlRMû0ENINSULAû#APITAL ûWHICHû
would own around 9.9% of the company
after the listing, assuming it prices at the
bottom of the range.
Credit Suisse and Equita are joint global
coordinators on the IPO, with Lazard as
lNANCIALûADVISER
Headquartered in Rome, Garofalo Health
Care has 18 private clinics spread across six
Italian regions. It is going public at a
TURBULENTûTIMEûINû)TALYSûlNANCIALûMARKETS û
as the country’s recently elected populist
government grapples with the EU over its
proposed budget against a wider backdrop
of tumbling global stocks.
“I think that regardless of who’s in power
and economic growth rates, people will still
need private healthcare,” a banker on the
deal said. “It’s a growing market
structurally.”
Despite the current pressures, recently
listed Italian plastics industry supplier
PIOVAN has fared well since its €156m Milan
IPO, which wrapped up almost two weeksago. As of last Thursday’s close its shares
were €8.65 apiece, up 4.2% from IPO pricing.
But in contrast to Garofalo’s Italy-centric
business, Piovan was frequently described
by bankers as a global play given its client
base and industry, a factor which could have
helped cushion it from adverse market
conditions. Also notable was Piovan’s highly
CONCENTRATEDûALLOCATIONS ûWHICHûSAWûlVEû
investors take two-thirds of the deal.KAZAKHSTAN
KAZATOMPROM EYES US$3bn-$4bn
VALUATION ON LONDON GDR LISTINGKazakhstan’s sovereign wealth fund is set to
raise around US$397m-$537m from the IPO
of the world’s largest uranium producer,
KAZATOMPROM.
Price guidance is at US$11.40-$15.40 per
London-listed GDR, with the domestic
tranche to be set at the tenge equivalent of
GDR pricing; 34.8m secondary shares are up
for grabs in the base deal, or approximately
13.4% of the company’s share capital.
4HEûlGURESûVALUEûTHEû+AZAKHûMINERûATû
US$3bn-$4bn.
Including a greenshoe on the GDR
tranche, the deal could reach a total of
38.9m shares or 15% of the miner. All the
shares come from Kazatomprom’s current
owner Samruk-Kazyna, the country’s main
sovereign wealth fund, which has the option
to increase the offering to up to 25% of the
company.
Interest has been notable from mining
investors, emerging markets investors and
European sovereign wealth funds, a banker
on the deal said.
“There are some peers based in Canada
but they are totally different,” the banker
said. “They are smaller and they have long-
TERMûURANIUMûCONTRACTSû;WITHûlXEDûPRICING=û
as opposed to ones mostly based on current
prices.”EMEA COMMON STOCK MANAGER LEGAL ADVISERS
1/1/2018 TO DATE
No of Total Share
Legal adviser issues US$(m) (%)
1 Sullivan & Cromwell 7 8,326.6 6.3
2 White & Case 20 5,454.0 4.1
3 Latham & Watkins 15 4,779.3 3.6
4 Freshfields Bruckhaus 5 4,528.5 3.4
Deringer
5 Linklaters 16 4,226.3 3.2
6 Allen & Overy 12 3,441.8 2.6
7 Herbert Smith Freehills 6 2,674.0 2.0
8 Davis Polk & Wardwell 10 2,251.5 1.7
9 Shearman & Sterling 3 1,856.8 1.4
10 Ropes & Gray 4 1,383.1 1.0
Total 803 132,942.2
Source: Refinitiv SDC code: AX4EMEA COMMON STOCK ISSUER LEGAL ADVISERS
1/1/2018 TO DATE
No of Total Share
Legal adviser issues US$(m) (%)
1 Sullivan & Cromwell 6 9,043.5 6.8
2 Latham & Watkins 8 8,501.1 6.4
3 Linklaters 9 4,626.9 3.5
=4 Cravath, Swaine & Moore 1 4,432.3 3.3
=4 Hengeler Mueller 1 4,432.3 3.3
6 Freshfields Bruckhaus 10 4,175.1 3.1
Deringer
7 Slaughter and May 7 3,754.6 2.8
8 Clifford Chance 6 3,102.3 2.3
9 Bar & Karrer 4 2,952.2 2.2
10 White & Case 11 2,826.2 2.1
Total 803 132,942.2
Source: Refinitiv SDC code: AX3