ASIA-PACIFIC
AUSTRALIA
YANCOAL EVALUATES NOVEMBER LAUNCHASX-listed coal miner YANCOAL AUSTRALIA is
evaluating an option to open books for a
Hong Kong dual primary listing in
November, according to people close to
the deal.
9ANCOAL ûWHICHûlNISHEDûAûTWO
WEEKûPRE
marketing drive around mid-October, is
assessing market conditions and plans to
move the deal forward if markets stabilise
after the November 6 US midterm
elections, they said.
Other Australian issuers have seen their
plans perturbed by weak stock market
conditions. On Thursday, online services
platform Property Exchange Australia
(PEXA) delayed an ASX IPO of up to
A$862m (US$610m) due to market
volatility.
People close to the deal have told IFR
that Yancoal’s Hong Kong share sale could
raise about US$500m–$650m. Yancoal’s
shares in Australia have dropped more
than 17% as of the previous Friday since it
started pre-marketing for its Hong Kong
offer.
BOC International, CMB International and
Morgan Stanley are the joint sponsors for
the dual listing.WORLEYPARSONS RAISES A$1.8bnWORLEYPARSONS, an engineering services
company, has raised A$1.8bn (US$1.3bn)
from the institutional tranche of a A$2.9bn
underwritten entitlement offer.
The offer was well supported by eligible
institutional shareholders, with a take-up
rate of 82%. The institutional shortfallbookbuild was heavily oversubscribed by
both existing shareholders and other
institutional investors.
The company was selling 187m new
shares to eligible shareholders on a one-
for-1.47 basis at A$15.56 per share,
representing a 12.8% discount to the pre-
deal close of A$17.84 on October 19.
The retail portion of the offer, which is
fully underwritten and is expected to raise
A$1.1bn, will be open from October 29 to
November 7.
John Grill, chairman of WorleyParsons,
has committed to participate in the offer
with A$100m.
Dubai-based Dar Al-Handasah
Consultants Shair and Partners Holdings,
the largest shareholder in WorleyParsons
with a 22.78% stake prior to the
transaction, has committed to take up
about A$170m via the institutional
bookbuild. The group intends to subscribe
for its remaining interest of A$490m
through the retail offer.
A trading halt on WorleyParson shares
has been lifted.
The proceeds of the rights issue will
part-fund the A$4.6bn purchase of the
energy, chemicals and resources division
of Jacobs Engineering Group. Apart from
the entitlement offer, the company has
issued A$985m in stock to Jacobs and
A$895m of debt to fund the acquisition.
Macquarie and UBS are the joint lead
managers and underwriters of the
entitlement offer.CORONADO SLUMPS ON DEBUTShares of CORONADO GLOBAL RESOURCES fell
as much as 12% below the IPO price on
THEIRûlRSTûTRADINGûDAY ûûAFTERûTHEûlRMû
downsized the deal to raise A$774m
(US$550m).
The stock opened at A$3.80 a share, 5%
below the offering price of A$4.00. The
shares were trading as low as A$3.49ASIA-PACIFIC EQUITIES
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Morgan Stanley 79 15,792.08 7.9
2 Goldman Sachs 71 14,406.18 7.2
3 Citigroup 81 12,303.82 6.1
4 UBS 61 12,198.35 6.1
5 CICC 28 9,322.17 4.6
6 BAML 25 8,541.39 4.3
7 JP Morgan 44 8,518.25 4.2
8 Credit Suisse 41 6,719.33 3.3
9 Citic 43 6,344.92 3.2
10 Nomura 70 4,586.83 2.3
Total 1,969 200,766.60
Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4a1ASIA-PACIFIC EQUITIES (EX-JAPAN)
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Morgan Stanley 55 13,409.52 7.6
2 Goldman Sachs 69 12,191.40 6.9
3 UBS 58 11,925.57 6.8
4 Citigroup 75 11,772.30 6.7
5 CICC 28 9,322.17 5.3
6 BAML 21 7,671.26 4.3
7 Credit Suisse 40 6,546.20 3.7
8 Citic 43 6,344.92 3.6
9 JP Morgan 39 5,586.10 3.2
10 Macquarie 24 4,059.98 2.3
Total 1,784 176,465.41
Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4a2WEEK IN NUMBERS
53.6%
HATHAWAY, T. ROWE PRICE AND
MADRONE OPPORTUNITY FUND PUT IN
INDICATIONS OF INTEREST TO BUY JUST
OVER 50% OF THE 50.7m SHARES OFFERED
IN BRAZILIAN PAYMENTS PROVIDER
STONECO’S IPO, WITH PRICING COMING
AT US$24, ABOVE THE US$21-$23 RANGE,
WITH ALIBABA-BACKED ANT FINANCIAL
AGREEING TO TAKE US$100m IN A SEPARATE
PRIVATE PLACEMENT SHORTLY BEFORE
THE DEAL CLOSED. STRONG DEMAND
ALLOWED FOR THE US$1.22bn IPO TO BE
ACCELERATED BY A DAY
A$774m
THE ASX IPO OF CORONADO GLOBAL
RESOURCES MISSED ITS A$1.16bn TARGET BY
SOME MARGIN, PRICING 193m CDIs (CHESS
DEPOSITORY INTERESTS) OUT OF THE 290m
OFFERED AT THE BOTTOM OF THE
A$4-$4.80 INDICATIVE PRICE RANGE FOR A
MARKET CAPITALISATION OF A$3.79bn. THE
STOCK CLOSED ON DEBUT AT A$3.60
Rs200bn (US$2.7bn)
STATE BANK OF INDIA’S BOARD OF
DIRECTORS HAS APPROVED A PLAN
TO RAISE Rs200bn IN THE CURRENT
FINANCIAL YEAR ENDING MARCH 31, AND
IT CAN BE RAISED THROUGH A QUALIFIED
INSTITUTIONAL PLACEMENT, FOLLOW-ON
OFFER OR RIGHTS OFFER. THE BANK CAN
ALSO RAISE UP TO Rs50bn THROUGH AN
ISSUE OF TIER-TWO BONDS. SBI RAISED
Rs150bn THROUGH THE COUNTRY’S
LARGEST QUALIFIED INSTITUTIONAL
PLACEMENT AND AT A 0% DISCOUNT IN 2017
10
CHINESE BIOPHARMACEUTICAL COMPANY
INNOVENT BIOLOGICS HAD MORE THAN
TEN TIMES COVERAGE FOR ITS HK$3.3bn
(US$421m) HONG KONG IPO, EVEN WHEN
STRIPPING OUT A CORNERSTONE TRANCHE
OF 10 INVESTORS THAT HAD TAKEN A
TOTAL OF US$245m OF THE DEAL. PRICING
CAME AT HK$13.98 PER SHARE VERSUS A
HK$12.50-$14 RANGE. TRADING BEGINS ON
OCTOBER 31
25.23
THE VIX VOLATILITY INDEX CLOSED AT
25.23 LAST WEDNESDAY, THE HIGHEST
CLOSING LEVEL SINCE FEBRUARY OF
THIS YEAR. THE PREVIOUS DAY, IT HAD
RISEN AS MUCH AS 24% TO 24.66 BEFORE
CLOSING AT 20.71