The transaction comprised a base deal of
349m shares with an upsize option of
174m, which was exercised only partially.
Originally San Miguel planned to sell
887m shares at an indicative price of Ps140.
The total shares sold represent 6.8% of
the share capital.
4HEûlNALûPRICEûISûEQUALûTOûTHEûPRE
DEALû
close of Ps85. It translates into a 2019 P/E
multiple of 23 while local competitors
trade in a 28–32 range.
JP Morgan, Morgan Stanley and UBS were
the joint global coordinators and
bookrunners with Deutsche Bank and
Goldman Sachs. BDO Capital and BPI were the
domestic underwriters.
SINGAPORE
CMT RAISES S$277m VIA PLACEMENTCAPITALAND MALL TRUST has raised S$277m
(US$201m) through the sale of 134m units
at S$2.07, against a S$2.049–$2.097 range.
The transaction included an upsize
option of S$25m, which was fully
exercised. The shares sold represent 3.6%
of the post issue share capital.
4HEûlNALûPRICEûREPRESENTSûAûû
discount to the pre-deal close of S$2.17.
Books were multiple times
oversubscribed, with the top 15 investors
getting 70% of the deal. Long-only
institutions and long-term investors
participated in the transaction.
DBS and JP Morgan are the bookrunners.
SOUTH KOREA
TEMASEK PRICES CELLTRION
BLOCK AT BOTTOM
Ion Investments, controlled by Singapore’s
Temasek Holdings, has priced a block in
protein producer CELLTRION at the bottom of
an indicative price range to raise W895bn
(US$789m).
The block was upsized to 3.63m shares
from 3.39m and priced at W247,000 versus
the range of W247,000–W255,000 each.
The price represents a discount of 8% to
the pre-deal close of W268,500.
Books were multiple times
oversubscribed with a mix of hedge funds
and local investors participating in the deal.
There is a 90-day lock-up on the vendor’s
residual shares in the company.
Temasek previously raised a combined
W1.07trn from a sell-down in Celltrion and
distributor Celltrion Healthcare in March
through two block trades.
The Singapore state fund held a 12.45%
stake in Celltrion prior to the latest transaction.
Celltrion’s shares closed at W246,500
each on October 23.
Citigroup and Credit Suisse were joint
bookrunners.EUROPE/MIDDLE
EAST/AFRICABELARUS
EUROTORG SETS GUIDANCE FOR
US$250m LONDON GDR LISTINGBelarus food retailer EUROTORG put out price
guidance on Wednesday of US$6.95-$7.95
per GDR for its London GDR listing, giving a
post-money valuation of US$889m-$989m.
4HEûmOATûWILLûPROVIDEûTHEûCOMPANYûWITHû
US$200m of primary proceeds, with
secondary selling expected to be capped at
around US$50m.
Existing shareholders will use proceeds to
buy StatusBank from Eurotorg for
BRbl45.2m (US$21.5m). Cash and funds
from the IPO will be used by Eurotorg for
deleveraging and to reduce foreign currency
debt.
There is a 15% secondary greenshoe.
Pricing is due on November 7, with a trading
debut on November 8.
The range represents estimated 2019 EV/
Ebitda on consensus of 5.0-5.5, with Russian
retail comps X5 and Lenta trading at 5.05
and 5.16, respectively. Other peers include
Polish supermarket group Dino Polska and
Turkish discount grocer SOK Marketler.
Eurotorg operates a nationwide chain of
677 grocery stores across 251 localities in
Belarus. It had a 2017 market share of
approximately 19% of the total food retail
market, the company said.
Revenues for the 12 months to June 30
were US$2.13bn-equivalent, with adjusted
Ebitda of US$194.7m. In the six months
ended June 30, revenues in US dollar terms
increased by 9.6% year-on-year to US$1.1bn,
with adjusted Ebitda up 7.3% year-on-year at
US$98.4m.
Credit Suisse and JP Morgan are joint global
coordinators and joint bookrunners with
Bank of America Merrill Lynch, Renaissance
Capital, Sova Capital, UBS and Wood & Co.CZECH REPUBLIC
SUMMIT PARTNERS CASHES IN AVAST
INVESTMENTInvestors quickly snapped up 5.5% of
CYBERSECURITYûlRMûAVAST on Monday, aslong-term shareholder Summit Partners
sold shares in an accelerated bookbuild to
raise £144.5m and exit its investment.
Accounts were already lined up in
anticipation of a sell-down, a banker
involved said, and wall-crossing meant
books were effectively covered at launch.
The deal launched straight after the close,
ANDûANûOFlCIALûCOVEREDûMESSAGEûFOLLOWEDû
15 minutes later.
A total of 52.5m shares were sold,
amounting to around 25 days’ trading.
Initially launched with reference to the
market, price guidance of 275p-277p per
SHAREûCAMEûJUSTûAFTERûPM ûANDûlNALLYû
landed on 275p per share. This represents
a wide 6.9% discount to Monday’s close of
295.3p, though as shares hit a high at the
end of the day the more modest 5.7%
discount to the VWAP for the day’s trading
should also be considered.
Shares opened on Tuesday below the
discounted price at 271.9p each, but had
climbed above the placing price within an
hour, and closed on Tuesday at 275.25p. By
Thursday’s close they had risen further, to
282p each.
“A number of investors who came in
through the IPO used this opportunity to
top up their stakes,” the banker said. “The
book contained around a dozen names,
and the top 10 took 70% of the shares.”
Tech funds managed by generalist
investors were dominant.
Avast’s share price has risen around 18%
FROMûITSû)0/ûPRICEûOFûPûlVEûMONTHSûAGO û
when the company listed on the LSE.
The clean-up leaves Summit Partners
with 0.2% of Avast, which it has retained
FORûTAXûREASONSû4HEûPRIVATEûEQUITYûlRMûHASû
held Avast shares since 2010.
Morgan Stanley and UBS were joint
bookrunners.FRANCE
CEGEREAL SECURES FUNDS FOR
PARIS ACQUISITIONReal estate company CEGEREAL secured
90.42% take-up for its €79.9m rights issue,
though shareholder commitments ensured
the full target proceeds were secured.
Shareholders exercised rights for just over
2m shares, with a little over 200,000 shares
left over.
The capital increase had been guaranteed
by Cegereal’s two major shareholders,
Northwood Investors and GIC, which had
committed to subscribing to all of their
rights and the remaining shares.
Northwood’s stake rose to 56.32% from
55.38% following the rights issue, while GIC now
holds 25.43% of the company, up from 25%.