The rights issue will partly fund the
ACQUISITIONûOFûAû0ARISûOFlCEûBUILDING
The 2.2m new shares were issued on a
one-for-six basis priced at €35.85 each, a
2.68% discount to TERP. Trading in Cegereal
shares was light on Monday - the stock is
highly illiquid - with a trade just before 2pm
at €36.60.
The company is locked up for 90 days
following the deal.
Societe Generale was sole bookrunner and
BNP Paribas was co-bookrunner.
GERMANY
TTL CANCELS FOLLOW-ONReal estate group TTL BETEILIGUNGS UND
GRUNDBESITZ cancelled its planned €50m-plus
FUNDRAISINGûONû4UESDAYûDUEûTOûTHEûDIFlCULTû
market.
The company had planned a rights issue
with a placing upfront of shares where the
holders had waived their rights along with
secondary selling.
The upfront placing was due to run
Tuesday to Wednesday with subscription for
the rights issue following on Thursday.
Bankhaus Lampe was sole bookrunner.
BLUE ELEPHANT ENERGY TARGETS
€70m IPO
German renewables company BLUE ELEPHANT
ENERGY, which acquires and operates solar
and wind parks, has begun pre-marketing a
õMûALL
PRIMARYû&RANKFURTûmOAT
The bulk of proceeds will be used for new
solar park and wind farm acquisitions as
well as for general corporate purposes.
A two-plus-two schedule would put the
beginning of bookbuilding at around
November 5, with pricing around November
16.
There is a 15% secondary greenshoe.
Existing shareholders include Blue Elephant
Venture with 32.5%, Jahr Asset Management
with 32.5%, and CEO Felix Goedhart with
26.2%.
Hauck & Aufhauser is sole global
coordinator and joint bookrunner with
-AINlRST.
ISRAEL
GAMIDA CELL RATCHETS
DOWN IPO
Novartis-backed GAMIDA CELL raised US$50m
in a Nasdaq IPO that was much overhauled
from the original terms.
The Israeli stem cell therapy specialist
priced 6.25m shares at US$8 early Friday
after marketing 3.57m shares at US$13-$15
each.
Existing shareholders Novartis and Clal
Biotechnology Industries (CBI), Israel’s
largest biotech investor, took US$37.5m of
the deal, up from US$30m quoted on the
prospectus cover.
Novartis and CBI each participated in a
US$40m private placement that priced in
July 2014 at US$9.44. To offset dilution,
warrants that were issued in connection
with that offering will convert into common
stock at US$6.22 a share.
Novartis, which held a 21.6% pre-IPO
stake, had a right to acquire Gamida for
US$200m, versus its US$198m IPO valuation.
The Swiss drug company injected US$35m
into Gamida in August 2014 in return for a
15% equity stake.
The investment came with an option for
Novartis to acquire Gamida for US$165m,
plus milestones, that it did not exercise.
Instead, Novartis shared the onus of drug
development with others.
Gamida is using the proceeds raised to
fund an ongoing Phase III trial of its lead
DRUGûWITHûTOP
LINEûDATAûEXPECTEDûINûTHEûlRSTû
half of 2020. Proceeds are expected to fund
Gamida’s operations through March 2020.KAZAKHSTAN
KAZATOMPROM BRAVES MARKET
WITH LONDON LISTINGKAZATOMPROM will proceed with a London
GDR listing, unfazed by Europe’s current
IPO market woes.
The listing will see 25% of the world’s
largest uranium producer sold by Samruk-
Kazyna, Kazakhstan’s main sovereign
wealth fund.
A banker on the privatisation initially said
the listing would likely take longer to get off
THEûGROUNDûGIVENûDIFlCULTûMARKETû
conditions, but Kazatomprom has started
pre-marketing at the minimum of one week
AFTERûlLINGûITSûREGISTRATIONûDOCUMENT û
suggesting investor feedback was
encouraging.
Another banker said the unique story of
the company and rare country access meant
the deal would appeal to all types of
investors, not just emerging-markets
investors.
“This is differentiated with a relative
value angle,” the banker said. “It’s sizeable
as well as being a high-quality company.
There are a lot of good reasons why it will
complete.”
Kazatomprom supplies uranium to eight of
the 10 largest global nuclear power
companies, and estimated its uranium
production to be 20% of global supply in 2017.)NûTHEûlRSTûSIXûMONTHSûOFûûTHEû
company had revenues of T145bn
(US$397.7m), down from T153.2bn in H1- Kazatomprom has a complex legal
structure, including a number of joint
ventures and associates that have
historically accounted for nearly 50% of
PROlTS
Adjusted attributable Ebitda was T45.7bn in
THEûlRSTûHALFûWHENûONE
OFFûGAINSûAREûEXCLUDED û
down 30% from T65.7bn in H1 2017.
The obvious peer for Kazatomprom is
Canadian uranium miner Cameco. Cameco
trades around a 2018 EV/Ebitda of 24. A
limiting factor for uranium miners has been
the price of the metal, with Cameco
reducing production due to a weak market,
but the price has risen nearly 30% since it
was trading at US$21 per pound in April, to
reach US$27 in October, the highest level
since mid-2016.
Kazatomprom plans to pay a dividend as a
PERCENTAGEûOFûFREEûCASHmOW ûDEPENDINGûONû
the group’s net debt to adjusted Ebitda ratio.
!TûTHEûENDûOFûTHEûlRSTûHALFûTHEûCOMPANYû
WOULDûPAYûOUTûATûLEASTûûOFûFREEûCASHmOW
A management roadshow is expected
around October 31.
Credit Suisse and JP Morgan are joint global
coordinators and joint bookrunners with
CICC, Halyk Finance and Mizuho International.
NORWAY
SCHIBSTED SELECTS OSLO FOR
CLASSIFIED ADS SPIN-OFFMedia group SCHIBSTED has selected Oslo as
the location for the listing of its
INTERNATIONALûONLINEûCLASSIlEDûADSûBUSINESS û
ANDûHASûITSûSIGHTSûSETûONû!PRILûûFORûAûlRSTû
day of trading.
It announced the decision in its Q3
INTERIMûlNANCIALûRESULTS ûAFTERûREVEALINGû
plans last month to spin-off the company,
preliminarily called MPI.EQUITIES EMEAEMEA EQUITIES
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 55 12,989.82 9.8
2 Goldman Sachs 55 11,177.27 8.4
3 Morgan Stanley 49 8,097.40 6.1
4 Citigroup 44 7,456.68 5.6
5 Credit Suisse 34 6,554.62 5.0
6 UBS 30 6,145.04 4.6
7 BAML 31 5,956.56 4.5
8 Deutsche Bank 37 5,694.03 4.3
9 Barclays 35 4,563.21 3.4
10 Investec 25 3,687.41 2.8
Total 796 132,317.40
Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4cr