Stabilisation manager JP Morgan NOTIlEDû
the market at Wednesday’s close that the
full 10% greenshoe of 11.88m shares had
been exercised. That takes the all-secondary
DEALûSIZEûTOûaMûANDûLIFTSûTHEûFREE
mOATû
to 27.5% from 25% on the base deal.
Exercising of the greenshoe comes swiftly
after Amigo’s debut, but the stock
performance has been solid. The greenshoe
was provided by CEO and founder James
Benamor through his Richmond Group
subsidiary.
JP Morgan and RBC were joint global
coordinators and joint bookrunners with
Macquarie.
FORESIGHT SOLAR BEATS £40m
FUNDRAISING TARGET
FORESIGHT SOLAR FUND beat its £40m target to
raise £48.1m through a marketed follow-on,
with the book heavily oversubscribed,
requiring scaling back.
Part of the proceeds will go towards
investments, including the purchase of 18
solar assets for £55m expected to complete
in July, after which Foresight will become
the largest UK-listed dedicated solar energy
investment company by installed capacity.
In total, 44.99m shares were placed at
107p, the maximum number of shares
Foresight could sell without pre-emption
rights at 10% of the existing share capital.
BlackRock, already a shareholder,
invested £23.54m for 22m shares, taking its
post-money stake to 17.3% by IFR
calculations.
Shares closed at 108.5p on Thursday.
Stifel was sole bookrunner.AMERICAS
UNITED STATES
IPOS READY TO GO IN JULYECM syndicate desks expect ECM deal
activity to recover quickly with a fresh wave
of IPO launches in the coming week,
although the second-quarter earnings
SEASONûCOULDûDAMPENûTHEûmOWûOFûSECONDARYû
offerings.The July 4 holiday meant the past week
was a write-off with no deals of note pricing,
though it may prove to have been a timely
pause after IPO activity hit three-year highs
last month.
Biotechs will lead out the next group of
IPO launches but bankers are also
anticipating some big-name companies to
bring IPOs in the second half, including the
funding window that now runs through to
the second half of August.
Biotechs Allakos, Crinetics
Pharmaceuticals, Replimune and Rubius
Therapeutics will all be able to launch their
IPOs this coming Monday.
There is also some variety and size outside
THEûPROLIlCûLIFEûSCIENCESûSECTORû$RILLINGû
equipment maker AFG, wealth manger
Focus Financial Partners, commercial real
ESTATEûAGENCYû#USHMANûû7AKElELD ûFUELû
cell maker Bloom Energy and China’s Cango
may also launch IPOs in the next few weeks.
Bankers are expecting more utilities and
-!ûlNANCINGSûINûTHEûSECONDûHALF ûBUTûMANYû
companies are likely to be in blackout mode
before reporting over the next month.TENABLE NEXT IN TECH QUEUECybersecurity software provider TENABLE
could be next up in an impressive parade of
US tech IPOs this year.
"ACKEDûBYû6#ûlRMSû)NSIGHTû6ENTUREû
0ARTNERSûANDû!CCEL û4ENABLEûPUBLICLYûlLEDû
late Friday, June 28 for a US$100m IPO led
by Morgan Stanley, JP Morgan, Allen & Co and
Deutsche Bank.
4HEûPUBLICûlLINGûSETSûUPû4ENABLEûTOûGOû
public later this month.
Founded in 2002, the company sells a
software-as-a-service platform called
Tenable.io that manages and measures
cybersecurity exposure across networking
infrastructure, desktops and on-premises
servers, and other types of IT.
Strong top-line growth and the company’s
stellar 86% gross margins could prove an
attractive combination.
Tenable grew revenues 51% to US$187.7m
last year but made a net loss of US$41.8m.
4HEûCOMPANYûWASûMODESTLYûFREEûCASHûmOWû
NEGATIVEûINûTHEûlRSTûQUARTERûOFûû
M û
though most tech IPOs this year has
succeeded despite burning cash.
4ENABLEûlRSTûlLEDûCONlDENTIALLYûONû
April 27.SONOS TURNS UP SOUND ON IPO PLANSSONOS, a maker of voice-enabled wireless home
SOUNDûSYSTEMS ûlLEDûPUBLICLYûEARLYûONû&RIDAYû
for an IPO that could price in early August.
Morgan Stanley, Goldman Sachs and Allen &
Company WILLûLEADûANûEIGHT
lRMû
underwriting syndicate handling the deal,US EQUITIES
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues US$(m) (%)
1 Morgan Stanley 87 14,074.87 13.6
2 Goldman Sachs 76 11,944.82 11.6
3 JP Morgan 99 11,773.74 11.4
4 Citigroup 70 9,466.02 9.2
5 Barclays 46 8,290.32 8.0
6 BAML 66 7,202.99 7.0
7 Credit Suisse 49 5,639.81 5.5
8 Wells Fargo 37 4,165.79 4.0
9 Deutsche Bank 32 4,129.19 4.0
10 RBC 35 3,371.85 3.3
Total 416 103,340.31
Including all domestic and international deals and rights issues
Source: Thomson Reuters SDC code: C3r
US IPOs
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues US$(m) (%)
1 BAML 33 2,986.17 11.6
2 Morgan Stanley 30 2,697.92 10.5
3 JP Morgan 29 2,541.22 9.9
4 Goldman Sachs 28 2,487.28 9.6
5 Citigroup 21 1,948.55 7.6
6 Credit Suisse 17 1,788.08 6.9
7 Deutsche Bank 12 1,435.30 5.6
8 Barclays 15 1,298.32 5.0
9 RBC 12 1,292.16 5.0
10 Wells Fargo 11 641.23 2.5
Total 90 25,793.08
Including all domestic and international deals and rights issuesSource: Thomson Reuters SDC code: C6US SECONDARY OFFERINGS
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues US$(m) (%)
1 Morgan Stanley 57 11,376.96 14.7
2 Goldman Sachs 48 9,457.54 12.2
3 JP Morgan 70 9,232.53 11.9
4 Citigroup 49 7,517.47 9.7
5 Barclays 31 6,992.00 9.0
6 BAML 33 4,216.82 5.4
7 Credit Suisse 32 3,851.73 5.0
8 Wells Fargo 26 3,524.55 4.5
9 Deutsche Bank 20 2,693.88 3.5
10 Jefferies 41 2,489.32 3.2
Total 326 77,547.22
Including all domestic and international deals and rights issues
Source: Thomson Reuters SDC code: C8arLATIN AMERICA EQUITY, EQUITY-RELATED
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues US$(m) (%)
1 Banco BTG Pactual 4 880.0 12.5
2 BAML 5 825.2 11.7
3 Citigroup 5 591.1 8.4
4 Goldman Sachs 3 512.8 7.3
5 Morgan Stanley 4 418.7 5.9
6 BBVA 2 393.6 5.6
=6 Santander Global 2 393.6 5.6
8 Banchile Corredores 2 378.0 5.4
de Bolsa
9 Credit Suisse 2 359.8 5.1
10 Goldman Sachs do Brasil 1 321.6 4.6
Total 16 7,064.7
Including all domestic and international deals and rights issues
Source: Thomson Reuters SDC code:C1f