INDIA NEWGEN SOFTWARE’s Rs4.3bn IPO was
subscribed 8.25 times on its last day of
bookbuilding last Thursday. Demand from
institutional investors was strong, with that
tranche being 15.62 times covered.
Primary shares for Rs950m and 13.5m
secondary shares are being sold in the
Rs240–Rs245 range.
ICICI Securities, IDFC Bank and Jefferies are
the bookrunners.
SANGHI INDUSTRIES LAUNCHES QIPIndian cement producer SANGHI INDUSTRIES
HASûLAUNCHEDûAûQUALIlEDûINSTITUTIONALû
placement of Rs4bn (US$63m). The
COMPANYûHASûSETûAûmOORûPRICEûOFû2S
SBI Capital, Motilal and HDFC are the joint
bookrunners.
PHILIPPINES
BPI AND METROBANK PLAN RIGHTSBANK OF THE PHILIPPINE ISLANDS and METROPOLITAN
BANK AND TRUST COMPANY are planning rights
issues to raise a combined Ps110bn
(US$2.17bn) for business growth.
Bank of the Philippine Islands announced
last Wednesday it had approved a rights
issue of up to Ps50bn to support its growth
and strategic initiatives in the coming years.
Terms of the rights issue, which will
comprise up to 567m shares, have yet to be
set. Ayala, BPI’s major shareholder, has
indicated its support for the issue.
Meanwhile, Metropolitan Bank and Trust,
the country’s second largest lender in asset
terms, has also secured board approval for a
rights issue involving up to 820m shares.
Metrobank plans to raise up to Ps60bn,
according to people close to the deal.
Part of the proceeds will be used for the
acquisition of the remaining 20% equity
stake in Metrobank Card.
The lender has mandated First Metro
Investment and UBS as joint global
coordinators and joint bookrunners.
SINGAPORE
SASSEUR REIT DELAYS IPOSASSEUR REIT has delayed the launch of its
S$500m–$600m (US$378m–$454m)
Singapore Exchange IPO from January to
after the Lunar New Year on February 16,
according to two persons with knowledge of
the move.
They did not give the reason for the delay.
The company would need to update its
lNANCIALSûFORûAûLAUNCHûDATEûAFTERû*ANUARY û
said one of the two.
The REIT will comprise China-based
outlet malls with the yield expected to be
around 7%.
Sasseur REIT, part of Shanghai-based mall
operator Sasseur, has the backing of
investment funds L Catterton Asia and Ping
An Real Estate. It runs six malls across
China, registering annual turnover of over
Rmb6bn (US$910m).
4HEûISSUEûWILLûBEûTHEûlRSTûPUREûRETAILû
outlet mall REIT IPO in Asia.
BOC International, Citigroup and DBS are
bookrunners.SOUTH KOREA
KAKAO GDR RAISES US$1bnMessaging app operator KAKAO has raised US$1bn
from the sale of global depositary receipts at the
bottom of the indicative price range.
The 8.2m-8.3m primary GDRs were
marketed at a price range of US$121.04–
$121.97 each, a discount of 3.0%–3.7% to the
pre-deal spot.
The company eventually sold 8.26m GDRs
at US$121.04, a 3.7% discount.
The trade was covered before launch and
multiple times oversubscribed with about
50 investors participating. A majority of the
demand came from hedge funds, while
there was also participation from global
long-only investors.
The GDRs will be listed on Singapore
Exchange.
Citigroup and Goldman Sachs were the joint
bookrunners.
Proceeds will be used to acquire mobile-
focused global content and platform
companies and to invest in technology,
INCLUDINGûARTIlCIALûINTELLIGENCE
Kakao operates South Korea’s dominant
messaging app KakaoTalk. It aims to expand
ITSûMOBILEûCONTENTûANDûINVESTûINûARTIlCIALû
intelligence.EUROPE/MIDDLE
EAST/AFRICADENMARK
HARTWALL CAPITAL CALLS TIME
ON ROYAL UNIBREWFinnish family-owned investor Hartwall
Capital exited its investment in brewer
ROYAL UNIBREW on Monday night through a
DKr969.5m (US$159m) selldown.
A small group of investors were wall-
crossed in advance of the trade, whichcomprised 2.77m shares, representing 5.27%
of existing share capital and approximately
35 days’ trading.
Pricing came at DKr350, a 4.58% discount
to Monday’s DKr366.80 close.
The sale drew strong participation from
existing shareholders and those wall-
crossed, with a balance of domestic and
international accounts.
The shares opened on Tuesday at DKr356
and traded up, closing at DKr356.80.
Danske Bank and SEB were joint
bookrunners.FRANCE
VIVENDI LOCKS IN FNAC PROFITSociete Generale sold 11.1% of consumer
electronics and household appliances
retailer FNAC DARTY in an accelerated
bookbuild on Tuesday evening to hedge a
DERIVATIVESûTRADEûTHATûLOCKSûINûAûSIGNIlCANTû
PROlTûFORû6IVENDI
Vivendi acquired a 15% stake in April
2016 through a €159m reserved capital
increase that valued Fnac at €54 per share.
A share issue related to Fnac’s takeover of
Darty three months later diluted the
holding in percentage terms to 11.1%.
Fnac’s share price was up more than 50%
LASTûYEARûASûRESULTSûCONlRMEDûTHATû
synergies promised by the company were
being delivered ahead of expectations.
The French bank’s ECM team came to
the market immediately after the close
with 2.944m shares and guidance set at
€91-€95 off a €100.50 closing price.
There was a covered message within 35
minutes, and at 6:45pm, investors were
told that pricing would probably be at the
bottom of the range.
0RICINGûWASûCONlRMEDûATûõûWHENûTHEû
book was closed at 7pm, and represents a
9.45% discount to the closing price. The
proceeds are €267.96m.
The top 10 allocations accounted for 57%
of the shares sold.
Vivendi said that it retains the option to
choose a settlement in cash or shares when
the derivative matures, which should be
during the second half of 2019 at the latest.CGG SETS TERMS FOR RIGHTS ISSUEOil services company CGG GROUP has set terms
FORûAûõMûRIGHTSûISSUEûTHATûWASûmAGGEDû
last June as it negotiated a restructuring deal
with lenders and bondholders to eliminate
around US$1.75bn in debt from the
company’s books.
The company will issue 71.93m new
shares, each with one warrant attached, at
€1.56 per share on a 4-for-13 basis.EQUITIES EMEA