TUANCHE FILES FOR US IPOTUANCHE, which operates an automotive
MARKETPLACEûINû#HINA ûHASûlLEDûAû53Mû
Nasdaq IPO on a best-efforts basis.
AMTD Tiger and Maxim Group are the joint
bookrunners.
Based in Beijing, TuanChe posted a net
LOSSûOFû2MBMû53M ûFORûTHEûlRSTûHALFûOFû
2018, compared with a net loss of Rmb58m
for the same period of 2017.
The company intends to use the proceeds
for the development and expansion of its
business, strengthening information
technologies and data analytics capabilities,
and general corporate purposes.
HANERGY TO RELIST IN CHINAHanergy Mobile Energy Holding Group,
parent of HANERGY THIN FILM POWER GROUP, plans
to take private the Hong Kong-listed
subsidiary and relist it in China, according
to a statement on the parent’s website.
Hanergy Thin Film Power, whose shares
have been halted from trading for more
than three years, had a market
capitalisation of HK$163bn (US$21bn)
before suspension. Hanergy Mobile Energy
is proposing to take the company private at
HK$5 per share, versus the last close of
HK$3.91.
Hanergy Mobile Energy said it had sent
the buyout suggestion to the subsidiary on
October 12 and the board of the listco had
unanimously accepted the suggestion.
Hanergy Thin Film Power’s Hong Kong
stock has been suspended since it
plummeted nearly 47% in less than an hour
of trading on May 20 2015, ending a run that
had seen the company’s market
capitalisation more than treble since
November 2014.
Hong Kong’s Securities and Futures
Commission then launched an investigation
into the company.
INDIA
SBI BOARD CLEARS Rs200bn
EQUITY PLAN
STATE BANK OF INDIA’s board of directors has
approved a plan to raise equity capital of up
TOû2SBNû53BN ûINûTHEûlNANCIALûYEARû
to March 31 2019.
The funds can be raised through a
QUALIlEDûINSTITUTIONALûPLACEMENT ûFOLLOW
ONû
offer or rights offer.
The board also approved a plan to raise up
to Rs50bn through an issue of Tier 2 bonds.
The bonds can be issued either in US dollars
or Indian rupees to foreign or local investors
INûTHEûûlNANCIALûYEAR
The timing of the transactions and the
participating banks will be decided later.
In 2017, SBI completed the country’s
LARGESTûQUALIlEDûINSTITUTIONALûPLACEMENTûOFû
Rs150bn at a zero discount.
SBI shares closed last Monday at Rs260.35,
down 16% in the year to-date.SHORTLISTS FOR HUDCO AND NBCC
SALESThe Department of Investment and Public
Asset Management has ranked PNB
Investment, Elara Capital and IDBI Capital as
the top three bidders to manage a 10% stake
sale in state-owned NBCC INDIA.
The stake was valued at a maximum
Rs9.5bn (US$130m) at last Thursday’s close.
4HEûBANKûLINE
UPûWILLûBEûlNALISEDûWHENû
Elara and IDBI match the fees quoted by
PNB.
ICICI Securities, SBI Capital and Yes
Securities were the other bidders.
Separately, Elara Capital, IDBI Capital and
SBI Capital have been ranked the top three
bidders for a 10% stake sale in HOUSING AND
URBAN DEVELOPMENT COMPANY. At last
Thursdays’s close the stake sale will total a
maximum Rs8.2bn.
4HEûBANKSûWILLûBEûlNALISEDûWHENû)$")û#APITALû
and SBI Capital match the fees bid by Elara.
PNB Investment, ICICI Securities and Yes
Securities were the other bidders for the
Hudco transaction.
4HEûlNANCIALûBIDSûOFû0."û)NVESTMENTûFORû
NBCC and Elara’s for Hudco are not known.
Up to three banks will be hired for each of
the sales.
The government owns 89.81% of Hudco
and 73.75% of NBCC.
NBCC shares are down 57% in the year to-
date and Hudco shares are down 50%.
DIPAM manages stake sales in state-
owned companies.SHRIRAM PROPERTIES TO FILE NEXT
MONTHSHRIRAM PROPERTIESûPLANSûTOûlLEûTHEûDRAFTû
prospectus for a Rs10bn–Rs15bn (US$136m–
$205m) IPO next month, people with
knowledge of the transaction have said.
Axis, Edelweiss and Nomura are the
bookrunners.
The IPO is likely to be a combination of
primary and secondary shares.
The company develops residential and
commercial projects mostly in South India
and has a portfolio of 20m square feet of
built-up space. It is part of the Shriram Group,
WHICHûHASûINTERESTSûINûlNANCIALûSERVICES
/THERûREALûESTATEûlRMSûTHATûHAVEûALSOûlLEDû
for domestic IPOs are Lodha Developers
(US$700m–$1bn) and Puranik Builders
(Rs10bn). However, both companies havepushed back the deals because of weak
market conditions.JSW STEEL RIGHTS OFFER CLEAREDThe board of directors of JSW STEEL has
approved the company’s plan to sell rights
shares of up to Rs50bn (US$681m).
The timing of the issue and the
underwriting bankers will be decided later.
Jindal Organisation owns 19.56% of the
company, followed by JFE Steel at 15.08%
and JSW Techno Projects at 10.29%.
JSW Steel shares are up 28% in the year to-
date.JAPAN
TOKYU FUDOSAN RAISES ¥50.6bn
FOLLOW-ONReal estate company TOKYU FUDOSAN HOLDINGS
has raised ¥50.57bn (US$449m) through a
follow-on offering to fund projects in
Tokyo’s Shibuya area.
The company offered 80.4m shares at
cûEACHû4HEûlNALûPRICEûREPRESENTSûû
discount to October 22’s close of ¥649,
within the 3%–5% indicative range.
There is a 15% greenshoe and a concurrent
third-party allotment of 17.5m treasury shares.
Books were almost 15 times covered.
There was very strong demand in the
international book from long-only and real
estate investors including existing
shareholders, a person with knowledge of
the deal said.
International investors took up 40% of the
offering and domestic buyers were allocated
60%. The allocation shifted 5% in favour of
international versus domestic compared
with the original plan due to strong
demand, the person added.
The issuer is subject to a 180-day lock-up
period.
Proceeds will be used primarily to fund
existing real estate projects in the greater
Shibuya area and repay outstanding
borrowings.
Daiwa, Mizuho and Nomura were joint global
coordinators, and joint bookrunners with
Morgan Stanley in the international offering.PHILIPPINES
SAN MIGUEL PRICES SMFB FOLLOW-ON
AT BOTTOMSAN MIGUEL FOOD AND BEVERAGE’s follow-on
share offer is set to raise Ps34bn (US$634m),
with parent company San Miguel selling
400.9m shares at the bottom of the a Ps85–
Ps95 range.EQUITIES ASIA-PACIFIC