Monthly Archives: April 2011

EuroWeek article

28th April 2011

“IPO: A Global Guide” featured in this week’s edition of EuroWeek magazine, in the “Big Picture” column written by Equity Editor Nick Jacob. The article is reproduced below.

Hong Kong investors yawn at yuan REIT

27th April 2011

HONG KONG (Dow Jones Investment Banker) – The first-ever yuan-denominated IPO in Hong Kong – for Hui Xian REIT – priced Tuesday, after having received a rather subdued reception from the public. Reasons include a rather aggressive yield, the offer structure for the transaction and controlling shareholder Li Ka-shing’s reputation for leaving little on the table when pricing deals, as well as uncertainties about aftermarket trading and macro market developments.

Russian stocks not fit for Hong Kong?

25th April 2011

HONG KONG (Dow Jones Investment Banker) – Russian President Dmitry Medvedev and his entourage were all smiles when they visited the Stock Exchange of Hong Kong’s trading hall Sunday. But listing Russian companies in Hong Kong still faces technical and regulatory hurdles, as well as in many cases an uphill struggle to convince investors in Asia that Russian stocks have a place in their portfolios.

Getting physical in Singapore

20th April 2011

HONG KONG (Dow Jones Investment Banker) – Fitness First is likely to apply to Singapore’s SGX this month for an eligibility-to-list letter for an IPO, with a launch this July. The business, which has been listed before in the UK, has a wide footprint and boasts impressive statistics, as well as a clear ability to generate cash (2009 EBITDAwas US$238 million equivalent). We look at the group, and at the possible shape the IPO might take.

Hong Kong Economic Journal article

18th April 2011

“IPO: A Global Guide” featured in today’s edition of the Hong Kong Economic Journal, the leading Chinese language business newspaper.

Book launch

16th April 2011

“IPO: A Global Guide” was formally launched on 15 April 2011 at Kelly & Walsh in Exchange Square in Hong Kong. The event was well attended, and saw the author signing a number of copies of the book. The attendees came from a variety of backgrounds and included, among others, ECM bankers, research analysts, traders, company directors, lawyers, investors, students and journalists.

Glencore reveals IPO offer structure

14th April 2011

Glencore International plc filed today an announcement detailing the terms of its proposed US$9 billion to US$11 billion flotation on the LSE and the Stock Exchange of Hong Kong. The filing reveals a transaction mainly comprised of new shares to be issued, as well as the prominent role played in the deal by Morgan Stanley and Citi.

Another week, another IPO pitch in Hong Kong

14th April 2011

HONG KONG (Dow Jones Investment Banker) – Another week, another beauty pageant for a multi billion- dollar IPO in Hong Kong. In local fashion, Guangdong Development Bank (GDB) is said to be meeting brokers next Sunday and Monday to select bookrunners for a capital raising of up to US$4 billion, with a dual listing in Shanghai and Hong Kong.



I have set up this blog to report notable events on international IPOs.

These include particularly remarkable transactions, changes in market practice (whether pertaining to documentation, valuation or marketing techniques) and regulations, as well as appointments in the sphere of equity capital markets (ECM).

Although the blog has a bias towards the Asia-Pacific region, since this is where I am based, it is intended to be global in both its scope and outlook.

Please use the contact form above to report an IPO story or an ECM development.


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