Monthly Archives: January 2012

Mongolia’s Erdenes TT snubs Hong Kong for IPO

25th January 2012

HONG KONG (Dow Jones Investment Banker) – News last week that Mongolia’s Erdenes Tavan Tolgoi, which owns one of the world’s largest coking coal deposits, would drop – for now – Hong Kong as one of the listing locations for its long-awaited IPO came as a surprise to market observers. The reasons probably include a disappointing performance for relevant offerings in Hong Kong, disclosure issues, as well as a comparatively weaker depositary receipt platform.

Making the deals fly

20th January 2012

A guest column I wrote for the China Economic Review.

2011 was a year marred by extreme volatility in markets, an earthquake and tsunami that disrupted global supply chains, renewed inflationary worries in Asia and, above all, the near collapse of the euro zone.

Chinese language edition for “IPO: A Global Guide”

13th January 2012

“IPO: A Global Guide” is currently being translated into a simplified Chinese character edition, which should be available in the mainland market through China Financial & Economic Publishing House (CFEPH) in mid-August 2012.

The curious anomaly of US IPO fees

13th January 2012

HONG KONG (Dow Jones Investment Banker) – Underwriters persistently rake in higher IPO fees in the US than in other markets. But with foreign companies increasingly shunning US listings, the American premium may be hard to sustain.

Staging the acts for the IPO circus

9th January 2012

As I explained last autumn (read “How fat cats get the cream”), investment banks are complex entities, with many divisions and departments often competing among each other (but sometimes working together) to harvest fees from corporates and institutional investors.

BBC interview

4th January 2012

I was interviewed today by anchor Rico Hizon on BBC World News Television in the Asia Business Report programme, on prospects for IPOs in Asia in 2012.

Seeking cover – the theory of IPO evolution

4th January 2012

HONG KONG (Dow Jones Investment Banker)  - Forget the theory about pre-deal investor education (PDIE) and the price discovery process. In these volatile markets what really matters is to initiate book building only when a deal has effectively already been covered. Here’s why – and how.

The year in IPOs foretold

2nd January 2012

A Happy New Year to all! Set out below is a piece I wrote in today’s South China Morning Post in Hong Kong, looking at the year that was and at prospects for IPOs in the city.

Last year was difficult for Hong Kong initial public offerings. True, about US$32 billion was raised from 69 flotations as of December 15, according to the Hong Kong Exchange (thereby enabling the city to retain its global crown for IPO fund-raising, ahead of Shenzhen and New York), but last year was also notable for the below-par performance of most new issues – with many down by 20 per cent or more from their offer prices.

 

 

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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