Monthly Archives: July 2012

Neither quantity nor quality

30th July 2012

What a difference a few years can make. Initial public offering volumes are sharply down in Hong Kong, while some markets in Southeast Asia appear to be enjoying a revival not seen since the 1997 financial crisis. I have mentioned earlier in Money Post on July 2 that much of this is due, at least in part, to the shrinkage of deal flow from China’s giant state-owned enterprises, which has generated much of the steady fee income for IPO bankers since the mid-noughties.

Espinasse on CNBC’s Squawk Box

23rd July 2012

I was interviewed this morning on Asian IPOs on CNBC’s “Squawk Box” show with anchors Lisa Oake and Bernie Lo and Anthony Scaramucci, Managing Partner of SkyBridge Capital.

The enduring mystery of IPO pricing

23rd July 2012

In 2004, Google came to market with an IPO. The company took an unconventional approach to pricing. It put its offer to all investors through an open, Dutch auction. All investors, whether individuals or institutions, were asked to submit orders. The deal was then priced at exactly the level required to sell all shares at the highest possible valuation.

Too much information that comes too late

16th July 2012

Knowledge is power. And it’s especially true when it comes to investing in initial public offerings. On July 8, fellow columnist Jake van der Kamp argued that retail investors seem to be getting too little of it – or rather that information on IPO issuers is being made available to the public too late in the process (“SFC appears to be in la-la land over listing documents”).

Underwriting? What underwriting?

10th July 2012

HONG KONG (Dow Jones Banking Intelligence) – Forget about everything you have read about banks in Asia being asked to provide hard underwriting commitments for IPOs. Brokers have now found a new way to avoid remaining stuck with shares on their books – thanks to increasingly common cornerstone investor arrangements.

1H 2012 APAC IPO and ECM statistics

9th July 2012

An old joke tells of two matrons having lunch at an expensive restaurant. One lady says, “The food is so bad,” and the other says, “Yes, and the portions are so small.” This neatly sums up IPO bankers’ first half: markets are challenging and they are working harder to sell smaller deals for less fee income. Bankers’ complaints about difficult deals are likely to be followed by grumbling that they don’t have enough of them.

Espinasse on Malaysian, Hong Kong IPOs

5th July 2012

I was interviewed this morning by anchor Bryan Curtis on Hong Kong’s RTHK 3 radio “Money For Nothing” business programme, on Malaysian and Hong Kong IPOs.

Murder on the Orient Express

2nd July 2012

Last week saw a little noticed event in the cosy world of investment banking, with Russian (and emerging markets) firm Renaissance Capital calling it quits, and closing its offices in both Hong Kong and Beijing after only two years on the ground in Asia.

 

 

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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