Posts tagged as: Over-allotment options

Espinasse on HK Electric Investments

29th January 2014

I was back in CNBC’s Hong Kong studio this morning to comment on “The Call” hosted by Bernie Lo, on Hong Kong Electric Investments’ IPO trading debut on HKEx.

PICC launches US$3.6 billion Hong Kong IPO

21st November 2012

PICC Group will finally kick off bookbuilding tomorrow, Thursday 22 November, for an IPO that could reach US$3.6 billion, and even top US$4 billion, assuming exercise in full of the over-allotment option. This would make it the largest IPO so far this year in Asia ex-Japan, ahead of the flotation of Felda Global Ventures in Malaysia.

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.

China Shipping Nauticgreen’s Chinese box surprise

9th August 2011

HONG KONG (Dow Jones Investment Banker) – China Shipping Nauticgreen Holdings Company Limited (CSN) has just started bookbuilding for a proposed IPO of up to US$192 million in Hong Kong, led by Deutsche Bank and China Merchants Securities. Pricing is set for August 10. Less volatile than that of shipping lines, the business is expected to grow, thanks in part to a substantial newbuild ship overcapacity over the next couple of years which should drive freight prices down. With a likely single digit P/E, valuation is reasonable too – a welcome change from some recent Hong Kong offerings.

An unwelcome spotlight on the Greenshoe

28th December 2010

HONG KONG (Dow Jones Investment Banker) – The greenshoe may find itself in the spotlight as institutional shareholders and governments agitate over fairness and fees. This would be an unwelcome development for investment banks.

General Motors’ IPO becomes the world’s largest-ever

27th November 2010

General Motors Company (GM) announced on 26 November 2010 that the value of both the common and preferred stock sold in its IPO by its selling shareholders, including the US Department of the Treasury, reached US$23.1 billion, following the exercise of the over-allotment options under both offerings.

 

 

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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