IPO Roundup February 18, 2016

British lender Metro Bank cuts IPO price | Reuters

British lender Metro Bank Plc (IPO-METRO.L) is cutting the price of its initial public offering by about 17 percent, a company spokesman said.

Metro is lowering the offer price to 20 pounds per share from 24 pounds and aims to raise 400 million pounds, compared with the 500 million pounds it was expected to raise earlier, he said.

The listing on the London Stock Exchange is expected to be completed in early March, the company said in a communication to shareholders on Tuesday. 

Bankia to pay retail investors for €2bn IPO loss – FT.com

The nationalised Spanish lender Bankia will compensate in full thousands of retail investors who participated in the bank’s ill-fated initial public offering in 2011.

Small investors who bought shares in the public offering will receive 100 per cent of their investment, plus 1 per cent annual interest. Those who have already sold the shares will be compensated for their loss, if any, plus interest, the bank said. Bankia estimates that retail investors put €1.855bn into the IPO. 

Bain, Advent Said to Weigh IPO of Nordic Payments Firm Nets – Bloomberg Business

The private equity owners of Nets Holding A/S are exploring options including an initial public offering of the Nordic payments processor, just under two years after buying the company, people with knowledge of the matter said.

Advent International, Bain Capital and Danish pension fund ATP are working with Deutsche Bank AG and Morgan Stanley to assess Nets’ suitability for an IPO or sale this year, said the people, who asked not to be named as the details aren’t public. The company may seek an equity valuation of more than $3.5 billion, the people said, with one person saying it could be about $4 billion. No final decision has been made and the owners may also choose to keep Nets, they said. 

Tech stock sell-off may turn IPO chill into IPO freeze – The Globe and Mail

This winter was supposed to be Nutanix Inc.’s time to shine.

The high-tech computing and storage company filed for a hotly anticipated initial public offering in December, ready to woo investors early in the New Year.

But so far, Nutanix hasn’t been able to shake the chill of what is shaping up to be a largely barren season for IPOs. And with the battering technology stocks have suffered in the past couple of weeks, and the dismal performance of technology IPOs in the past couple of years, any idea of a springtime busy with technology offerings may also be wishful thinking.

Eric Jensen, an IPO lawyer for Cooley LLP, said his firm has “a pretty significant pipeline of deals,” with about 32 companies that have filed with regulators for IPOs, either confidentially or publicly. But he said plans by the five or so technology firms with a $1-billion-plus (U.S.) valuation in that queue, “are all stalled out.” 

Ruslan Kogan weighs IPO with UBS, Canaccord | afr.com

The founder of Australian online retail giant Kogan, Ruslan Kogan, is understood to be considering an ASX listing and has hired advisers to help prepare the company for its initial public offering.

As Street Talk revealed on Wednesday, BRW Rich-lister Kogan is working with investment banks UBS and Canaccord Genuity, who are readying the company for a $300 million initial public offering in the second half of this year.

Kogan is a brand well known to a lot of investors, who have spent quite a few years assessing the impact of online markets on old-world bricks and mortar retailers.  

Powerwrap ready to pitch IPO story to fund managers | afr.com

Here’s another one for the small cap punters.

Independent platform provider Powerwrap is booking fund managers for preliminary investor education meetings ahead of an initial public offering slated for the second half of 2016.

Powerwrap is expected to introduce itself as an unaligned platform provider with $4.1 billion on the platform on behalf of clients including Escala Partners, Koda Capital, Bennelong Wealth Partners and PwC’s private clients.

The unlisted public company is run by former BlackRock and National Australia Bank executive Cormac Heffernan and overseen by chairman Maurice O’Shannassy, who was chief executive of BlackRock Australia until the end of 2010. 

Hyundai Heavy denies sale of Hyundai Oilbank; IPO is an option | Reuters

South Korea’s Hyundai Heavy Industries (009540.KS) said on Wednesday it was not considering selling its refinery unit Hyundai Oilbank, but may list it if market conditions improve.

The loss-making shipbuilder said nothing had been decided.

Maeil Business Newspaper said last week that Hyundai Heavy plans an initial public offering of Hyundai Oilbank in the deal which could value the refinery firm at as much as 6 trillion won ($4.91 billion) to 7 trillion won.

Hyundai Heavy Industries hold a 91.13 percent stake in Hyundai Oilbank as of June 30. 

Rigid packaging maker Mauser considers IPO | Plastics News

Global industrial packaging maker Mauser Group is considering an initial public offering in the United States, less than two years after it was bought by private equity firm Clayton, Dubilier & Rice LLC.

The company has not provided many details in various preliminary IPO filings with the Securities and Exchange Commission, and in the latest filing on Feb. 12 it said only that it wanted to raise an unspecified sum for debt reduction and general corporate purposes.

In its first IPO filing, on August 7, it said it hoped to raise up to $100 million in the stock offering, although that was based on a nominal valuation of 1 euro ($1.11) per share. 

Report: Qatar’s UrbaCon considering US$1 billion IPO – Doha News

One of Qatar’s largest construction firms has spoken to advisors about preparing the company for an initial public offering (IPO), potentially as early as the end this year,Bloomberg reported.

The business newswire said the process was at a preliminary stage and that UrbaCon Trading & Contracting (UCC) may ultimately choose not to proceed with the plans.

A spokesperson for UCC told Doha News he was unable to comment on the report.

If the IPO does happen, it would be the country’s second in five years. 

Historical IPO data – Publications – GOV.UK

BRIEF-Euronext says achieved IPO mid-term objectives a year in advance | Reuters

Has achieved its IPO mid-term objectives as an independent company a year in advance

* Says revenue performance, with a rigorous approach to cost control, allowed to achieve, a year ahead of schedule, objectives set out at IPO

* Says macro uncertainty has been a solid driver of volumes on Euronext’s markets

* Says is well positioned to benefit from volatility emerging from current environment 


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