IPO Roundup March 23, 2016

Uncertainty, volatility weigh on global IPO market: EY

The number of new companies floating on the world’s stock markets hit a seven-year low in the first three months of 2016, as a raft of economic and political concerns weighed on the IPO market, new data shows.

Only 167 initial public offerings (IPOs) were completed during the first three months of 2016, raising $12.1 billion, according to EY’s latest IPO trends report. When compared to the same period in 2015, total capital fell by 70 percent, while volume slipped 39 percent. 

Avoid Infibeam IPO, suggest brokerages | Business Standard News

The first ever initial public offering (IPO) by an e-commerce company in the domestic market has failed to excite brokerages.

Reliance Securities believes the valuations are expensive even compared to that of global e-commerce giants such as Amazon and Alibaba. 

Bharat Wire Ropes IPO Oversubscribed 1.21 Times On Last Day – NDTV Profit

The Rs 70-crore IPO of Bharat Wire Ropes sailed through on Tuesday, the last day of the offer as the issue was oversubscribed 1.21 times.

The initial public offering (IPO) received bids for 2,11,28,700 shares against the total issue size of 1,75,00,000 shares, as per NSE data till 1800 hrs.

The qualified institutional buyers (QIBs) portion was subscribed 1.01 times and that of non-institutional investors 2.02 times.

The portion set aside for retail investors was also oversubscribed 2.08 times.

The Maharashtra-based specialty wire ropes manufacturer fixed the price band at Rs 40-45 for the IPO. 

WiseTech looks beyond IPO | Business Spectator

It’s on track to become one of the biggest technology listings to grace the ASX in some time, but WiseTech Global founder and chief executive Richard White is desperately keen to avoid the “unicorn” tag for his company if he can help it.

“I don’t like that word unicorn, which is a strange, mythical beast and that’s not us. It doesn’t matter what our valuation is, I don’t feel good about (the label),” White says.

The one thing White does feel good about is the validation his company’s impending IPO, which values the outfit between $763 million and $1.2 billion, provides to the years of hard work he and his team have poured into making the software a success. 

Could a Bausch & Lomb IPO help save debt-laden Valeant? Ackman thinks so – FiercePharma

Valeant’s M&A-fueled debt is starting to cause big problems for the drugmaker. But activist investor and brand-new board member Bill Ackman has some ideas on how to fix them–and spinning off a stake in key eyecare division Bausch & Lombis among them. At a company town hall meeting Monday, Ackman elaborated on an idea he put forth earlier this month,  suggesting Valeant could sell off part of B&L to pay down its debt, Bloomberg reports. The company could launch an IPO for a minority stake in the range of 10% to 20%, retaining control of B&L and drumming up cash, he figures. And cash, of course, is desperately needed to pay off debt. 

Fosun Seeks IPO of Ironshore Months After Guo Acquired Insurer – Bloomberg Business

Fosun International Ltd., the Chinese conglomerate led by billionaire Chairman Guo Guangchang, is weighing a possible initial public offering for Ironshore Inc. just months after acquiring the insurer.

Fosun may also pursue a sale of Bermuda-based Ironshore, according to a person familiar with the matter who asked not to be identified discussing private deliberations.

“No final decision has been made by the respective boards of directors of Ironshore and Fosun on whether, when or where to proceed with the possible offering,” Ironshore said in a statement Tuesday. 

We didn’t bribe Afenyo-Markin over IPO case – adb – citifmonline

Management of the Agricultural Development Bank (adb) has exonerated the Member of Parliament (MP) for the Efutu Constituency in the Central Region, Alexander Afenyo Markin, over allegations that he received a bribe of more than $900,000 from the bank to drop a lawsuit against them. The bank’s response to the matter which made news headlines last year was captured in a letter signed by the company’s Lawyer, M.K Amoakohene, and copied to the bank’s Managing Director and Board Secretary.

The letter, dated 4th March 2016, was in response to a request from lawyers for an anti-corruption advocacy group, the Forum for the Protection of Public Funds, for further details on the alleged corrupt act, so they could pursue it in court. The request letter was dated February 28, 2016. 

To sell non-core assets, steel biz IPO in 6-12 mnths likely: JSPL – Moneycontrol.com

Jindal Steel and Power (JSPL) is working diligently towards debt reduction through divestment of non-core assets and internal accruals, said Naveen Jindal, the company’s chairman, in an interview to CNBC-TV18. As a step in the direction, the company plans sale of its wind energy business and is in talks with many strategic partners to sell off the 1000 megawatt (MW) power plant in Jindal Power, he said. However, he declined any comment on details of the sale as it is pending approval of shareholders. JSPL may also consider an initial public offer (IPO) for its steel plant in 6-12 months, once the utilisation levels improve, he said. He said JSPL will not be making any further investments for expansion and the focus now is on consolidation. 


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