IPO Roundup March 24, 2016


Infibeam IPO closes today, sees tepid interest, subscribed 0.89 times thus far – The Economic Times

The Rs 450 crore initial public offering (IPO) of Infibeam Incorporation has received bids for 1.11 crore shares, or 0.89 times, the total issue size as of 11.30 hours on Wednesday, the last day of the issue.

Infibeam, the first online e-commerce company to hit the capital market, has put 1.25 crore shares on the block in a price band of Rs 360-432 per equity share. The offer will close later in the day. 


Malaysia World International Courts Investors for $500 Million IPO – WSJ

A Malaysian property developer is courting potential investors ahead of a planned 2 billion ringgit ($500 million) initial public offering of its overseas assets, which if successful would be the largest IPO here in nearly a year.

The developer, Eco World International Bhd., has started talks with several entities who it hopes will buy a chunk of shares of the company at an agreed price ahead of the IPO, which is expected to be launched in the second quarter of this year, people with knowledge of the process said.

These will come in as cornerstone investors. Having cornerstone investors helps companies better market their shares to institutional and retail investors.

Eco World International is the overseas real-estate unit of Malaysia-listed Eco World Development Group Bhd. A spokeswoman at Eco World Development declined to comment. 


Corvus offers IPO at a discount as headwinds persist – FierceBiotech

Corvus Pharmaceuticals has priced its IPO at just $15 per share–the lowest range it could offer–as 2016 continues to produce a mixed bag of results for biotechs going public.

The CA-based clinical stage biopharma company, which is currently working on new immuno-oncology therapies, said the pricing of its initial public offering (IPO) of 4.7 million shares will be priced at just $15 per share.

This is at the end of the $15-$17 range it said it wanted earlier this year, with the IPO reaching $71 million instead of the $80 million they could have asked for.

Corvus, which will list on the Nasdaq under the symbol “CRVS,” began life two years ago when it was co-founded by former Pharmacyclics execs Richard Miller and Joseph Buggy and OrbiMed partner Peter Thompson.

It closed a $33.3 million Series A round in 2015 and raised a further $74.8 million more in September from a syndicate that includes OrbiMed, Novo A/S, Roche ($RHHBY) Venture Fund and Fidelity. 


BATS Set to Move Forward with April IPO Plans | Fox Business

Fears of terrorism aren’t stopping Bats Global Markets from plans to go public with company officials preparing to sell shares in an initial public offering (IPO) slated for the end of April, the FOX Business Network has learned.

Bats, an electronic stock exchange created in 2005 as a competitor to the Nasdaq (NDAQ) stock market and the Intercontinental Exchange’s, (ICE) New York Stock Exchange, has seen rapid growth in recent years spurred primarily by the emergence of high-frequency electronic traders that buy and sell securities  through its portal.

In a December regulatory filing, Bats signaled it was planning to come to market this year, though until now, the date of its IPO remained uncertain. People close to company say market conditions could push the sale  into May, but with the muted market response to Tuesday’s Belgium terrorist attacks and the recent recovery of stocks overall, company officials are still on track to sell shares at their late April target date. 


ISP Finance Services IPO succeeds  – Business – JamaicaObserver.com

Victoria Mutual (VM) Wealth Management Limited, broker for the offer made by micro-financing company ISP Finance Services Limited, yesterday said that the IPO was oversubscribed and closed one minute after opening on March 21.

VM Wealth Management said the basis of allotment will be disclosed later.

ISP Finance Services Limited sought to raise J$97.97 million in total from sale of 48,982,500 shares offered at a price of J$2.00 each.

Of the number 45,900,000, were reserved for directors and employees of the company — also at the same price — but the prospectus indicated that these would become publicly available if not taken up. 


Books close for Motorcycle Holdings’ $46.3m IPO | afr.com

ASX-hopeful Motorcycle Holdings is set to lodge a prospectus with the Australian Securities and Investments Commission having secured support for its $46.3 million initial public offering.

Stockbroker Morgans closed an IPO bookbuild for Motorcycle Holdings on Tuesday, with fund managers told to expect scale-backs after the raising closed oversubscribed.

Motorcycle Holdings was in the market for $46.3 million at $2 a share.

The offering, which included a $26 million selldown by the owners and a $20 million primary raise, will see the company list with a $75.9 million market capitalisation according to terms sent to potential investors.

 Motorcycle Holdings owns and operates the country’s largest motorcycle dealership with 34 franchises across Queensland, New South Wales and the Australian Capital Territory. 

Apple Computer’s IPO – Apple Inc. (NASDAQ:AAPL) | Seeking Alpha

Apple was a 205-bagger from 1990 to today (3-17-2016), without calculating dividends.

But you needed an 80% loss twice in order to get it.

Not your classic buy and hold fairy tale. 


Fosun weighs IPO for specialty property/casualty insurer Ironshore | Business Insurance

Shanghai-based Fosun International Ltd., which has wrapped up purchasing the remaining stake of Hamilton, Bermuda-based Ironshore Inc., now is considering an initial public offering of Ironshore, the insurers said Tuesday.

The companies said in statements that no final decision has been made on when or where to proceed with taking Ironshore, a specialty property/casualty insurer formed in the wake of devastating 2005 hurricanes, public through a stock offering. 


IPO fund-raising at 5-year high | Business Standard News

Fund raising through initial public offers (IPOs) in a financial year has touched a five-year high with 21 companies having raised a total of Rs 13,330 crore through IPOs between April 2015 and February 2016, data sourced from PRIME Database suggests.

In addition, cancer care specialist HealthCare Global Enterprises raised Rs 650 crore during March 2016, while Infibeam Incorporation – the first Indian e-commerce firm to launch an IPO – proposes to raise Rs 450 crore (issue closed on Wednesday) during the current month. 


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