IPO Roundup April 21, 2016


Saudi Arabia Mulls Dual Listing, Traded Fund for Aramco IPO – Bloomberg

Saudi Arabia is considering a dual listing as a way to reach investors beyond the local stock market for the sale of shares in state-owned oil giant Aramco, which could be the world’s largest initial public offering, the kingdom’s deputy crown prince said. 


RouteSMS expecting to raise Rs 500 crore from IPO – The Economic Times

Messaging and voice interface company RouteSMS expects to raise Rs 500 crore from an initial public offering it plans to launch around October and spend most of the proceeds on acquisitions.

Founder Rajdip C Gupta told ET that he is open to diluting 25-30% stake through the IPO, which is being handled by YES BankBSE 0.02 % along with Kotak Mahindra BankBSE -0.01 %. The company is yet to file its draft prospectus with the Securities & Exchange Board of India.


British brickmaker prices £360m IPO

Britain’s second-biggest brickmaker has priced its IPO, giving it a total market value of £360m.

Forterra, which is looking to expand its brickmaking facilities to take advantage of the UK’s housebuilding boom and brick shortage, is selling 70m existing shares at 180 pence per share.

The company is owned by Lone Star, the US private equity business, which acquired it last March from HeidelbergCement in a £990m deal.

Forterra’s IPO comes only six months after the UK’s largest brickmaker, Ibstock, was floated on the London Stock Exchange by its owner Bain Capital, which is also a private equity firm.

Brickmakers in Britain have been cranking up capacity over the last few years as the UK housebuilding market roars back to life. There have been fears that a shortage of bricks could hold the housebuilding boom back, after British brickmakers closed plants and slashed workforces when the housing market collapsed in the aftermath of the financial crisis. 


MGM Growth raises $1.05 billion in IPO; shares gain | Las Vegas Review-Journal

Real estate investment trust MGM Growth Properties LLC said on Tuesday it had raised $1.05 billion in its U.S. initial public offering, in the latest sign that investors are becoming more receptive to new stock market flotations.

The shares gained nearly 5 percent on their first day of trading.

MGM Growth’s successful pricing follows exchange operator Bats Global Markets Inc.’s offering last week as the second major IPO of the year. With stock market jitters having all but frozen the IPO market this year, the two successful share offerings are fostering new optimism among IPO hopefuls. 


Cybersecurity Firm SecureWorks Set to Test Tech IPO Market – WSJ

SecureWorks is poised to end the longest drought in technology initial public offerings in seven years, but whether others will soon follow is an open question.

SecureWorks, the cybersecurity arm of Dell Inc., is set to price its shares after markets close Thursday in what would be the first tech IPO in four months.

Investors and other technology companies will be watching closely for an indication of the health of an IPO market that has struggled mightily this year, but lately has shown signs of life. 


Fidelity’s Pre-IPO Hunt Goes Beyond Unicorns – Bloomberg Gadfly

Concern over valuations of certain tech startups worth $1 billion or more has led mutual funds including Fidelity, T. Rowe Price and BlackRock to write down some higher-profile holdings — Snapchat and Dropbox being two recent examples. It’s no surprise, then, to find that such funds are no longer jumping at the chance to take part in late-stage, pre-IPO fundraising rounds for these types of companies, as this chart illustrates: 


American Renal raises $165m in IPO

American Renal, which operates dialysis clinics across the US, priced its initial public offering on Wednesday within its expected range as the IPO market continues heating up.

The company, which forges joint ventures with local doctors who own their own dialysis centres, said it priced its IPO at $22 a share, raising $165m. American Renal said earlier that it expected to price between $20-$23 a share, writes Adam Samson in New York.

The offering comes as the new listing market heats up as more companies look to float their shares after a bruising start to 2016. BATS Global Markets, an exchange operator, and MGM Growth Properties, a casino-focused real estate investment trust, have made their market debuts in recent days. SecureWorks, Dell’s cyber-security division, is set to become the first technology IPO of 2016 on Thursday. 


American Renal prices IPO at $22 a share – MarketWatch

American Renal Associates Holdings Inc. ARA, +20.45% said Wednesday it priced its initial public offering of 7.5 million shares at $22.00 a share, at the higher end of the expected pricing range of $20 to $23. The provider of dialysis services also granted the underwriters the option of purchasing an additional 1.13 million shares at the IPO price. American Renal is expected to begin trading on the New York Stock Exchange on Thursday under the ticker ARA. Bank of America Merrill Lynch, Barclays and Goldman Sachs & Co. are serving as lead joint book-running managers. 


Vodafone invites pitches from banks for India IPO – The Economic Times

Vodafone Group has set the ball rolling for its long-awaited India IPO by inviting banks, including Citigroup, Goldman Sachs and Morgan Stanley, to submit pitches to manage it, people with direct knowledge of the deal said.

The listing of Vodafone’s Indian unit is expected to raise between $2 billion and $2.5 billion, the people said, making it the biggest IPO since state-owned Coal India Ltd’s $3.5 billion listing in 2010. Vodafone had raised the prospect of a listing in India. 


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