Stephen Lacey is US Editor for International Financing Review, helping to oversee editorial content across the region. He has particular expertise in coverage of the equity capital markets – IPOs, follow-on stock sales, and equity-linked securities – spanning the entire corporate life cycle, from venture and private equity to entry and maturation in the public markets.
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International Flavors & Fragrances secured US$2.25bn in an equity-linked raising on Wednesday as part of the cash consideration for its US$7.1bn purchase of Frutarom.
The circa US$1.6bn IPO of Elanco Animal Health, the Eli Lilly animal health unit, is off to a quick start, with investors already indicating strong interest in the deal following its launch on Thursday.
Capital-committed stock sales ahead of the market open are unconventional, and virtually unprecedented on a Monday morning.