Anthony Hughes is senior reporter, equities, for IFR where he covers developments in US equity capital markets. He previously worked as a financial reporter and columnist for the Australian Financial Review and, prior to that, as investment editor at the Sydney Morning Herald.
Alibaba competitor JD.Com, the Chinese online direct sales company that raised US$1.8bn in a Nasdaq IPO in May, is set to return to US equity capital markets next month with a US$500m first-time follow-on offering that will allow early supporters to monetize their holdings.
NXP Semiconductors, a Netherlands-incorporated chip maker, took advantage of its record share price to launch a US$1bn offering of five-year cash convertible senior notes, earmarking proceeds to fund debt repayment and the repurchase of US$250m of common stock.
A string of 2014’s best IPOs this week launched first-time follow-on offerings, taking advantage of their strong aftermarket performance and helping to smooth the monetisation path for key insiders.