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Tuesday, 19 June 2018

Anthony Hughes' s stories

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  • Workday's US$1.55bn takeover scotches Adaptive IPO

    Equities | 15 June 2018

    Human resources software provider Workday swooped in to acquire Adaptive Insights for US$1.55bn on Monday, snapping up the business planning software company just three days before it was poised to price a US$123m IPO.

  • MetLife exchanges US$1bn debt for Brighthouse stake

    Equities | 15 June 2018

    Underwriters struggled to drum up much excitement for the shares of annuities provider Brighthouse Financial as former parent MetLife made a full exit from the business it spun off last year.

  • IQVIA returns with US$1.2bn sponsor block

    Equities | 15 June 2018

    Contract research organization IQVIA dusted itself down after last month’s embarrassing disclosure snafu by reviving a US$1.2bn registered block sell-down by its TPG Capital-led sponsor group.

  • Avalara downloads US$157.5m NYSE IPO

    Equities | 08 June 2018

    Sales tax doesn’t make the most scintillating party conversation, Avalara chief executive and co-founder Scott McFarlane concedes.

  • Madrigal adds US$411m to NASH stash

    Equities | 08 June 2018

    Liver disease drug developer Madrigal Pharmaceuticals took advantage of a tripling of its share price in the space of just a week to price a US$411m follow-on stock sale, but a tough aftermarket left new investors nursing losses.

  • Wall St sign

    Taiwan live streamer postpones US$60m NYSE

    Ticker | 07 June 2018

    Taiwan-based live streaming company M17 Entertainment postponed today’s NYSE debut despite setting the price the US$60m deal.

  • Nasdaq logo

    GreenSky stutters on Nasdaq debut

    Top News | 25 May 2018

    A late deal upsizing, split market views on the fintech sector, and tougher market conditions later in the week translated into a flat Nasdaq debut for point-of-sale lending platform GreenSky.

  • JP Morgan scores big on blocks

    Equities | 25 May 2018

    JP Morgan flexed its balance sheet muscle by scoring sole books mandates on two block trades despite having no past underwriting association with the companies.

  • Bank insiders cash in on sector strength

    Equities | 25 May 2018

    Small US banks priced a string of secondary offerings in the past week, allowing insiders to capitalise on sector tailwinds including regulatory relief, M&A activity and investors’ eagerness to position themselves for rising interest rates.

  • U.S. Food and Drug Administration (FDA) headquarters in Silver Spring

    IQVIA bails out buyers by cancelling US$1bn block

    Top News | 18 May 2018

    Morgan Stanley and its buyside clients won a stunning reprieve late on Thursday when sponsor-backed contract research company IQVIA and selling shareholders agreed to unwind a US$1.02bn block trade.

  • GreenSky brings US$750m-plus fintech IPO

    Equities | 18 May 2018

    The US tech IPO market may be entering a new phase as several fintech deals prepare to be priced in the coming week.

  • Taser maker makes rare ECM outing with US$227m stock sale

    Equities | 18 May 2018

    Axon Enterprise founder Rick Smith has been shot seven times by a taser. He insists it is “pretty safe”.

  • Pluralsight breezes through IPO test

    Equities | 18 May 2018

    Skills learning platform Pluralsight added its name to an elite group of hot software debutantes this year, upping its IPO asking price by as much as 50% through its marketing period and jumping by one-third in its first session amid heavy demand for the shares.

  • A banner for AXA Equitable Holdings hangs on the facade of the NYSE during the company's IPO

    AXA's US IPO falls short of expectations

    Top News | 11 May 2018

    Share price weakness across the life insurance sector and investor caution forced France’s AXA to take a 20%-plus price haircut on the NYSE IPO of its US life insurance and investment management unit AXA Equitable.

  • PPL solves funding needs with US$1.5bn forward equity sale

    Equities | 11 May 2018

    Pennsylvania-based utility PPL reaped the benefits of “ripping the band-aid off”, immediately solving its equity funding needs via a US$1.5bn overnight stock sale.

  • AXA

    AXA Equitable IPO takes price haircut, raises US$2.75bn

    Ticker | 09 May 2018

    France’s AXA SA was forced to cut its price expectations for the NYSE IPO of US life insurance arm AXA Equitable, raising US$2.75bn or about 20% less than it was seeking.

  • Axa logos

    AXA Equitable faces push-back on US IPO

    Ticker | 08 May 2018

    Life insurer AXA Equitable’s US$3.5bn-plus NYSE IPO is facing headwinds ahead of pricing tomorrow night as investors shy away from a sector that has struggled in recent times.

  • US: Demand runs high for Carbon Black IPO

    Equities | 04 May 2018

    Investors scrambled to get a piece of the US$152m IPO of fast-growing endpoint security software company Carbon Black, but underwriters still showed a little restraint when it came to pricing the deal.

  • Axa logos

    AXA brings US$5bn IPO of US unit to life

    Top News | 27 April 2018

    French insurer AXA could collect more than US$5bn from next month’s IPO of its US life and asset management arm, AXA Equitable, and is hoping a relatively undemanding valuation will spur investor demand for the shares.

  • DocuSign makes signature debut

    Equities | 27 April 2018

    DocuSign’s long and winding road to public markets came to a successful conclusion on Friday when the e-signature software company rallied on debut after drawing heavy demand for its US$629m IPO.

  • Ceridian heads for the cloud with US$462m IPO

    Equities | 27 April 2018

    Human resources software company Ceridian HCM, which sells a fast-growing cloud software platform called Dayforce, surged 41.9% in its debut session, underscoring the exalted status of cloud software IPOs in the minds of investors.

  • Axa logos

    AXA poised to launch US$4bn IPO of US arm

    Ticker | 20 April 2018

    French insurer AXA plans to launch a US$4bn NYSE IPO of its US-based life insurance and wealth management unit AXA Equitable as soon as late next week, according to bankers.

  • A balloon flies behind clouds

    US$560m DocuSign deal heads tech IPO queue

    Top News | 20 April 2018

    E-signature company DocuSign last week launched a US$560m IPO that joins a robust calendar of US cloud computing deals seeking to exploit hefty valuations in the sector.

  • AXA

    US$3.8bn bond from AXA's US unit paves way for listing

    Top News | 20 April 2018

    The US unit of French insurer AXA raised US$3.8bn from a three-part debut bond last week that lays the groundwork for a NYSE IPO that could end up as the largest US listing of the year.

  • GrafTech disappoints Brookfield with cut-price IPO

    Equities | 20 April 2018

    GrafTech International took an axe to its US$900m IPO, leaving selling shareholder Brookfield Asset Management with proceeds of just over half of what it had hoped.

  • Investors subscribe to Zuora's growth

    Equities | 13 April 2018

    Just a week after Spotify made the case for tech unicorns to consider the direct listing route, “subscription economy” software provider Zuora scored a win for the IPO traditionalists by surging on its Nasdaq debut on Thursday.

  • CIBC moves to exit Caribbean adventure

    Equities | 13 April 2018

    Canada banking pillar CIBC expects to collect as much as US$240m from the NYSE IPO of its Barbados-based banking unit FirstCaribbean International Bank.

  • Ceridian gets to work on US$441m IPO

    Equities | 13 April 2018

    Sponsor-backed human resources cloud software provider Ceridian HCM is next in a lengthening queue of US software deals, launching plans for a US$441m IPO that will price on April 25.

  • Brookfield hits jackpot with US$900m Graftech IPO

    Equities | 06 April 2018

    Canada’s Brookfield Asset Management plans to capitalise on a stark turnaround in the fortunes of graphite electrode maker GrafTech International by selling a stake worth up to US$907m in the company’s NYSE IPO.

  • SS&C prepares for more M&A with US$1.25bn equity raising

    Equities | 06 April 2018

    Financial services software provider SS&C Technologies surprised investors with a bigger-than-expected US$1.25bn follow-on stock sale to help fund its pending US$5.4bn purchase of DST Systems and give it some additional firepower in the hunt for more targets.

  • Hilton stake next on cash-strapped HNA's chopping block

    Equities | 06 April 2018

    Struggling Chinese investment group HNA confirmed months of speculation by revealing on Thursday that its multi-billion-dollar asset sale programme would extend to its 26.1% stake in hotelier Hilton Worldwide.

  • Brookfield Asset Management headquarters

    Brookfield eyes bonanza from GrafTech IPO

    Ticker | 04 April 2018

    GrafTech International on Wednesday launched an IPO that could deliver a more than US$900m payout to Canada’s Brookfield Asset Management just three years after it bought the company.

  • General Mills defies stock pressure to raise US$1bn

    Equities | 29 March 2018

    Branded food company General Mills raised US$1bn in equity late Tuesday, overcoming a poor earnings release earlier in the month and lukewarm reviews of its pending US$8bn Blue Buffalo Pet Products acquisition.

  • iQiyi

    The "Netflix of China" headed for robust IPO outcome

    Ticker | 26 March 2018

    The US$2.4bn Nasdaq IPO of iQiyi, a streaming service billed as the “Netflix of China”, is heavily oversubscribed ahead of pricing late Wednesday, bankers on the deal told IFR.

  • ForeScout takes hit on ECM return

    Equities | 23 March 2018

    Cybersecurity firm ForeScout Technologies took a wide discount on a US$127.9m follow-on stock sale, its first since its IPO last October.

  • Dropbox logo

    Dropbox IPO heralds tech sector revival

    Top News | 23 March 2018

    Dropbox made a splash with its Nasdaq debut on Friday, its shares jumping 38% after the popular file-sharing company priced its US$756m IPO to overwhelming demand.

  • Dancers perform underneath the logo of Tencent at the Global Mobile Internet Conference in Beijing.

    Naspers sells Tencent stake at HK$405 a share

    Ticker | 22 March 2018

    South Africa’s Naspers sold its stake in Tencent Holdings for HK$405 a share, according to bankers familiar with the sale.

  • Cyber crime

    ForeScout takes steep discount on first follow-on

    Ticker | 21 March 2018

    Network security firm ForeScout Technologies was forced to take a heavy discount on a US$127.9m follow-on stock sale, its first since its IPO last October.

  • Dropbox

    Dropbox IPO set to price at US$20 or higher

    Ticker | 21 March 2018

    Dropbox is now on track to price its long-awaited IPO at US$20 per share or even higher, well ahead of the US$16-$18 range the file-sharing company initially targeted.

  • Dropbox

    Orders pile up for Dropbox IPO

    Ticker | 19 March 2018

    Dropbox’s up to US$648m Nasdaq IPO appears headed for a strong outcome and is well oversubscribed ahead of pricing Thursday night, according to several ECM bankers.

  • Dropbox logo

    'Strong demand' for Dropbox IPO

    Top News | 16 March 2018

    Dropbox is set to price its widely-expected US$648m Nasdaq IPO this week, buoyed by a surge in tech valuations this year and a US$100m investment from Salesforce.

  • Zscaler blowout recalls software golden days

    Equities | 16 March 2018

    Network security firm Zscaler injected some 2014-style euphoria into the US tech new-issue market, materially upping the size of its IPO to US$192m amid heavy demand and then surging 72% on debut on Friday.

  • Nasdaq logo

    Bridgewater shines on Nasdaq debut

    Ticker | 14 March 2018

    Bridgewater Bancshares made a solid debut on the Nasdaq on Wednesday, opening up almost 8% after it raised US$78.7m from its IPO.

  • Zscaler IPO headed for strong outcome

    Ticker | 13 March 2018

    Network security firm Zscaler responded to heavy investor demand for its IPO by upping the price range and the number of shares being sold to increase potential proceeds by 50% to US$180m.

  • Dropbox logo

    Salesforce investment buoys Dropbox IPO

    Ticker | 12 March 2018

    A US$100m investment from software company Salesforce has given a late boost to the up to US$750m IPO of cloud storage “unicorn” Dropbox, potentially the biggest US tech new issue since Snap last year.

  • Zscaler heads tech IPO revival

    Equities | 09 March 2018

    Network security platform provider Zscaler is hoping its impressive 50%-plus revenue growth will help it avoid the “down round” issue that has plagued other tech IPOs in recent years.

  • ADIA's US$511.2m sale helps clear most of Athene overhang

    Equities | 09 March 2018

    Shares of Apollo-backed annuities provider Athene surged on Wednesday in the wake of a US$511.2m block trade that helped reduce a large overhang that has weighed on the stock since its late 2016 IPO.

  • Duke raises US$1.4bn to firm up balance sheet

    Equities | 09 March 2018

    Duke Energy became the first in a likely wave of US utilities sector stock sales this year, pricing a US$1.4bn primary block trade that will help ease balance sheet pressures due to US corporate tax reform.

  • TransUnion logo

    Goldman completes epic TransUnion sell-down

    Ticker | 06 March 2018

    Goldman Sachs’ private equity funds sold their remaining 10.8% stake in credit bureau TransUnion in a US$1.15bn block trade overnight Monday, completing a sell-down that has netted Goldman and co-sponsor Advent International nearly US$6bn since the company’s mid-2015 IPO.

  • GM logo

    Rare GM sale raises US$1.6bn for union trust

    Top News | 02 March 2018

    The UAW Retiree Medical Benefits Trust sold nearly US$1.6bn of shares in General Motors on Tuesday in the biggest US block trade of the year so far.

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