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Wednesday, 13 December 2017

Anthony Hughes' s stories

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  • Newmark IPO seeks US$660m at premium to peers

    Equities | 08 December 2017

    Commercial real estate agency Newmark is hoping its record of strong growth and high margins will allow it to command a premium to peers when it prices a US$660m Nasdaq IPO on Thursday.

  • US: CURO launches US$106.7m IPO amid CFPB battle

    Equities | 01 December 2017

    The political battle over control of the US’s consumer finance watchdog could have a bearing on the success of the US$106.7m IPO of CURO Group (also known as Speedy Cash), scheduled to price post-close Wednesday, December 6.

  • US: Luther Burbank propagates US$141.9m IPO

    Equities | 01 December 2017

    In its first capital raising since it pulled in US$2m at its founding 34 years ago, California-based banking concern Luther Burbank is planning to raise US$141.9m from a Nasdaq IPO scheduled to price post close on Thursday, December 7.

  • US: Sector rally drives small bank ECM

    Equities | 01 December 2017

    Robust gains in financial stocks in the past week proved timely for smaller community banks Independent Bank of Texas and Univest Corp of Pennsylvania on their overnight stock sales.

  • US: SMART Global returns after IPO surge

    Equities | 01 December 2017

    Brazil-focused memory player SMART Global, one of this year’s best performing IPOs, saw its stock price take a step back in the wake of its return offering Wednesday, a US$109.2m all-secondary stock sale that allowed sponsor Silver Lake Partners to pare its controlling stake.

  • US: Scorpio stings investors again

    Equities | 01 December 2017

    Crude shipper Scorpio Tankers returned to ECM for a second time this year, raising US$90m from the overnight sale of 30m primary shares (11% of outstanding) at US$3.00 each, an 8% discount to last sale.

  • US: Teladoc prescribes US$150m stock sale

    Equities | 01 December 2017

    Teladoc, a provider of virtual healthcare, took advantage of its 130% stock price surge this year to price a US$150m one-day marketed stock sale.

  • Huntsman accelerates sell-down of Venator

    Equities | 01 December 2017

    Chemical company Huntsman offloaded a nearly US$500m stake in titanium dioxide maker Venator Materials Wednesday, less than four months after taking the unit public.

  • TV station shake-up spurs ECM action

    Equities | 01 December 2017

    Local TV station rivals Tribune Media and Gray Television brought separate follow-on offerings las

  • Apollo withdraws IPO of specialty chemical company

    Equities | 17 November 2017

    Investors refused to pay up for the US$365m Apollo Global Management was asking for specialty chemicals maker Momentive Performance Materials (MPM), prompting the private equity firm and its co-investors to withdraw the deal just ahead of pricing.

  • Software IPOs keep market alive

    Equities | 17 November 2017

    Software companies SailPoint Technologies and SendGrid proved the week’s most popular IPOs, drawing strong demand while other deals were left on the shelf.

  • Small bank ECM rebounds

    Equities | 10 November 2017

    A late-year rebound in small US bank IPOs is finally under way as investors eye rising bond yields and the resulting positive impact on many banks’ net interest margins.

  • Bandwidth makes US$80m call to investors

    Equities | 10 November 2017

    Telecommunications company Bandwidth made a steady Nasdaq debut on Friday after earlier overcoming price sensitivity to price its US$80m IPO at the bottom end of the marketing range.

  • Funko loses its head on debut

    Equities | 03 November 2017

    Pop culture figure maker Funko delivered one of the worst IPOs in memory on Thursday, when its shares dived more than 40% on its Nasdaq debut.

  • ForeScout secures US$116.2m from upsized IPO

    Equities | 27 October 2017

    ForeScout Technologies made a solid though not spectacular Nasdaq debut on Friday after underwriters earlier opted to price the cybersecurity company’s IPO at the top end of the range and upsize the deal by 10% to US$116.2m.

  • MongoDB draws huge demand for US$192m IPO

    Equities | 20 October 2017

    Database software company MongoDB injected another dose of optimism into the resurgent US tech IPO market, surging 33.6% on debut on Thursday after drawing overwhelming demand for its US$192m IPO.

  • South Jersey flags US$900m stock sale, MCB

    Equities | 20 October 2017

    South Jersey Industries plans to raise US$850m-$900m from a combination of common equity and mandatory CBs to help fund its US$1.7bn acquisition of New Jersey and Maryland regulated gas assets from Southern Company Gas.

  • Micron Technology headquarters

    Micron loads up with US$1.2bn stock sale

    Top News | 13 October 2017

    Micron Technology surprised investors with an upsized US$1.2bn stock sale that strengthens the memory chipmaker’s balance sheet and preserves offshore cash should long-awaited US tax reforms put in place a repatriation holiday.

  • CarGurus gets IPO market moving

    Equities | 13 October 2017

    Car listings marketplace CarGurus underscored current US IPO euphoria by soaring 72.4% in its debut session on Thursday, adding more fuel to the end-of-year recovery of the new-issue market.

  • U.S. President Barack Obama visits the Copper Mountain Solar Project in Boulder City

    Sempra trebles equity in Oncor bid

    Top News | 06 October 2017

    Sempra Energy has tripled the amount of equity it will raise to more than US$6bn in its quest to secure regulatory approval to acquire bankrupt Energy Future Holdings.

  • Switch IPO a hit with investors

    Equities | 06 October 2017

    Data centre operator Switch has become the latest US IPO to enthrall investors, drawing heavy demand for its US$531.3m offering in another sign that a long-awaited resurgence in US tech issues may be under way.

  • Roku finds rich stream of IPO support

    Equities | 29 September 2017

    Television streaming device maker Roku overcame untimely new product releases by heavyweight rivals Amazon and Apple to deliver the best opening performance by a tech IPO this year.

  • Switch makes flamboyant pitch with US$500m IPO

    Equities | 29 September 2017

    Switch’s founder and CEO Rob Roy shares the name of a famous Scottish outlaw. It should be no surprise then that Roy’s corporate image is both elusive and flamboyant at the same time.

  • Amazon Fire TV set

    Roku hopes buyside streams to IPO

    Top News | 22 September 2017

    US streaming device maker Roku plans to price a roughly US$219m IPO this week, hoping to convince investors it can overcome heavy competition in the rapidly changing TV industry.

  • First Data logo

    KKR makes US$1.5bn dent in First Data stake

    Top News | 15 September 2017

    KKR made an auspicious start to the potentially long-winded process of selling its stake in payments processor First Data, a difficult pre-crisis leverage buyout that has finally begun to bear fruit for the private equity firm.

  • Brookfield raises US$1bn alongside index inclusion

    Equities | 15 September 2017

    Canada’s Brookfield Infrastructure Partners took advantage of its imminent inclusion in the country’s benchmark S&P/TSX Composite Index to price a US$1bn bought deal financing late last Monday.

  • Social Capital draws big orders but test lies ahead

    Equities | 15 September 2017

    Unicorn-hunting SPAC Social Capital Hedosophia collected an upsized US$600m ”blank cheque” from its IPO and made a promising debut on Thursday, despite doubts as to whether the vehicle will be able to land an attractive acquisition.

  • A missile is launched during a long and medium-range ballistic rocket launch drill in this undated photo released by North Korea's Korean Central News Agency

    Kratos gains from Korean tension

    Top News | 08 September 2017

    North Korean dictator Kim Jong-un’s missile launch over northern Japan late last month unnerved investors but rising geopolitical tensions this year have proved a boon for the equity financing plans of at least one US defence contractor.

  • SPAC offers unicorns an alternative

    Equities | 08 September 2017

    The US$500m IPO of tech-focused special purpose acquisition company Social Capital Hedosophia is shaping up as one of the highlights of what has already been a resurgent year for the SPAC business.

  • MGM Growth raises US$350m to fund casino buy

    Equities | 08 September 2017

    MGM Growth Properties, the casino REIT taken public by MGM Resorts International last year, made a highly anticipated return to equity capital markets by raising US$351.9m to help fund the US$1.2bn purchase of the newly opened MGM National Harbor luxury gaming resort in Maryland.

  • The Sempra Energy building is pictured in San Diego

    Sempra woos Texan regulator with Oncor bid

    Top News | 25 August 2017

    Sempra Energy has come up with a multi-faceted financing plan that it hopes will secure regulatory approval for its US$9.45bn acquisition of bankrupt Energy Future Holdings and its majority stake in regulated Texas power utility Oncor.

  • Riverstone-backed company circles US$3.8bn E&P

    Equities | 18 August 2017

    Silver Run Acquisition II, a special purpose acquisition company headed by former Anadarko Petroleum chief executive James Hackett and backed by Riverstone Group, agreed to acquire not one, but two companies last week.

  • Thermo Fisher funds Patheon buy with US$1.5bn stock sale

    Equities | 11 August 2017

    Laboratory products maker Thermo Fisher Scientific surprised investors by limiting the equity capital call for its pending US$5.2bn Patheon acquisition to US$1.5bn.

  • Blocks crushed as investors push back

    Equities | 11 August 2017

    A nearly US$3bn wave of sponsor block trades this past week left both banks and investors nursing losses as almost every deal traded below its offering price.

  • Huntsman collects US$454m from Venator IPO

    Equities | 04 August 2017

    Chemical maker Huntsman has taken a first step towards shedding its highly cyclical titanium dioxide business, overcoming price sensitivity to price a US$454m NYSE IPO of its Venator Materials unit at the bottom end of the marketing range.

  • Sponsor takes big discount on Ichor add-on

    Equities | 04 August 2017

    Private equity firm Francisco Partners was forced to take a hefty file-to-offer discount on a US$106.3m sell-down of its stake in semiconductor equipment maker Ichor, despite taking advantage of new issuer-friendly rules that allow confidential filing of certain secondary offerings.

  • A woman cycles past the logo of U.S. chemical company Huntsman

    TiO2 prices spur Venator IPO

    Top News | 28 July 2017

    Chemicals maker Huntsman is hoping a recent sharp recovery in the price of titanium dioxide and the prospect of further gains will resonate with investors as it seeks to price the US$500m NYSE IPO of its pigments arm, Venator Materials.

  • Redfin glides through IPO waters

    Equities | 28 July 2017

    Online real estate broker Redfin restored market enthusiasm for IPOs styled as unicorns and disruptors by delivering a strong debut on Friday.

  • Floor & Decor Holdings CEO Taylor looks on as traders and bankers set a price for his company's opening...

    Floor & Decor add-on exploits new SEC rules

    Top News | 21 July 2017

    Floor & Decor, the best-performing US IPO of 2017, became the first company to take advantage of new SEC rules allowing recent IPOs to file confidentially for follow-on stock sales, in an early sign that capital markets are embracing the securities regulator’s push to spur new issues.

  • Crown Castle secures US$5bn for Lightower purchase

    Structured Equity | 21 July 2017

    Telecoms infrastructure REIT Crown Castle International moved to derisk its US$7.1bn acquisition of privately held fibre provider Lightower by funding the bulk of the deal with a dual-tranche US$5bn equity/equity-linked financing.

  • M&A delays ECM summer slowdown

    Equities | 21 July 2017

    US equity capital markets capped off an auspicious week as several strong debuts and large follow-ons buoyed the mood of syndicate desks.

  • Redfin brings latest 'disruptor' IPO

    Equities | 21 July 2017

    Online real estate broker Redfin may have its work cut out to ensure its US$129.2m IPO avoids the early pain of other disruptor/unicorn IPOs, though it could hardly fare worse than meal kit operator Blue Apron last month.

  • YogaWorks puts investors in tough position

    Equities | 14 July 2017

    As a consolidator of yoga studios, YogaWorks offers IPO investors something different from the bulk of new issues they have seen in recent years. But with an uneven set of financials and the poor performance of growth IPOs of late, the deal might prove too much of a stretch for some.

  • Securities and Exchange Commission Chairman Jay Clayton

    Confidential filing extended to all US IPOs

    Top News | 07 July 2017

    Freshly installed US SEC chairman Jay Clayton wasted no time making an impact on the capital markets by extending the right to confidentially file IPO documents to all companies.

  • Government property REIT stumbles on M&A, stock sale

    Equities | 30 June 2017

    Government Properties Income Trust tested the limits of investor demand for REIT paper on Wednesday when it raised US$462m in equity to help fund its US$1.4bn purchase of fellow publicly-traded REIT First Potomac Realty Trust.

  • Meal ingredients

    Blue Apron IPO shrugs off Amazon threat

    Top News | 23 June 2017

    Blue Apron, the dominant player in the fast-growing US home meal-kit market, is forging ahead with a US$510m NYSE IPO even as it faces the prospect of intensified competition in the wake of Amazon’s US$13.7bn purchase of premium grocer Whole Foods Market.

  • Altice USA raises US$1.9bn in year's second biggest US IPO

    Equities | 23 June 2017

    French billionaire Patrick Drahi’s Altice USA may be about to give more than lip-service to the sentiment that going public is not the end but just the beginning, in the wake of a robust outcome to Thursday’s US$1.9bn NYSE IPO.

  • HY bond loan numericable

    Drahi maintains momentum with US IPO

    Top News | 16 June 2017

    French/Israeli cable mogul Patrick Drahi is pushing ahead with the US$1.4bn NYSE IPO of Altice USA with the ruthless efficiency for which he has become famous.

  • Apollo Global Management logo

    Athene brings quick-fire secondary

    Top News | 09 June 2017

    Athene, the fixed annuity provider backed by Apollo Global Management, is the envy of the private equity world. The insurer has not only proven to be a solid investment, but is a lucrative source of fees for Apollo as well.

  • Blue Apron cooks up IPO plans

    Equities | 02 June 2017

    Blue Apron, which delivers pre-portioned ingredients and recipes for home-cooked meals, is pushing ahead with an IPO this month that could value the company at more than US$2bn.

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