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Thursday, 19 October 2017

Graham Fahy' s stories

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  • Varta returns recharged as Voltabox sparks interest

    Equities | 29 September 2017

    German ECM was buzzing with talk of lithium-ion batteries last week as Voltabox set a price range for a Frankfurt listing a day ahead of Varta returning recharged and ready for a second attempt at floating.

  • OnTheMarket abandons mutual model for AIM listing

    Equities | 04 August 2017

    UK property portal OnTheMarket has given up on its mutual structure after two and a half years and is planning a capital increase and an AIM listing.

  • The logo of Swiss-based meter maker Landis+Gyr is seen at an office building in the Swiss town of Zug

    Investors pay up for Landis+Gyr IPO

    Top News | 14 July 2017

    Bankers are naturally reluctant to describe IPOs as hot for fear of attracting the wrong sort of money and creating false hope for the aftermarket - but there is no doubting the excitement around Landis+Gyr’s SFr2.4bn (US$2.5bn) float.

  • Landis+Gyr IPO covered at the top after one day

    Ticker | 13 July 2017

    Bankers are reluctant to describe IPOs as hot for fear of attracting the wrong sort of money and giving investors grounds to complain if an early covered message gives way to a shocking aftermarket, but everything about the Swiss listing of Landis+Gyr suggests the shares are this month’s “must-have”.

  • A street vendor walks in front of Carige bank in Genoa

    Banks offer conditional support for Carige

    Top News | 07 July 2017

    Banca Carige’s shares leapt 23% on Tuesday on the back of a capital strengthening plan anchored around a €500m rights issue for the Italian lender - but the relief rally could have come too soon as the announced backing of Credit Suisse and Deutsche Bank is far from guaranteed.

  • AIB

    What price DTAs? Investors question AIB's valuation

    Top News | 16 June 2017

    The Irish government’s attempt to sell shares in bailed out Allied Irish Banks is being hampered by an argument over the inclusion of deferred tax assets - where past losses can offset future tax liabilities - in its valuation.

  • Dutch government returns for third ASR sell-down in 2017

    Equities | 16 June 2017

    The Dutch government returned to the market on Monday with its third sell-down in ASR this year. The latest sale was underpinned by a commitment by the insurer to acquire 3m shares for cancellation plus interest generated by a management roadshow that followed the Q1 results.

  • aib

    Focus on valuation in AIB float

    Top News | 02 June 2017

    Investors are champing at the bit to buy shares in Allied Irish Banks, but getting them to pay what the government has in mind will require some very sweet talk from the bankers tasked with the €3bn share sale.

  • Barclays almost out of Africa

    Equities | 02 June 2017

    Barclays moved quickly to slash its holding in Barclays Africa after the regulator gave the green light for the share sale earlier last week. The bank was expected to reduce its holding in at least two transactions over the coming months, but extraordinary levels of interest meant that it was able to reach its target level in one super-sized move on Wednesday evening.

  • Fear of missing out impacts Alfa debut

    Equities | 26 May 2017

    Shares in London’s largest public offering so far this year soared on Friday as investors scrambled to buy shares in the open market after extraordinary demand meant many subscribers to the IPO went away empty handed.

  • Smooth sailing for Global Ports

    Equities | 05 May 2017

    Global Ports Holding’s decision to abandon an Istanbul listing and set sail for London appears to be just the once-in-a-lifetime trip made by cruisegoers passing through its ports. GPH managed to eradicate memories of its failed domestic IPO attempt in 2015 when the book for its US$200m London listing was covered after three days of bookbuilding.

  • BNPP

    Investors confused by BNPP sale

    Top News | 05 May 2017

    The Belgian government sold 2.5% of BNP Paribas on Wednesday evening though a somewhat convoluted structure that perhaps explains why lead banks were left with some of the shares.

  • AIB sale haunted by Royal Mail ghost

    Equities | 28 April 2017

    At the time of its IPO, Allied Irish Banks will issue warrants to the Irish government that provide political cover should the share price surge once the state has sold its stake.

  • Lone Star shuns bulge-brackets for Forterra clean-up

    Equities | 21 April 2017

    Bulge-bracket banks might not have much appetite for pesky mid-cap sell-downs, but even so, it must sting a bit when the little guys steal your lunch.

  • Popular to make bankers very unpopular

    Equities | 13 April 2017

    ECM bankers face the daunting prospect of having to call investors for yet another capital increase in Banco Popular, less than 10 months after the bank tapped shareholders for €2.5bn.

  • Spain

    Sun shines on Spanish ECM (again)

    Top News | 31 March 2017

    Spanish corporates have been quick to capitalise on tentative signs of an economic recovery by bringing IPOs, encouraging investors with bargain valuations.

  • Medica pops 38% on debut

    Equities | 24 March 2017

    Medica Group has made the kind of spectacular trading debut on the London Stock Exchange that is usually reserved for New York listings. Shares in the x-ray and medical scanning specialist closed at 186p last Tuesday for a first-day pop of almost 38% on an IPO pricing of 135p per share.

  • Poland

    Dino's off and running

    Top News | 24 March 2017

    A brace of IPOs means Poland is back on equity investors’ radars for the first time in years, and the quick coverage for supermarket group Dino Polska’s float shows institutions are keen to buy.

  • Ardagh's small package

    Equities | 17 March 2017

    In among the hot IPOs for a maker of premium-priced parkas and a software company - Canada Goose and MuleSoft, respectively - Irish packaging company Ardagh more than held its own. Years after first telling bond investors it was planning an IPO, the deal finally came and found broad demand despite high leverage.

  • Ardagh

    Ardagh up 18% on small float

    Ticker | 15 March 2017

    Shares in Irish packaging company Ardagh were up by more than 18% in early New York trading after the company priced its IPO in the upper end of its pricing range.

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