Robert Venes is assistant editor of equities and structured equity at IFR. Robert joined IFR in late 2009 from sister title Acquisitions Monthly, focusing on private equity transactions and fundraisings. He was previously associate editor at Private Equity International and, before that, editor of Venturedome.
The owners of OMX-listed Pandora last week took advantage of a remarkable 10-month run for the Danish jeweller’s stock, selling 10% of the company to raise DKr2.6bn (US$350m).
It is the norm for an ECM banker to declare the risk business in Europe a disaster, but in the next breath to explain why their most recent auction block was an exceptional success. Yet their complaints about launching sales late in the evening, despite submitting their bids over an hour earlier, are sound.
Senior ECM bankers are struggling to explain the lull in marketed transactions – particularly IPOs – in Europe in the second quarter. After all, with equity indices punching through multi-year highs – Germany’s DAX posted new record highs from Tuesday onwards last week – now seems to be the perfect time to issue.
- Jain at centre of cash-call U-turn
- Fishing expedition fails, but not bond
- Period of quiet after Pegasus take-off
- Cable tie IPO shows market resilience
- Barclays unwittingly buys into cable TV
- AIM gets boost from UK budget
- Evonik private placement cuts out banks