Robert Venes is assistant editor of equities and structured equity at IFR. Robert joined IFR in late 2009 from sister title Acquisitions Monthly, where he focused on private equity transactions and fundraisings. He was previously associate editor at Private Equity International and, before that, editor of Venturedome.
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Books opened last Thursday for the €440.57m–€550.71m Frankfurt Prime Standard IPO of online fashion retailer Zalando with price guidance of €18–€22.50. The all-primary base deal comprises 24.47m shares for a free-float of 10%. There is also an up to 15% greenshoe, partly provided by Rocket Internet. The
European IPO syndicates are increasingly being structured along US-style active and passive bookrunner lines, with banks on a number of flotations gaining league table credit for very little effort. The change means the current league table criterion of crediting bookrunners is not accurately capturing those leading trades. The tables below show the difference when IPO activity is instead split among the top line of the syndicate – typically join
Less than 12 hours after subscription began on Telefonica Deutschland’s €3.62bn rights issue (see “Telefonica Deutschland at last”), parent Telefonica pushed the button on a mandatory convertible bond issue that will finance its participation in th