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.
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There was very little sensitivity in the book at any time during bookbuilding for UK online restaurant aggregator Just-Eat. This led to it pricing at the top of the 210p–260p price range last week and the upsizing of the secondary portion by 20%.
Pre-marketing began last Monday for a listing somewhere on the London Stock Exchange of online take-away service Just-Eat. At present no decision has been made as to whether the business will list on the premium or the new high-growth segment. The decision will affect whether the company has to meet a 25% or 10% minimum free-float threshold.
IPO candidates in Europe are including key-man clauses when awarding mandates in a bid to lock in increasingly stretched senior ECM bankers and prevent them from handing the transaction off to juniors. Punishments for breaching the clause range from the offending bank losing out on a discretionary incentive fee, to being demoted or even thrown off the deal.
- ACS replicates Iberdrola EB approach
- Investors look to the future for AO
- ISS hopes to be third-time lucky
- Equities: Pets at Home launches £275m-plus London IPO
- Looking good for Lenta
- Hypermarket Lenta banks on transparency
- Rush to list triggers drop in quality